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    4434-4458 Cleveland Ave Fort Myers, FL 33901

    For Sale
    $5,900,000

    Prime location, high-growth potential, strong NOI.

    Property size:
    22,038 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional investment opportunity presents a newly renovated, multi-tenant shopping center in Fort Myers, Florida. The property, located at 4434-4458 S Cleveland Ave, comprises three single-story buildings totaling 22,038 square feet on a 2.1-acre lot (91,520 sq ft). Situated on a signalized hard corner intersection of Cleveland Ave/Hwy US-41, it benefits from high visibility and traffic counts. The center is directly across from Edison Mall and surrounded by national retailers. Currently boasting 87% occupancy with 11 tenants under NNN leases, the property offers a stabilized NOI of $411,438, with a projected pro-forma NOI of $511,579, representing a 7.00% cap rate and a pro-forma cap rate of 8.10%. Built in 1973 and extensively renovated in 2024, the property features a new roof, structural repairs, resurfaced parking lot, landscaping enhancements, upgraded lighting, updated common areas, and new HVAC systems. These $1.1 million in capital improvements, combined with below-market lease rates and a 4% annual rent bump, present a significant value-add opportunity. The asking price is $5,900,000. The property's occupancy is expected to reach 100% by October 8, 2024.

    Property Features for 4434-4458 Cleveland Ave

    General Information

    Property type
    Lifestyle centers
    Square Feet
    22,038 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1973/2024
    Buildings
    3
    Stories
    1

    HighLights

    • $1.1M in recent capital improvements.
    • High‑traffic location directly across from Edison Mall.
    • Excellent visibility on Cleveland Avenue/US Highway 41.
    • Signalized intersection offering high visibility and accessibility.
    • Strong co‑tenancy with national retailers including Hooters, Wawa, Krispy Kreme, and Best Buy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Wholesale Shop Spa & Massage Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.872412553956
    Latitude
    26.597599144537

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    FAQs

    What type of property is this?
    Lifestyle center - Prime location, high-growth potential, strong NOI.
    Where is this lifestyle 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 $5,900,000.
    What are key features of this property?
    This property features: $1.1M in recent capital improvements.; High-traffic location directly across from Edison Mall.; Excellent visibility on Cleveland Avenue/US Highway 41.
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    4434-4458 Cleveland Ave Fort Myers, FL 33901
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