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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    12998 Cleveland Ave Fort Myers, FL 33907-3849

    • Medical offices
    • 4,573 SF
    • 1.34 lot acres
    OFF-MARKET
    Value Estimations
    $645,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2458759
    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

    • plastic surgery for men / Physician / Medical Clinic
    • Dr. Ralph Garramone / Physician / Medical Clinic
    • Garramone Plastic Surgery / Spa & Massage Center / Alternative Medicine Practice
    • Dr. Ralph Garramone, MD FACS / Physician / Medical Clinic
    • Ralph R. Garramone, MD, FACS - Plastic Surgery, Dermatology, Weight Loss, & Age Management / Medical Clinic / Skin Care Clinic

    Property Details for 12998 Cleveland Ave

    Year built
    1984
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.34 lot acres
    Property size
    4,573 SF
    Zone code
    C-1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    23-45-24-00-01000.0020
    APU
    23452400010000020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $475,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $955,000
      6.5%
      $880,000
      7%
      $820,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $581,000
      Market price range: $277k - $581k

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8725
    Latitude
    26.5522
    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
    $31,826
    $1,284,274
    $1,748,113
    $3,032,387
    -
    $1,284,274
    $1,748,113
    $3,032,387

    Comparable in this City

    • Value Estimation
      $1,370,000
      11,552 SF

      63 Barkley Cir

      MEDICAL BUILDING • 11,552 SF
      63 Barkley Cir, Fort Myers, FL 33907-4514
      View Details
    • Value Estimation
      $635,000
      4,455 SF

      29 Barkley Cir

      MEDICAL BUILDING • 4,455 SF
      29 Barkley Cir, Fort Myers, FL 33907-7531
      View Details
    • Value Estimation
      $1,330,000
      7,085 SF

      7970 Summerlin Lks Dr

      MEDICAL BUILDING • 7,085 SF
      7970 Summerlin Lks Dr, Fort Myers, FL 33907-1855
      View Details
    • Value Estimation
      $640,000
      4,161 SF

      47 Barkley Cir

      MEDICAL BUILDING • 4,161 SF
      47 Barkley Cir, Fort Myers, FL 33907-7734
      View Details
    • Value Estimation by Request
      2,867 SF

      7711 Cambridge Mnr Pl

      MEDICAL BUILDING • 2,867 SF
      7711 Cambridge Mnr Pl, Fort Myers, FL 33907-3620
      View Details
    • Value Estimation by Request
      5,390 SF

      1565 Matthew Dr

      MEDICAL BUILDING • 5,390 SF
      1565 Matthew Dr, Fort Myers, FL 33907-1734
      View Details

    Similar Nearby for Sale

    • $7,690,500
      37,960 SF

      Fort Myers Medical Office Building

      Prime location, owner-user opportunity
      2531 Cleveland Ave, 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
    • $1,600,000
      2.45 Acres

      Fort Myers Commercial Parcel

      2.45-acre commercial parcel in Fort Myers, Florida.
      15100 Elderberry Ln, Fort Myers, FL 33907
      View Details
    • $695,000
      3,000 SF

      Office Space in Brantley Commons

      Office space in established business park near amenities.
      12486 Brantley Commons 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
    • New
      $99,900
      Pending

      Commercial Unit in Fort Myers

      Well-maintained commercial unit with offices and reception area in Fort Myers.
      1342 Colonial Blvd, Fort Myers, FL 33907
      View Details

    Similar Nearby for Lease

    • $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
    • $10 SF/Yr
      133,624 SF

      Pinebrook Park Office Space For Lease

      Fort Myers Office/Retail Space Available
      12995 Cleveland Ave, Fort Myers, FL 33907
      View Details
    • $22 SF/Yr
      18,240 SF

      Fort Myers Office Space for Lease

      Prime Fort Myers Office Building, Multiple Suites Available
      13515 Bell Tower Dr, Fort Myers, FL 33907
      View Details
    • $22 SF/Yr
      1,626 SF

      Fort Myers Office Space for Lease

      1626 sq ft, prime location, flexible layout
      1705 Colonial Blvd, Fort Myers, FL 33907
      View Details
    • Contact for pricing
      38,755 SF

      Fort Myers Office Space Available

      Class "B" office building ideal for medical or professional use.
      13515 Bell Tower Dr, Fort Myers, FL 33907
      View Details
    • $18 SF/Yr
      1,735 SF

      Professional/Medical Space For Rent

      First floor office space available near Colonial Blvd & Summerlin.
      43 Barkley Cir, Fort Myers, FL 33907
      View Details
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    12998 Cleveland Ave
    Fort Myers, FL 33907-3849
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    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
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