Trophy Bayfront Asset | Fully Stabilized | Prime Location
Old Seaport Place is not just a trophy property — it’s a fully stabilized, triple-net-leased, institutional-grade asset at the epicenter of Fort Myers Beach’s $1B+ coastal renaissance. This 1.80-acre Bayfront investment anchors the Old San Carlos entertainment district and offers a rare combination of reliable income, irreplaceable location, and powerful long-term upside.
The property is tenanted by three of the island’s most iconic restaurants — Nervous Nellie’s, Snug Harbor, and Wahoo Willie’s — each run by seasoned, financially stable operators with deep local roots. These aren’t speculative tenants. They’re battle-tested businesses that bounced back rapidly post-Hurricane Ian, each reopening stronger and more resilient. Their long-term NNN leases provide predictable, escalating cash flow and include percentage rent upside, all without burdening the owner with property-level expenses.
Old Seaport Place is more than a culinary destination. It’s a rare operational platform combining over 25,000 square feet of revenue-generating improvements with 21 deep-water marina slips and a 122-space private parking lot. These physical advantages are highly monetizable and serve as critical infrastructure for continued growth. The parking lot alone represents an immediate value-add opportunity — with strong demand and ideal zoning for vertical development, a multi-level garage with rooftop dining or event space could generate significant new revenue while enhancing the overall guest experience.
The surrounding market is surging. Tourism has not only returned — it’s surpassed pre-Ian benchmarks. In 2024, Fort Myers Beach saw over 3.3 million visitors, a record-breaking $3.3B in economic impact, and double-digit growth in occupancy, ADR, and RevPAR. The newly completed Margaritaville Resort (254 rooms) has elevated the area’s hospitality profile, while the Arches Bayfront project — a $200M marina village directly adjacent to Old Seaport Place — promises to further consolidate this corridor as the island’s entertainment core.
Multiple new hotel and condo projects are now approved and under construction, including the Pink Shell and Neptune Resort expansions, Red Coconut’s six-building Gulf-front redevelopment, and a 17-story Outrigger replacement by London Bay. This is not a recovery — it’s a reinvention. Old Seaport Place is positioned squarely in the path of this momentum, absorbing the benefits of every surrounding capital infusion.
Infrastructure improvements are also underway. RSW airport just posted a record 11M+ passengers and is expanding with 14 new gates. Major traffic, pedestrian, and beautification projects are transforming Matanzas Pass Bridge, Times Square, and the rebuilt Bayside Veterans Park — which sits directly within the footprint of Old Seaport Place.
From a capital markets perspective, the asset stands alone. While Florida waterfront restaurants like Tin City, Marina Jack, and Key West’s Bight Marina district have traded at cap rates between 4.5% and 6.5%, Old Seaport Place offers stronger yield today — a 6.57% in-place cap rate on 2024 NOI — alongside a broader mix of revenue streams: dining, marina, parking, and future retail or event income. It’s a diversified, hurricane-tested asset producing reliable income across multiple verticals.
The exit strategy is equally compelling. With modest enhancements — such as a garage, rooftop activation, or curated retail — the property’s NOI grows meaningfully. If executed over a 5–7 year hold, the modeled exit cap rate of 5.5% or lower produces IRRs north of 20%, with potential to double investor equity. And when that exit moment arrives, the buyer pool will be deep and competitive: institutional groups, REITs, and high-net-worth investors seeking irreplaceable coastal positions in a market that’s fully stabilized but supply-constrained.
Risk is minimal. The leases are NNN. The tenants are seasoned and emotionally invested. The structures are rebuilt, code-compliant, and future-proofed. And the Florida tax environment only enhances yield. In short, Old Seaport Place is a fortress of cash flow — with diversified income, tested durability, and high-ROI expansion potential — all within a region that’s on an undeniable upward trajectory.
This is a moment of rare alignment: proven stability, surging market conditions, and a path to unlock tremendous value — all in one offering. Old Seaport Place isn’t just a safe investment. It’s a power move.