Leased NNN Shopping
For Sale
$5,500,000
4434 4434-4458 Cleveland Ave, Fort Myers, FL 33901
Multi-tenant retail center at a signalized intersection with established occupancy and a diversified tenant mix.
Property Size22,170 SF
Lot Size2.10 Acres
Price / SF$248.08
Days on Market10
Property Features for 4434 4434-4458 Cleveland Ave
General Information
Standard status
Active
Size
22,170 SF
Lot size
2.10 Acres
Zoning
CI
Occupancy
100%
Financials
Asking Price
$5,500,000
Cap Rate
9.7%
Additional Details
Corner Location
Yes
Building Details
Year Built
1974
Tenancy
Multi
Listing Agency:
Realty One Group MVP
(937) 232-3070
Listed By:
Joanne Fultz · License #3449480
Source:
Swfloridarealestate
Added: Aug 21
Changed: Aug 30
Last Checked: Aug 30 at 12:56AM
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 Realty One Group MVP
Investment Insights
Based on property information with market context.
This 22,170-square-foot shopping center was built in 1974 and occupies 2.1 acres under CI zoning. The property is fully leased to 13 tenants under NNN arrangements, with restaurants, salons, retail operators, and service businesses represented across the center. Lease terms are described as long-term and include annual escalations.
The center sits at the signalized intersection of Cleveland Ave and Colonial Blvd in Fort Myers, directly across from Edison Mall. It is within the Cleveland Avenue Redevelopment Area, a 614-acre CRA district along the US-41 corridor. The adopted 2025 Redevelopment Plan includes streetscape, placemaking, and infrastructure initiatives, along with programs that may support façade, parking lot, lighting, landscaping, and signage improvements.
The center sits at the signalized intersection of Cleveland Ave and Colonial Blvd in Fort Myers, directly across from Edison Mall. It is within the Cleveland Avenue Redevelopment Area, a 614-acre CRA district along the US-41 corridor. The adopted 2025 Redevelopment Plan includes streetscape, placemaking, and infrastructure initiatives, along with programs that may support façade, parking lot, lighting, landscaping, and signage improvements.
Key Highlights
- 22,170 SF shopping center on 2.1 acres
- 100% leased to 13 NNN tenants
- Diversified occupancy includes restaurants, salons, retail, and service businesses
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
$290,832
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
5.29%
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%
$5,816,640
$5.8M
Cap Rate 7%
$4,154,743
$4.2M
Cap Rate 9%
$3,231,467
$3.2M
Market Conditions
NOI Build-Up for 22,170 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
$428.3K $19.32/SF
− Vacancy
−$12.8K −$0.58/SF
EGI
$415.5K $18.74/SF
− OpEx
−$124.6K −$5.62/SF
NOI
$290.8K $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%
$5,816,640
Cap Rate 7%
$4,154,743
Cap Rate 9%
$3,231,467
Alternative Uses
Best Use
Retail
$4.15M
$3.64M – $4.85M
NOI $290,832 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.98M
$6.11M – $8.14M
NOI $488,449 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,801
Businesses Nearby
410k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 53%
Shops & Services 26%
Dining 12%
Home Improvements & Furnishings 7%
Macy's
Apparel
79,921 visits/mo
0.3 miles
JCPenney
Apparel
48,496 visits/mo
0.3 miles
Burlington
Apparel
45,554 visits/mo
0.3 miles
Wawa
Shops & Services
41,972 visits/mo
0.4 miles
Dillard's
Apparel
38,597 visits/mo
0.4 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?
Shopping center - Multi-tenant retail center at a signalized intersection with established occupancy and a diversified tenant mix.
Where is this shopping center located?
The property is located at 4434 4434-4458 Cleveland Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 22,170 SF shopping center on 2.1 acres; 100% leased to 13 NNN tenants; Diversified occupancy includes restaurants, salons, retail, and service businesses
