NNN Retail Center For
For Sale
$5,500,000
4434-4458 Cleveland Ave, Fort Myers, FL 33901
100% leased retail center in Fort Myers, Florida.
Property Size22,170 SF
Lot Size2.10 Acres
Price / SF$248.08
Days on Market139
Property Features for 4434-4458 Cleveland Ave
General Information
Standard status
Active
Size
22,170 SF
Lot size
2.10 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$81,097
Building Details
Year Built
1974
Stories
1
Listing Agency:
Realty One Group MVP
(937) 232-3070
Listed By:
Joanne Fultz · License #SL3449480
(937) 232-3070
Source:
Elliman
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 2:34PM
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 is a 22,170 square foot multi-tenant shopping center on 2.1 acres, 100% occupied by 13 tenants under NNN leases. Located at the signalized corner of Cleveland Avenue and Colonial Boulevard, directly across from Edison Mall, the property offers immediate cash flow and built-in upside. The tenants represent a diversified mix of restaurants, salons, retail, and services, providing zero vacancy exposure. Long-term leases feature annual escalations and below-market rents, indicating strong NOI growth potential. The property is surrounded by national retailers such as Wawa, Starbucks, Hooters, and Best Buy in a high-traffic Southwest Florida corridor. The triple-net structure ensures tenants handle taxes, insurance, and maintenance, creating a passive income opportunity. The property is located in the Cleveland Avenue Redevelopment Area, where the Community Redevelopment Agency (CRA) is investing in streetscape improvements, placemaking, and infrastructure upgrades. The CRA offers incentives including matching grants for facades, parking lots, lighting, landscaping, and signage, plus TIF funding, stormwater credits, and tax benefits. This investment enhances visibility, tenant demand, and long-term property values.
Key Highlights
- 100% Leased NNN Retail Center with immediate cash flow.
- Enjoy a ~9.7% Cap Rate and Stabilized Net Operating Income (NOI).
- Located in the Cleveland Avenue Redevelopment Area.
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
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 - 100% leased retail center in Fort Myers, Florida.
Where is this shopping center located?
The property is located at 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: 100% Leased NNN Retail Center with immediate cash flow.; Enjoy a ~9.7% Cap Rate and Stabilized Net Operating Income (NOI).; Located in the Cleveland Avenue Redevelopment Area.
