Multi-Tenant Shopping
For Sale
$3,350,000
16251 N Cleveland Ave, North Fort Myers, FL 33903
Commercial Sale, NORTH FORT MYERS, FL
Property Size20,532 SF
Lot Size2.57 Acres
Price / SF$163.16
Days on Market97
Property Features for 16251 N Cleveland Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
FN09 - North Fort Myers Area
Standard status
Active
Lot size
2.57 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
33400
Amenities
building signage
Building Details
Year built
1988
Floors in Building
1
Listing Agency:
Premier Commercial Inc
(239) 992-1200
Listed By:
Matthew Stepan PA · License #3082516
(239) 213-7408
Added: May 19
Changed: Aug 22
Last Checked: Aug 23 at 9:06PM
MLS# 226024833
Copyright © 2026 Coconut Coast Organization of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Tamiami Plaza is a 20,532-square-foot multi-tenant commercial property on 2.57 acres, completed in 1988 and occupied by nine tenants. The C-1 Neighborhood Commercial zoning supports office, medical office, and retail uses. A roof replacement completed in December 2025 is covered by a 20-Year No Dollar Limit Warranty.
The property fronts North Cleveland Avenue, also identified as US-41, at a fully signalized intersection with double curb cuts, building signage availability, and on-site parking. Traffic is approximately 27,000 vehicles per day, and the surrounding trade area includes retail, service, and residential uses. The property is located at 16251 N Cleveland Ave in North Fort Myers, Florida.
The property fronts North Cleveland Avenue, also identified as US-41, at a fully signalized intersection with double curb cuts, building signage availability, and on-site parking. Traffic is approximately 27,000 vehicles per day, and the surrounding trade area includes retail, service, and residential uses. The property is located at 16251 N Cleveland Ave in North Fort Myers, Florida.
Key Highlights
- 20,532‑square‑foot commercial building on 2.57 acres
- Nine‑tenant occupancy with healthcare and personal services businesses
- C‑1 (Neighborhood Commercial) zoning permits office, medical office, and retail 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
$269,345
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
8.04%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Del Prado Shopping Center — 3571 Del Prado Blvd N, Cape Coral, FL 33909
Frequently Asked Questions
What type of property is this?
Shopping center - C-1-zoned commercial property with office, medical office, and retail use approvals.
Where is this shopping center located?
The property is located at 16251 N 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: 20,532‑square‑foot commercial building on 2.57 acres; Nine‑tenant occupancy with healthcare and personal services businesses; C‑1 (Neighborhood Commercial) zoning permits office, medical office, and retail uses
