Built-Out Office
For Sale
Contact for pricing
10970 S Cleveland Ave Ste 406, Fort Myers, FL 33907
C-2-zoned condominium space offers private offices, open cubicles, a breakroom, restrooms, and an existing lease through May 2028.
Property Size3,117 SF
Price / SF$250
Days on Market58
Property Features for 10970 S Cleveland Ave Ste 406
General Information
Standard status
Active
Size
3,117 SF
Class
B
Property subtype
Office
Zoning
C-2
Lease Type
NNN
Investment Type
Net Lease
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Build-Out
3,117 SF
Building Details
Year Built
2006
Buildings
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
CRE Consultants
Listed By:
Enn Luthringer · License #FL SL3089908
(239) 481-3800
Source:
Crexi
Added: Jul 7
Changed: Sep 2
Last Checked: Aug 31 at 8:41PM
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 CRE Consultants
Investment Insights
Based on property information with market context.
Unit 406 is a 3,117 SF office condominium within a Class B office/flex complex completed in 2006. The interior is configured with private offices, open-air cubicles, a breakroom, and restrooms. The space is leased to Synergy Networks Inc. through May 31, 2028.
The property fronts US-41 along S. Cleveland Avenue and includes pylon signage. Reported traffic on the corridor is 62000 cars per day. Page Field Airport is nearby, while I-75 and RSW International Airport provide regional connections. The condominium carries C-2 zoning and is identified as an office unit.
The property fronts US-41 along S. Cleveland Avenue and includes pylon signage. Reported traffic on the corridor is 62000 cars per day. Page Field Airport is nearby, while I-75 and RSW International Airport provide regional connections. The condominium carries C-2 zoning and is identified as an office unit.
Key Highlights
- 3,117 SF office condominium in a Class B office/flex complex
- Leased to Synergy Networks Inc. through May 31, 2028
- Built in 2006 with private offices, open‑air cubicles, 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
Flex RnD
$487.1K
$426.2K – $568.3K
NOI $34,098 @ 7.0% cap · market cap 4.38%
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
Yes
Highway access
Yes
Paved road access
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 - C-2-zoned condominium space offers private offices, open cubicles, a breakroom, restrooms, and an existing lease through May 2028.
Where is this office units located?
The property is located at 10970 S Cleveland Ave Ste 406 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 SF office condominium in a Class B office/flex complex; Leased to Synergy Networks Inc. through May 31, 2028; Built in 2006 with private offices, open‑air cubicles, breakroom, and restrooms
