Freestanding Multi-Unit Retail
For Sale
$2,500,000
3291 Cleveland Ave, Fort Myers, FL 33901
Five-unit, two-story retail building with an elevator and ample parking, fronting a major state road.
Property Size14,000 SF
Price / SF$178.57
Days on Market3037
Property Features for 3291 Cleveland Ave
General Information
Standard status
Active
Size
14,000 SF
Property subtype
General Commercial
Additional Details
Traffic Count
38,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$10,764
Amenities
elevator
3
C1
Trash Collection.
Building Details
Year Built
1959
Stories
2
Tenancy
Multi
Listing Agency:
Marzucco Real Estate
(239) 234-5134
Listed By:
Marzucco Real Estate · License #3339411
Source:
Xome
Added: May 2, 2018
Changed: Aug 23
Last Checked: Aug 24 at 4:14AM
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 Marzucco Real Estate
Investment Insights
Based on property information with market context.
This freestanding, five-unit, two-story retail building is positioned to serve consistent retail demand, with ample parking and a built-in elevator. The property totals approximately 14,000 square feet and is being offered for sale as a 1031-exchange investment opportunity. The sale may include, or be structured without, a substantial bulk of included inventory, described as convenience store items and 10 brand new refrigerator units.
The building fronts State Road 41 (Cleveland Ave) with stated traffic volume of 38,000 cars per day. It is also described as being about 5 minutes from downtown Fort Myers, beaches, and stores. H&R Block is currently on a month-to-month arrangement and is willing to stay pending the new owner’s decision.
As currently presented, the property’s leases are described with market value ranging from $14–18 per square foot per year.
The building fronts State Road 41 (Cleveland Ave) with stated traffic volume of 38,000 cars per day. It is also described as being about 5 minutes from downtown Fort Myers, beaches, and stores. H&R Block is currently on a month-to-month arrangement and is willing to stay pending the new owner’s decision.
As currently presented, the property’s leases are described with market value ranging from $14–18 per square foot per year.
Key Highlights
- Five‑unit, two‑story free‑standing retail building totaling 14,000 sq ft
- Fronts state road 41 (Cleveland Ave) with traffic volume of 38,000 cars per day
- Built‑in elevator and ample parking for tenant and customer access
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
$183,656
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
7.35%
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%
$3,673,120
$3.7M
Cap Rate 7%
$2,623,657
$2.6M
Cap Rate 9%
$2,040,622
$2.0M
Market Conditions
NOI Build-Up for 14,000 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
$270.5K $19.32/SF
− Vacancy
−$8.1K −$0.58/SF
EGI
$262.4K $18.74/SF
− OpEx
−$78.7K −$5.62/SF
NOI
$183.7K $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%
$3,673,120
Cap Rate 7%
$2,623,657
Cap Rate 9%
$2,040,622
Alternative Uses
Best Use
Retail
$2.62M
$2.30M – $3.06M
NOI $183,656 @ 7.0% cap · market cap 7.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.41M
$3.86M – $5.14M
NOI $308,448 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
38,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,369
Businesses Nearby
110k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Dining 33%
Groceries 7%
Apparel 3%
McDonald's
Dining
23,420 visits/mo
0.5 miles
dd's DISCOUNTS
Shops & Services
18,577 visits/mo
0.1 miles
Circle K
Shops & Services
7,563 visits/mo
0.4 miles
Save-A-Lot
Groceries
7,224 visits/mo
0.1 miles
Taco Bell
Dining
6,544 visits/mo
0.1 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?
1031 exchange property - Five-unit, two-story retail building with an elevator and ample parking, fronting a major state road.
Where is this 1031 exchange property located?
The property is located at 3291 Cleveland Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Five‑unit, two‑story free‑standing retail building totaling 14,000 sq ft; Fronts state road 41 (Cleveland Ave) with traffic volume of 38,000 cars per day; Built‑in elevator and ample parking for tenant and customer access
