11120 Cleveland Ave Fort Myers, FL 33907-2352
Entity Owned
~
Est. High Equity
Estimated value (blended)
$1.85M
Range $1.67M – $2.04M (±10%)
Property ID
US18-2983006
Property summary
AI-generated overview
This Class A industrial property, located in Lee County on S Cleveland Ave (US-41) in Fort Myers, Florida, offers multiple warehouse spaces for lease. The building, constructed in 1977 and zoned for industrial use, totals 13,905 square feet. Currently, 3,169 square feet of vacant space is available, divisible into units ranging from a minimum of 1,297 square feet to a maximum contiguous space of 1,872 square feet. The property features an open floor plan, providing flexibility for tenant customization to suit diverse business needs. A key advantage is the inclusion of a loading dock, streamlining receiving and shipping operations. Its prime location on a major thoroughfare ensures excellent visibility and accessibility, making it ideal for businesses involved in logistics, distribution, or light manufacturing. The property's industrial zoning allows for a wide range of warehouse applications, from storage to more intensive operations. This versatile space presents a compelling opportunity for businesses seeking a well-situated and functional industrial facility in a thriving location.
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
6,240 SF
Lot
0.82 ac (35,872 SF)
Zoning code
C-2
APN
11-45-24-00-00005.405A
UPID
US18-2983006
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Home Appliance Store Hardware & Home Improvement
-
Golf Course (Bike/Boat/Book/etc) Store
-
(Bike/Boat/Book/etc) Store
-
Furniture & Home Goods Home Decor Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.53M
Comparable Approach
Comparable
$2.08M
Blend (final)
Blend
$1.85M
Owner & transaction history
since 2025
Last sale
$1.9M
3 recorded transactions
Zoning & alternative use
C-2 · Fort Myers, FL
Top alternative use upside
Commercial (general)
$2.2M
+51.8%
Medical building
$1.7M
+12.4%
Retail stores
$1.6M
+10.1%
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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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 3 comparables with addresses
6 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$1.85M
Value range
$1.67M – $2.04M
±10% around blend
Estimated value / SF
$296 / SF
Confidence
Low
3 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
30
$1.67M
blend $1.85M
$2.04M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
6,240 SF
Lot area
0.82 ac
Year built
1977
Stories
1
APN
11-45-24-00-00005.405A
Assessed value
$2,352,661
Annual tax
$22,477
3
Income approach: direct capitalization
Partial preview
Income approach indication
$1.53M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$1.65M
@ 6.5% CAP return
$1.53M
@ 7% CAP return
$1.42M
4
Sales comparison
Partial preview
Sales approach indication
$3.88M
Weighted, 3 comps · low confidence
Evidence
3 found · 3 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
6.5 mi away · 6,278 SF
9.7 mi away · 4,960 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.85M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 55 sales
$236
+25%
County 133 sales
$342
-13%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $296/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+52%
vs current-use indication
Medical Building
Retail Stores
Neighborhood: Shopping Center · current use
Office Building
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
Not available
Market rent
Not available
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 · 3 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.90M
Move the market yield to see immediate price impact.
Value / SF
$304
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
5.00%7.00%9.00%
$120k
$2.39M
$1.71M
$1.33M
$133k
$2.66M
$1.90M
$1.48M
$146k
$2.93M
$2.09M
$1.63M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
3 found
Low confidence · county-verified
Closest comparable
$3.95M
2.3 mi · Oct 2025 · $620/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$22,477
Tax year 2023
Assessed value
$2,352,661
Assessed 2023
Previous assessed
$2,309,594
+1.9% YoY
Effective rate
0.96%
On assessed value
Assessed land
$1,035,983
Assessed improvement
$1,316,678
Land market value
$1,035,983
Improvement market value
$1,316,678
Total market value
$2,352,661
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
AC.PACKAGE
Buildings
2
Stories
1
Bathrooms
2
Total area
6,240 SF
Lot
0.82 ac (35,872 SF)
Zoning code
C-2
APN
11-45-24-00-00005.405A
UPID
US18-2983006
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
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Bathrooms
2
Lot
0.82 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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