Turnkey Medical Office
For Sale
Contact for pricing
Pending
2621 Cleveland Avenue, Fort Myers, FL 33901
Street-front medical office with turnkey buildout and existing infrastructure, ready for continued or new healthcare use.
Property Size3,080 SF
Days on Market60
Property Features for 2621 Cleveland Avenue
General Information
Standard status
Pending
Size
3,080 SF
Property subtype
Office
Additional Details
Business Included
Yes
Building Details
Year Built
1970
Listing Agency:
Wisdom Capital Group
Listed By:
Brady Wisdom · License #SL3588056
Source:
Crexi
Added: Jun 10
Changed: Jul 10
Last Checked: Jul 24 at 12:53PM
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 Wisdom Capital Group
Investment Insights
Based on property information with market context.
This turnkey medical office building is currently occupied by PrimeLife and features a fully built-out healthcare space designed to support medical operations. The existing layout includes medical infrastructure already in place, which can help minimize upfront capital needs and reduce downtime for an incoming medical user. The property is described as move-in-ready, with quality improvements completed for immediate continuity of use or a straightforward transition to a new provider.
Located at 2621 Cleveland Avenue in Fort Myers, the building benefits from outstanding street frontage and is positioned in a highly visible, well-trafficked area. The property’s established presence in a healthcare corridor is intended to support patient and provider accessibility.
For owner-users, healthcare providers, or groups seeking expansion, the primary advantage here is that the space is already configured for medical use rather than requiring a ground-up buildout. Buyers considering a healthcare investment can also view the current occupancy and built-out condition as key factors when evaluating an asset that is designed for immediate use. With the medical infrastructure and turnkey configuration already completed, this property is well suited for continued operations or an expedited move-in by a new medical tenant.
Located at 2621 Cleveland Avenue in Fort Myers, the building benefits from outstanding street frontage and is positioned in a highly visible, well-trafficked area. The property’s established presence in a healthcare corridor is intended to support patient and provider accessibility.
For owner-users, healthcare providers, or groups seeking expansion, the primary advantage here is that the space is already configured for medical use rather than requiring a ground-up buildout. Buyers considering a healthcare investment can also view the current occupancy and built-out condition as key factors when evaluating an asset that is designed for immediate use. With the medical infrastructure and turnkey configuration already completed, this property is well suited for continued operations or an expedited move-in by a new medical tenant.
Key Highlights
- Street‑front medical office opportunity with strong street frontage and visibility in a well‑trafficked area
- Year built: 1970
- Currently occupied by PrimeLife
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
$52,930
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
5.88%
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%
$1,058,600
$1.1M
Cap Rate 7%
$756,143
$756.1K
Cap Rate 9%
$588,111
$588.1K
Market Conditions
NOI Build-Up for 3,080 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
$76.9K $24.96/SF
− Vacancy
−$6.3K −$2.05/SF
EGI
$70.6K $22.91/SF
− OpEx
−$17.6K −$5.73/SF
NOI
$52.9K $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%
$1,058,600
Cap Rate 7%
$756,143
Cap Rate 9%
$588,111
Alternative Uses
Best Use
Office B
$756.1K
$661.6K – $882.2K
NOI $52,930 @ 7.0% cap · market cap 5.88%
Second Best
Healthcare Medical
$550.8K
$481.9K – $642.6K
NOI $38,553 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$969.4K
$848.2K – $1.13M
NOI $67,859 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,292
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Street-front medical office with turnkey buildout and existing infrastructure, ready for continued or new healthcare use.
Where is this medical office space located?
The property is located at 2621 Cleveland Avenue Fort Myers, FL.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Street‑front medical office opportunity with strong street frontage and visibility in a well‑trafficked area; Year built: 1970; Currently occupied by PrimeLife
