Built-Out Office Condo
For Sale
Contact for pricing
10970 S Cleveland Ave, Fort Myers, FL 33907
Professional suite with private offices, open work areas, breakroom, and restrooms in a flex park setting.
Property Size3,117 SF
Price / SF$250
Days on Market355
Property Features for 10970 S Cleveland Ave
General Information
Standard status
Active
Size
3,117 SF
Property subtype
Office
Zoning
C2
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Additional Details
HOA Fee
$573.39
Building Details
Year Built
2006
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Cushman & Wakefield Commercial Property Southwest Florida
(239) 489-3600
Listed By:
Gary Tasman · License #BK 3002798
Source:
Crexi
Added: Sep 10, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield Commercial Property Southwest Florida
Investment Insights
Based on property information with market context.
Unit 406 is a 3,117-square-foot office condominium completed in 2006. The interior includes enclosed offices, open cubicle areas, a breakroom, and restrooms, providing an established professional workspace within a flex park. The property carries C2 zoning and is currently leased to Synergy Networks Inc. through May 31, 2028.
The office condominium fronts US-41 and includes pylon signage along the corridor. Its address is 10970 S Cleveland Ave in Fort Myers, Florida, with the surrounding property organized as a flex park with multiple tenants. The existing build-out and defined office layout support continued professional office use.
The office condominium fronts US-41 and includes pylon signage along the corridor. Its address is 10970 S Cleveland Ave in Fort Myers, Florida, with the surrounding property organized as a flex park with multiple tenants. The existing build-out and defined office layout support continued professional office use.
Key Highlights
- 3,117‑square‑foot office condominium in Unit 406
- Leased to Synergy Networks Inc. through May 31, 2028
- Interior includes private offices, open cubicle areas, breakroom, and restrooms
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
$53,566
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
6.87%
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%
$1,071,320
$1.1M
Cap Rate 7%
$765,229
$765.2K
Cap Rate 9%
$595,178
$595.2K
Market Conditions
NOI Build-Up for 3,117 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
$77.8K $24.96/SF
− Vacancy
−$6.4K −$2.05/SF
EGI
$71.4K $22.91/SF
− OpEx
−$17.9K −$5.73/SF
NOI
$53.6K $17.18/SF
Area
Lee County, FL
Vacancy
8.20%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,071,320
Cap Rate 7%
$765,229
Cap Rate 9%
$595,178
Alternative Uses
Best Use
Office B
$765.2K
$669.6K – $892.8K
NOI $53,566 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$981.1K
$858.4K – $1.14M
NOI $68,674 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,551
Businesses Nearby
Explore this area
Business Placement
Demographics for 33907, FL
24,980
Population
14,125
Households
1.8
Avg Household Size
43
Median Age
26%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
3,422
Density / Sq Mi
$49,826
Median Household Income
$33,442
Median Earnings
$1,502
Median Rent
$236,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional suite with private offices, open work areas, breakroom, and restrooms in a flex park setting.
Where is this office units located?
The property is located at 10970 S Cleveland Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $779,250.
What are key features of this property?
This property features: 3,117‑square‑foot office condominium in Unit 406; Leased to Synergy Networks Inc. through May 31, 2028; Interior includes private offices, open cubicle areas, breakroom, and restrooms
