Medical/Professional Office Building For
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12995 S Cleveland Avenue, Fort Myers, FL 33907
Two-story, 13,365 SF medical/professional building in Fort Myers.
Property Size13,365 SF
Price / SF$261.88
Days on Market162
Property Features for 12995 S Cleveland Avenue
General Information
Standard status
Active
Size
13,365 SF
Property subtype
Office
Zoning
Commercial
Occupancy
26%
Investment Type
Value Add
Building Details
Year Built
1983
Buildings
1
Stories
2
Units
11
Listing Agency:
Matthews
(813) 488-0853
Listed By:
Jake Lurie · License #SL3510801
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 2:42PM
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 Matthews
Investment Insights
Based on property information with market context.
This two-story medical and professional office building, encompassing 13,365 square feet, is located in Fort Myers. It offers a compelling opportunity for an owner-user or value-add investor. The property includes a mix of occupied and vacant suites, with established tenants such as Radiology Science Institute and Town Roofing. The significant vacancy provides immediate upside through lease-up and the ability to curate tenant mix, rental rates, and long-term positioning. Flexible suite configurations across both floors accommodate a variety of medical and professional uses, including imaging, dental, therapy, and general office users. The property is strategically positioned along S. Cleveland Avenue (US-41), Fort Myers’ most established retail and medical corridor, and benefits from exceptional visibility, strong traffic counts, and direct proximity to Bell Tower Shops, Lee Health facilities, regional hospitals, and dense residential neighborhoods. The surrounding concentration of healthcare providers and professional offices continues to drive consistent tenant demand, making this one of the most stable and sought-after commercial nodes in Southwest Florida. With below-market in-place rents and strong medical demand fundamentals, the asset presents a clear opportunity to reposition and stabilize within a high-barrier-to-entry location.
Key Highlights
- Significant vacancy provides immediate upside through lease‑up and tenant curation.
- Strategically positioned on S. Cleveland Avenue (US‑41) in Fort Myers' established retail and medical corridor.
- Flexible suite configurations accommodate a variety of medical and professional uses.
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
$229,677
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
6.56%
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%
$4,593,540
$4.6M
Cap Rate 7%
$3,281,100
$3.3M
Cap Rate 9%
$2,551,967
$2.6M
Market Conditions
NOI Build-Up for 13,365 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
$333.6K $24.96/SF
− Vacancy
−$27.4K −$2.05/SF
EGI
$306.2K $22.91/SF
− OpEx
−$76.6K −$5.73/SF
NOI
$229.7K $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%
$4,593,540
Cap Rate 7%
$3,281,100
Cap Rate 9%
$2,551,967
Alternative Uses
Best Use
Office B
$3.28M
$2.87M – $3.83M
NOI $229,677 @ 7.0% cap · market cap 6.56%
Second Best
Healthcare Medical
$2.39M
$2.09M – $2.79M
NOI $167,292 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$4.21M
$3.68M – $4.91M
NOI $294,458 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,066
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story, 13,365 SF medical/professional building in Fort Myers.
Where is this medical office space located?
The property is located at 12995 S Cleveland Avenue Fort Myers, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Significant vacancy provides immediate upside through lease‑up and tenant curation.; Strategically positioned on S. Cleveland Avenue (US‑41) in Fort Myers' established retail and medical corridor.; Flexible suite configurations accommodate a variety of medical and professional uses.
