Projects
Island Storage Suites
Project facts
- Status
- Completed
- Address
- 10950 Old South Way
- City
- Fort Myers, Florida
- Region
- Southwest Florida
- Submarket
- Fort Myers; Cape Coral
- Units
- 61
- Amenity tier
- Flex
- Key amenities
- Social Programming, 14'+ Roll-Up Doors, 18'+ Clear Heights, Climate Control, Mezzanine Capabilities, Impact-Rated Doors & Windows, Wash Bays & RV Stations
- Construction
- Metal
- Finish level
- Basic
- Year built
- 2018
- Flood zone
- AE
Market value summary
- # of Sales (T-36)
- 13
- Avg Sale Price (T-36)
- $291 / SF
- Avg Sale Price (T-36)
- $451,000
- Avg Market Value
- $270 / SF
- Avg Market Value
- $436,000
Location Summary
Summerlin and Sanibel Causeway Approach, Fort Myers / Fort Myers; Cape Coral Overview
Island Storage Suites sits at 10950 Old South Way in south Fort Myers, off the Summerlin Road corridor where mainland Lee County hands off to the barrier islands. The Sanibel Causeway toll plaza is about 1.5 miles southwest, San Carlos Boulevard reaches Fort Myers Beach in roughly 20 minutes, and the HealthPark Medical Center campus sits about a mile northeast. This is the last mainland staging ground before the islands, which is the location logic for enclosed space: island lots are small, elevation requirements are severe, and rules on Sanibel and Captiva sharply limit what an owner can build or park on site.
The five-mile trade area is the largest and oldest-skewing of the three pockets SCK tracks in this corridor, with 84,952 residents, a median age of 59.2, and 57.8 percent aged 55 or older. Its 27.5 percent seasonal-unit share is the highest in the submarket, describing owners absent for months who need secure, monitored, hurricane-resilient space for boats, trailers, and vehicles they will not leave on an island driveway through storm season. The 5,035 households earning $200,000 or more within five miles concentrate exactly where the causeway funnels.
Lee County's insurance overhang has eased, with state-backed Citizens filing an 8.7 percent average statewide rate decrease in early 2026 and 18 new private carriers entering since the 2022 to 2023 reforms, relief that matters most here because coastal and island exposure sat at its center. Within a metro of 875,607 residents, this pocket is defined by reconstruction capital returning to the islands rather than by new rooftops.
Current Events & Infrastructure
- South Seas Resort expansion, Captiva Island: The resort closed a $45 million purchase of the Rauschenberg Foundation parcel on March 31, 2026, following Lee County rezoning approval in August 2025, and a June 2026 circuit court ruling cleared the expansion with a further hearing set for September 3, 2026. The site lies roughly 22 miles west, about a 45 minute drive, reached entirely through the causeway approach 1.5 miles from this address.
- Sunset Beach Resort, Fort Myers Beach: Benchmark General Contractors broke ground on July 6, 2026 on a $13 million, 41,285 square foot mixed-use resort at 1028 Estero Boulevard, with completion projected for early 2028. That address is about seven miles southwest via San Carlos Boulevard, and it shows private capital has moved from planning to steel on this side of the county.
Key Demand Drivers
The thesis here is displacement, not density. Sanibel, Captiva, and Fort Myers Beach are rebuilding to elevated standards that consume ground-level area, and owners who once kept a boat, a trailer, and a second vehicle beneath an island home no longer can. The mainland side of the causeway is the only practical alternative, and this address is the first commercial node on it.
- London Bay oceanfront hotel and condominium resort proposal: $200 million at 6200 Estero Boulevard, about 11 miles southwest, proposing 150 hotel rooms, 46 dwelling units, and 46,000 square feet of commercial space on 3.55 acres of a nearly 10 acre property bought for $38.2 million in 2023. Status is pending, not approved: the Fort Myers Beach Local Planning Agency voted 5 to 2 on May 12, 2026 to recommend rejection, Town Council hearings followed in June 2026, and construction would not start before 2027 with opening targeted for 2030 to 2031.
- Fowler Street industrial portfolio: Five buildings totaling 68,744 square feet at 4599 to 4607 Fowler Street traded at $8.4 million in April 2026, about nine miles northeast. Tightly bid small-bay industrial is the clearest read on local business-user demand.
- Cobblestone on The Lake: A Tampa Bay investor paid $43 million for this Fort Myers apartment community in June 2026, roughly 20 minutes northeast. Renters at that basis have no owned garage capacity, a persistent source of enclosed-space demand.
Location Highlights
- MSA Position: Part of a metro of 875,607 residents that grew 15.1 percent from 2020 to 2025, roughly five times the national rate.
- Enthusiast and Collector Culture: Boating is the organizing enthusiasm at this address, with San Carlos Bay and the Gulf passes minutes away and a 27.5 percent seasonal-unit share describing owners who cruise and store on a seasonal rhythm.
- Infrastructure and Recreation: Sanibel Causeway about 1.5 miles southwest, Fort Myers Beach about 20 minutes via San Carlos Boulevard, the HealthPark Medical Center campus about a mile northeast, and Southwest Florida International Airport about 25 minutes northeast.
- Market-Specific Factor: Post-Hurricane Ian rebuilding is the defining local dynamic, stripping ground-level enclosed area from thousands of island homes, and the $45 million South Seas purchase and $13 million Sunset Beach groundbreaking show rebuild capital is active rather than pending.
- Tax and Quality of Life: No state income tax, plus an insurance market that has moved from crisis to relief.
- High Net Worth Concentration: 1,310 households earning $200,000 or more within three miles, 5,035 within five miles, and 9,229 within seven miles, a steep outward gradient showing how much of this trade area's wealth sits on the water.
Area Demographics (ACS 2024)
5-Mile Profile: Population 84,952 | Median HH Income $75,615 | HH Earning $150K+ 20.0% | Median Age 59.2 | Age 55+ 57.8% | Seasonal Units 27.5% | Households with 3+ Vehicles 10.1%
Wealth Index: 4.2 / 10 (SCK portfolio-relative)
Unit values
| Unit | Size | Market value | $ / SF |
|---|---|---|---|
| Unit 101 | 1,375 SF | $392,000 | $285 / SF |
| Unit 102 | 1,650 SF | $443,000 | $268 / SF |
| Unit 103 | 1,650 SF | $443,000 | $268 / SF |
| Unit 104 | 1,650 SF | $443,000 | $268 / SF |
| Unit 105 | 1,650 SF | $443,000 | $268 / SF |
| Unit 106 | 1,650 SF | $443,000 | $268 / SF |
| Unit 107 | 1,650 SF | $443,000 | $268 / SF |
| Unit 108 | 1,650 SF | $443,000 | $268 / SF |
| Unit 109 | 1,650 SF | $443,000 | $268 / SF |
| Unit 110 | 1,650 SF | $443,000 | $268 / SF |
| Unit 111 | 1,650 SF | $443,000 | $268 / SF |
| Unit 112 | 1,375 SF | $392,000 | $285 / SF |
| Unit 201 | 1,279 SF | $372,000 | $291 / SF |
| Unit 202 | 1,650 SF | $443,000 | $268 / SF |
| Unit 203 | 2,475 SF | $559,000 | $226 / SF |
| Unit 205 | 2,475 SF | $559,000 | $226 / SF |
| Unit 206 | 1,650 SF | $443,000 | $268 / SF |
| Unit 207 | 1,650 SF | $443,000 | $268 / SF |
| Unit 208 | 1,650 SF | $443,000 | $268 / SF |
| Unit 209 | 1,650 SF | $443,000 | $268 / SF |
| Unit 210 | 1,650 SF | $443,000 | $268 / SF |
| Unit 211 | 1,650 SF | $443,000 | $268 / SF |
| Unit 212 | 1,375 SF | $392,000 | $285 / SF |
| Unit 301 | 1,375 SF | $392,000 | $285 / SF |
| Unit 302 | 1,650 SF | $443,000 | $268 / SF |
| Unit 303 | 1,650 SF | $443,000 | $268 / SF |
| Unit 304 | 1,650 SF | $443,000 | $268 / SF |
| Unit 305 | 1,650 SF | $443,000 | $268 / SF |
| Unit 306 | 1,650 SF | $443,000 | $268 / SF |
| Unit 307 | 1,650 SF | $443,000 | $268 / SF |
| Unit 308 | 1,650 SF | $443,000 | $268 / SF |
| Unit 309 | 1,650 SF | $443,000 | $268 / SF |
| Unit 310 | 1,650 SF | $443,000 | $268 / SF |
| Unit 311 | 1,650 SF | $443,000 | $268 / SF |
| Unit 312 | 1,375 SF | $392,000 | $285 / SF |
| Unit 401 | 1,375 SF | $392,000 | $285 / SF |
| Unit 402 | 1,650 SF | $443,000 | $268 / SF |
| Unit 403 | 1,650 SF | $443,000 | $268 / SF |
| Unit 404 | 1,650 SF | $443,000 | $268 / SF |
| Unit 405 | 1,650 SF | $443,000 | $268 / SF |
| Unit 406 | 1,650 SF | $442,000 | $268 / SF |
| Unit 407 | 1,650 SF | $443,000 | $268 / SF |
| Unit 408 | 1,650 SF | $443,000 | $268 / SF |
| Unit 409 | 1,650 SF | $443,000 | $268 / SF |
| Unit 410 | 1,650 SF | $443,000 | $268 / SF |
| Unit 411 | 1,650 SF | $443,000 | $268 / SF |
| Unit 412 | 1,375 SF | $392,000 | $285 / SF |
| Unit 501 | 1,375 SF | $392,000 | $285 / SF |
| Unit 502 | 1,650 SF | $443,000 | $268 / SF |
| Unit 503 | 1,650 SF | $443,000 | $268 / SF |
| Unit 504 | 1,650 SF | $448,000 | $272 / SF |
| Unit 505 | 1,650 SF | $443,000 | $268 / SF |
| Unit 506 | 1,650 SF | $443,000 | $268 / SF |
| Unit 507 | 1,650 SF | $443,000 | $268 / SF |
| Unit 508 | 1,375 SF | $392,000 | $285 / SF |
| Unit 601 | 1,375 SF | $392,000 | $285 / SF |
| Unit 602 | 1,650 SF | $443,000 | $268 / SF |
| Unit 603 | 1,650 SF | $443,000 | $268 / SF |
| Unit 604 | 1,650 SF | $443,000 | $268 / SF |
| Unit 605 | 1,650 SF | $443,000 | $268 / SF |
| Unit 606 | 1,375 SF | $392,000 | $285 / SF |