Multi-Tenant Retail
For Sale
$3,350,000
16251 Cleveland AVE, North Fort Myers, FL 33903
C-1 zoning allows office, medical office and retail uses without rezoning.
Property Size20,532 SF
Price / SF$163.16
Days on Market120
Property Features for 16251 Cleveland AVE
General Information
Standard status
Active
Size
20,532 SF
Property subtype
COMMERCIAL
Zoning
C-1
Site & Location
Traffic Count
27,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Mixed-Use Components
office, medical, retail
Additional Details
Tenant in Place
Yes
Property Use
Medical Office
Taxes and HOA fees
Annual Taxes
$33,400
Amenities
available building signage
Building Details
Year Built
1988
Buildings
1
Building Size
20,532 SF
Tenancy
Multi
Listing Agency:
Premier Commercial Inc
Listed By:
Matthew Stepan PA · License #3082516
(239) 213-7408
Source:
Alfredrobbins
Added: Jul 1
Changed: Oct 26
Last Checked: Oct 26 at 3:49PM
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 Premier Commercial Inc
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Investment Insights
Based on property information with market context.
This multi-tenant retail property contains approximately 20,532 square feet and is occupied by nine tenants. Its C-1 (Neighborhood Commercial) zoning accommodates office, medical office and retail uses. The roof was replaced in December 2025, with a 20-Year No Dollar Limit (NDL) Warranty. On-site parking and building signage are also available.
The property fronts North Cleveland Avenue / US-41 in North Fort Myers, with access from a fully signalized intersection and two curb cuts. The corridor carries approximately 27,000 vehicles per day. Nearby uses include retail, services and residential properties. The wider Fort Myers MSA has a population of approximately 860,000, and the region is experiencing healthcare expansion.
The property fronts North Cleveland Avenue / US-41 in North Fort Myers, with access from a fully signalized intersection and two curb cuts. The corridor carries approximately 27,000 vehicles per day. Nearby uses include retail, services and residential properties. The wider Fort Myers MSA has a population of approximately 860,000, and the region is experiencing healthcare expansion.
Key Highlights
- Approximately 20,532 square feet occupied by nine tenants
- C‑1 (Neighborhood Commercial) zoning allows office, medical office and retail uses
- Roof replaced in December 2025; backed by a 20‑Year No Dollar Limit (NDL) Warranty
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$269,345
Cap Rate
8.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,386,900
$5.4M
Cap Rate 7%
$3,847,786
$3.8M
Cap Rate 9%
$2,992,722
$3.0M
Market Conditions
NOI Build-Up for 20,532 SF
Gross rent
$396.7K $19.32/SF
− Vacancy
−$11.9K −$0.58/SF
EGI
$384.8K $18.74/SF
− OpEx
−$115.4K −$5.62/SF
NOI
$269.3K $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 Rate 5%
$5,386,900
Cap Rate 7%
$3,847,786
Cap Rate 9%
$2,992,722
Alternative Uses
Best Use
Office B
$5.04M
$4.41M – $5.88M
NOI $352,842 @ 7.0% cap · market cap 10.53%
Second Best
Retail
$3.85M
$3.37M – $4.49M
NOI $269,345 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$6.46M
$5.65M – $7.54M
NOI $452,361 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
27,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Explore this area
Business Placement
Demographics for 33903, FL
23,294
Population
15,400
Households
1.5
Avg Household Size
61
Median Age
24%
College-Educated
89%
High-School Grad
11.3 sq mi
ZIP Area
2,061
Density / Sq Mi
$56,317
Median Household Income
$32,452
Median Earnings
$1,152
Median Rent
$135,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Strip mall - C-1 zoning allows office, medical office and retail uses without rezoning.
Where is this strip mall located?
The property is located at 16251 Cleveland AVE North Fort Myers, FL.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: Approximately 20,532 square feet occupied by nine tenants; C‑1 (Neighborhood Commercial) zoning allows office, medical office and retail uses; Roof replaced in December 2025; backed by a 20‑Year No Dollar Limit (NDL) Warranty
