Renovated Multi-Tenant Shopping
For Sale
$5,500,000
4434-4458 Cleveland Ave, Fort Myers, FL 33901
Commercial Sale, FORT MYERS, FL
Property Size22,170 SF
Lot Size2.10 Acres
Price / SF$248.08
Days on Market157
Property Features for 4434-4458 Cleveland Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CI
Directions
Off Cleveland Ave opposite Edison Mall.
Subdivision
FM02 - Fort Myers Area
Standard status
Active
APN
35-44-24-P3-00073.0000
Lot size
2.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PARL IN SE 1/4 OF SE 1/4 DESC IN OR 1489 PG 1805 LESS OR 2992/3683
Tax Annual Amount
81097
Legal Description
PARL IN SE 1/4 OF SE 1/4 DESC IN OR 1489 PG 1805 LESS OR 2992/3683
Building Details
Year built
1974
Floors in Building
1
Listing Agency:
Realty One Group MVP
(800) 896-8790
Listed By:
Joanne Fultz · License #SL3449480
(937) 232-3070
Added: Mar 23
Changed: Aug 22
Last Checked: Aug 26 at 7:06AM
MLS# 226012610
Copyright © 2026 Coconut Coast Organization of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated shopping center comprising 13 occupied tenant spaces under NNN leases, with a tenant mix spanning restaurants, salons, retail, and service businesses. The property was built in 1974, occupies 2.101 acres, and carries CI zoning. Lease terms include annual escalations, and occupancy is reported at 100%.
The center is positioned at the signalized intersection of Cleveland Avenue and Colonial Boulevard in Fort Myers, directly across from Edison Mall. It sits within the Cleveland Avenue Redevelopment Area, a 614-acre CRA district along the US-41 corridor. The adopted 2025 Redevelopment Plan includes streetscape, placemaking, and infrastructure initiatives, along with programs addressing facades, parking lots, lighting, landscaping, and signage.
The property’s NNN structure assigns taxes, insurance, and maintenance responsibilities to tenants. The center is also identified as a potential 1031 exchange property.
The center is positioned at the signalized intersection of Cleveland Avenue and Colonial Boulevard in Fort Myers, directly across from Edison Mall. It sits within the Cleveland Avenue Redevelopment Area, a 614-acre CRA district along the US-41 corridor. The adopted 2025 Redevelopment Plan includes streetscape, placemaking, and infrastructure initiatives, along with programs addressing facades, parking lots, lighting, landscaping, and signage.
The property’s NNN structure assigns taxes, insurance, and maintenance responsibilities to tenants. The center is also identified as a potential 1031 exchange property.
Key Highlights
- 100% occupied by 13 NNN tenants
- 2.101‑acre shopping center with CI zoning
- 22,170 SF retail center at a signalized corner
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$290,832
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,816,640
$5.8M
Cap Rate 7%
$4,154,743
$4.2M
Cap Rate 9%
$3,231,467
$3.2M
Market Conditions
NOI Build-Up for 22,170 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$428.3K $19.32/SF
− Vacancy
−$12.8K −$0.58/SF
EGI
$415.5K $18.74/SF
− OpEx
−$124.6K −$5.62/SF
NOI
$290.8K $13.12/SF
Area
Lee County, FL
Vacancy
3.00%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,816,640
Cap Rate 7%
$4,154,743
Cap Rate 9%
$3,231,467
Alternative Uses
Best Use
Retail
$4.15M
$3.64M – $4.85M
NOI $290,832 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.98M
$6.11M – $8.14M
NOI $488,449 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,801
Businesses Nearby
410k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 53%
Shops & Services 26%
Dining 12%
Home Improvements & Furnishings 7%
Macy's
Apparel
79,921 visits/mo
0.3 miles
JCPenney
Apparel
48,496 visits/mo
0.3 miles
Burlington
Apparel
45,554 visits/mo
0.3 miles
Wawa
Shops & Services
41,972 visits/mo
0.4 miles
Dillard's
Apparel
38,597 visits/mo
0.4 miles
Demographics for 33901, FL
22,629
Population
11,709
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
83%
High-School Grad
6.2 sq mi
ZIP Area
3,650
Density / Sq Mi
$51,579
Median Household Income
$37,233
Median Earnings
$1,291
Median Rent
$280,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully occupied retail center with NNN leases, annual escalations, and 13 tenant spaces at a signalized Fort Myers intersection.
Where is this shopping center located?
The property is located at 4434-4458 Cleveland Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 100% occupied by 13 NNN tenants; 2.101‑acre shopping center with CI zoning; 22,170 SF retail center at a signalized corner
