Renovated Shopping Center For
For Sale
Contact for pricing
4434-4458 S Cleveland Ave, Fort Myers, FL 33901
Fully occupied Fort Myers shopping center with value-add potential.
Property Size22,038 SF
Lot Size2.10 Acres
Price / SF$258.64
Days on Market672
Property Features for 4434-4458 S Cleveland Ave
General Information
Standard status
Active
Size
22,038 SF
Class
B
Lot size
2.10 Acres
Property subtype
Retail
Zoning
C1
Building Details
Year Built
1973
Listing Agency:
APEX Capital Realty
(305) 570-2600
Listed By:
Danilo Aquino · License #3452895
Source:
Crexi
Added: Oct 8, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:15AM
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 APEX Capital Realty
Investment Insights
Based on property information with market context.
This newly renovated neighborhood shopping center is located in a prime commercial area of Fort Myers. The property consists of 3 standalone multi-tenant buildings, totaling 22,038 rentable square feet, situated on a 2.1-acre lot across from the Edison Mall. It is strategically positioned on a hard corner along Cleveland Ave/Hwy US-41, in one of the busiest sub-markets of Fort Myers. The property is 100% occupied with 13 tenants, all on NNN lease agreements. The current net operating income is approximately $477,038. Recent capital improvements totaling $1.1 million include a new roof, structural repairs, parking lot resurfacing, landscaping enhancements, upgraded lighting, common area updates, and new HVAC systems. Below-market lease rates represent the potential for increased income.
Key Highlights
- 100% Occupied with 13 tenants on NNN leases providing stable income.
- Prime location on a hard corner of Cleveland Ave/Hwy US‑41, across from Edison Mall, in a high‑traffic area.
- Significant income potential due to below‑market lease rates.
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
$289,101
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
5.07%
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%
$5,782,020
$5.8M
Cap Rate 7%
$4,130,014
$4.1M
Cap Rate 9%
$3,212,233
$3.2M
Market Conditions
NOI Build-Up for 22,038 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
$425.8K $19.32/SF
− Vacancy
−$12.8K −$0.58/SF
EGI
$413.0K $18.74/SF
− OpEx
−$123.9K −$5.62/SF
NOI
$289.1K $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%
$5,782,020
Cap Rate 7%
$4,130,014
Cap Rate 9%
$3,212,233
Alternative Uses
Best Use
Retail
$4.13M
$3.61M – $4.82M
NOI $289,101 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.94M
$6.07M – $8.09M
NOI $485,541 @ 7.0% cap · market cap 8.52%
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 - Fully occupied Fort Myers shopping center with value-add potential.
Where is this shopping center located?
The property is located at 4434-4458 S Cleveland Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $5,700,000.
What are key features of this property?
This property features: 100% Occupied with 13 tenants on NNN leases providing stable income.; Prime location on a hard corner of Cleveland Ave/Hwy US‑41, across from Edison Mall, in a high‑traffic area.; Significant income potential due to below‑market lease rates.
