11118 Cleveland Ave Fort Myers, FL 33907-2318
Warehouses
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Entity Owned
2-yr Hold
Absentee Owner
~
Est. High Equity
For Sale
1 / 2
Contact for pricing
11118 Cleveland Ave, Fort Myers, FL 33907-2318
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Estimated value (blended)
$680k
Range $612k – $748k (±10%)
Implied cap rate
6.70%
In-place · NOI ÷ last sale
Property ID
US18-3162989
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1965
Construction
STEEL FRAME
Total area
4,480 SF
Lot
0.39 ac (17,100 SF)
Zoning code
C-2
APN
11-45-24-00-00005.0090
UPID
US18-3162989
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$680k
CAP Approach
CAP
$705k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$680k
Owner & transaction history
since 2024
Last sale
$680,000
6 recorded transactions
Zoning & alternative use
C-2 · Fort Myers, FL
Top alternative use upside
Neighborhood: shopping center
$1.1M
+145.4%
Office building
$900,000
+109.0%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 8 comparables with addresses
3 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$680k
Value range
$612k – $748k
±10% around blend
Estimated value / SF
$152 / SF
Confidence
High
8 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
80
Income certainty
100
$612k
blend $680k
$748k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,480 SF
Lot area
0.39 ac
Year built
1965
Stories
1
APN
11-45-24-00-00005.0090
Assessed value
$437,610
Annual tax
$5,184
3
Income approach: direct capitalization
Partial preview
Income approach indication
$705k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$760k
@ 6.5% CAP return
$705k
@ 7% CAP return
$655k
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$5,184
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$1.38M
Weighted, 8 comps · high confidence
Evidence
8 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
5.8 mi away · 4,000 SF
5.9 mi away · 3,504 SF
6.4 mi away · 4,648 SF
7.2 mi away · 5,760 SF
7.6 mi away · 5,149 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$680k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 33 sales
$96
+58%
Submarket 498 sales
$190
-20%
County 735 sales
$205
-26%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $152/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Neighborhood: Shopping Center
Gross theoretical uplift
+145%
vs current-use indication
Office Building
Warehouse, Storage · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Modeled
Market rent
Market benchmark
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 8 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Selected market yield
6.70%
Selected cap rate for this warehouses
Derived from the Fort Myers market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 6.70%
9.0%
NOI (est.)
$46k *
Last sale · May 2024
$680k
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$682k
Move the market yield to see immediate price impact.
Value / SF
$152
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
6.20%6.70%7.20%
$41k
$663k
$614k
$571k
$46k
$737k
$682k
$634k
$50k
$810k
$750k
$698k
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
8 found
High confidence · county-verified
Closest comparable
$815k
0.2 mi · Sep 2025 · $204/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$5,184
Tax year 2023
Assessed value
$437,610
Assessed 2023
Previous assessed
$437,610
+0.0% YoY
Effective rate
1.18%
On assessed value
Assessed land
$152,163
Assessed improvement
$285,447
Land market value
$152,163
Improvement market value
$285,447
Total market value
$437,610
Applied tax rate
47.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Sale
Year built
1965
Construction
STEEL FRAME
Heating
NONE
Cooling
NONE
Stories
1
Bathrooms
1
Total area
4,480 SF
Lot
0.39 ac (17,100 SF)
Zoning code
C-2
APN
11-45-24-00-00005.0090
UPID
US18-3162989
Jurisdiction
LEE
Zoning & alternative use
C-2 · Fort Myers, FLZoning C-2 · permitted uses
C-2 · Fort Myers, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1965
Construction
STEEL FRAME
Heating
NONE
Cooling
Yes
Stories
1
Bathrooms
1
Lot
0.39 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C-2
Jurisdiction
Fort Myers, FL
Recorded code
C-2
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