Car Wash Redevelopment
For Sale
$2,200,000
3821 Cleveland Avenue, Fort Myers, FL 33901
Redevelopment opportunity at an existing car wash site on Cleveland Avenue/US-41 in Fort Myers.
Property Size4,376 SF
Price / SF$502.74
Days on Market130
Property Features for 3821 Cleveland Avenue
General Information
Standard status
Active
Size
4,376 SF
Property subtype
Retail
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$29,567
Amenities
A/C - Other
3
Building Details
Year Built
1970
Listing Agency:
MICHAEL SAUNDERS & COMPANY
(941) 957-3730
Listed By:
Valarie Wadsworth · License #0689862
(941) 780-3858
Source:
Xome
Added: Apr 29
Changed: Sep 3
Last Checked: Sep 5 at 6:13AM
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 MICHAEL SAUNDERS & COMPANY
Investment Insights
Based on property information with market context.
The property at 3821 Cleveland Avenue is currently improved as a car wash and may offer redevelopment possibilities for buyers looking to reposition an existing site. The listing provides an existing site configuration with the benefit of in-place improvements for a new owner to evaluate.
Located along Cleveland Avenue/US-41 within an established commercial corridor in Fort Myers, the site is positioned for convenient access to the surrounding retail and service market. The property’s frontage on a primary roadway supports straightforward visibility to passing traffic and supports a range of potential redevelopment concepts, subject to applicable approvals.
Located along Cleveland Avenue/US-41 within an established commercial corridor in Fort Myers, the site is positioned for convenient access to the surrounding retail and service market. The property’s frontage on a primary roadway supports straightforward visibility to passing traffic and supports a range of potential redevelopment concepts, subject to applicable approvals.
Key Highlights
- Existing car wash property on Cleveland Avenue/US‑41 in Fort Myers
- 1970 year built
- Redevelopment opportunity along a highly visible Fort Myers commercial corridor
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
$69,473
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
3.16%
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%
$1,389,460
$1.4M
Cap Rate 7%
$992,471
$992.5K
Cap Rate 9%
$771,922
$771.9K
Market Conditions
NOI Build-Up for 4,376 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
$94.5K $21.60/SF
− Vacancy
−$1.9K −$0.43/SF
EGI
$92.6K $21.17/SF
− OpEx
−$23.2K −$5.29/SF
NOI
$69.5K $15.88/SF
Area
Lee County, FL
Vacancy
2.00%
Lease Rate
$21.60 /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%
$1,389,460
Cap Rate 7%
$992,471
Cap Rate 9%
$771,922
Alternative Uses
Best Use
Specialty Retail
$992.5K
$868.4K – $1.16M
NOI $69,473 @ 7.0% cap · market cap 3.16%
Second Best
Retail
$820.1K
$717.6K – $956.8K
NOI $57,406 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,412 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,760
Businesses Nearby
276k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 62%
Dining 20%
Shops & Services 7%
Groceries 5%
Macy's
Apparel
79,921 visits/mo
0.4 miles
JCPenney
Apparel
48,496 visits/mo
0.4 miles
Dillard's
Apparel
38,597 visits/mo
0.4 miles
McDonald's
Dining
23,420 visits/mo
0.2 miles
Bravo Supermarkets
Groceries
14,200 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?
Car wash - Redevelopment opportunity at an existing car wash site on Cleveland Avenue/US-41 in Fort Myers.
Where is this car wash located?
The property is located at 3821 Cleveland Avenue Fort Myers, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Existing car wash property on Cleveland Avenue/US‑41 in Fort Myers; 1970 year built; Redevelopment opportunity along a highly visible Fort Myers commercial corridor
