4434-4458 Cleveland Ave Fort Myers, FL 33901
- Lifestyle centers
- 22,038 SF
Current Use by Public Records
- Lifestyle centers
Property Details for 4434-4458 Cleveland Ave
- Year built
- 1973
- Property size
- 22,038 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
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.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fort Myers
- County
- Lee
- State
- Florida
- Longitude
- -81.8724
- Latitude
- 26.5976
