Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    11118 Cleveland Ave Fort Myers, FL 33907-2318

    • Warehouses
    • 4,480 SF
    • 0.39 lot acres
    OFF-MARKET
    Last Sale
    May 08, 2024
    $680,000
    Value Estimations
    $680,000
    Show details
    Cap Rate Potential
    6.7%
    Warehouses
    Location Intelligence
    Property ID
    US18-3162989
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Warehouses

    Property Details for 11118 Cleveland Ave

    Year built
    1965
    Construction
    STEEL FRAME
    Lot size
    0.39 lot acres
    Property size
    4,480 SF
    Zone code
    C-2
    Property type
    Warehouses
    APN
    11-45-24-00-00005.0090
    APU
    11452400000050090

    Description

    This 4,480-square-foot warehouse/retail space in Fort Myers, FL, is available for lease. Located at 11118 S Cleveland Ave, this single-tenant property sits on a 0.39-acre lot and is zoned C-2. The building, constructed in 1965 and extensively renovated in 2023, boasts a Class B rating and features 18+ foot ceilings, two drive-in doors, and six parking spaces. Recent upgrades include new drain fields, electrical work, windows, insulation, office space, two bathrooms, lighting, paint, exterior lighting, a renovated parking area, ADA compliance improvements, and a security system. The large, open floor plan is ideal for various uses, including manufacturing, distribution, and storage. The sturdy construction is well-suited for industrial activities. The layout is adaptable to diverse business needs, and there's an outdoor area for equipment or material storage. The owner is currently in the process of modernizing the front facade. Cross street is Custom Drive.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $680,000
      ML approach
      $680,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $760,000
      6.5%
      $705,000
      7%
      $655,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $430,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,060,000
      Change: +145% Conversion: Moderate
      OFFICE BUILDING
      $900,000
      Change: +109% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8727
    Latitude
    26.5782
    CBSA code
    15980
    CBSA name
    CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,184
    $152,163
    $285,447
    $437,610
    -
    $152,163
    $285,447
    $437,610

    Comparable in this City

    • Value Estimation
      $880,000
      9,964 SF

      2401 Crystal Dr

      WAREHOUSE, STORAGE • 9,964 SF
      2401 Crystal Dr, Fort Myers, FL 33907-4329
      View Details
    • Value Estimation
      $935,000
      7,348 SF

      211 5th St

      WAREHOUSE, STORAGE • 7,348 SF
      211 5th St, Fort Myers, FL 33907-2422
      View Details
    • Value Estimation
      $505,000
      8,800 SF

      2575 Airport Rd

      WAREHOUSE, STORAGE • 8,800 SF
      2575 Airport Rd, Fort Myers, FL 33907-1402
      View Details
    • Value Estimation
      $520,000
      4,673 SF

      2417 Crystal Dr

      WAREHOUSE, STORAGE • 4,673 SF
      2417 Crystal Dr, Fort Myers, FL 33907
      View Details
    • Value Estimation by Request
      8,450 SF

      1957 Custom Dr

      WAREHOUSE, STORAGE • 8,450 SF
      1957 Custom Dr, Fort Myers, FL 33907-2101
      View Details
    • Value Estimation by Request
      6,000 SF

      1945 Custom Dr

      WAREHOUSE, STORAGE • 6,000 SF
      1945 Custom Dr, Fort Myers, FL 33907-2101
      View Details

    Similar Nearby for Sale

    • $9,500,000
      68,774 SF

      Fort Myers Industrial Asset

      Five-building industrial asset with high visibility and excellent connectivity.
      4599-4607 Fowler St, Fort Myers, FL 33907
      View Details
    • $10,500,000
      45,825 SF

      Palm Villas: Fort Myers Multifamily

      64-unit apartment complex, strong ROI
      8372 Beacon Blvd, Fort Myers, FL 33907
      View Details
    • Contact for pricing
      96,600 SF

      Fort Myers Multifamily Investment

      70-unit apartment complex, value-add opportunity.
      200 Dahlia Ln, Fort Myers, FL 33907
      View Details
    • $975,000
      2 SF

      Fort Myers Redevelopment Land Portfolio

      2.13 acres of land suitable for multifamily or self-storage.
      4550 Tilton Ct, Fort Myers, FL 33907
      View Details
    • $299,900
      880 SF

      Renovated Office Condo For Sale

      Renovated office condo with low fees in prime location.
      5235 Ramsey Way, Fort Myers, FL 33907
      View Details
    • $5,250,000
      1.69 Acres

      Fort Myers Medical/Office Building

      Medical/office building in Fort Myers, great for owner or investor.
      12731 New Brittany Blvd, Fort Myers, FL 33907
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      20,000 SF

      Versatile Commercial Space in Fort Myers

      Retail, flex, and self-storage spaces available for lease.
      11485 S Cleveland Ave, Fort Myers, FL 33907
      View Details
    • $12 SF/Yr
      1,500 SF

      Fort Myers Flex Space Available

      Office, retail, and warehouse spaces for lease in Fort Myers.
      1941 Park Meadows Dr, Fort Myers, FL 33907
      View Details
    • $12 SF/Yr
      1,200 SF

      Office and Flex Spaces For Rent

      Office, retail, and warehouse spaces available in Fort Myers.
      1939 Park Meadows Dr, Fort Myers, FL 33907
      View Details
    • $30 SF/Yr
      60,000 SF

      Royal Palm Square Medical Offices

      Brand-new Class A medical suites.
      1380-1400 Colonial Blvd, Fort Myers, FL 33907
      View Details
    • $22 SF/Yr
      66,048 SF

      Commonwealth Building: Premier Office Space

      Class A Office Suites, South Fort Myers
      12730 New Brittany Blvd, Fort Myers, FL 33907
      View Details
    • Contact for pricing
      3,980 SF

      Lifestyle Shopping Center Retail Space

      Retail spaces available in a newly renovated shopping center.
      13499 S Cleveland Ave, Fort Myers, FL 33907
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    11118 Cleveland Ave
    Fort Myers, FL 33907-2318
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.