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    13400 Cleveland Ave Fort Myers, FL 33907-3833
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    Property profile & analytics

    13400 Cleveland Ave, Fort Myers, FL 33907-3833

    View on Map
    • Drug stores
    • 16,152 SF
    • 1.32 lot acres
    Off-Market
    Last Sale Oct 26, 2020
    $6,775,000
    Property ID
    US18-1330775
    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.
    Value Estimations
    $6,700,000
    Show details
    Cap Rate Potential
    3.3%
    Drug stores
    Location Intelligence

    Current Use by Public Records

    • CVS Photo / (Bike/Boat/Book/etc) Store
    • CVS / Pharmacy
    • CVS Pharmacy / Pharmacy
    • Redbox / Cinema / (Bike/Boat/Book/etc) Store
    • UPS Access Point location / Courier Service / Postal Service

    Property Details for 13400 Cleveland Ave

    Year built
    2000
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.32 lot acres
    Zone code
    C-1
    Property type
    Drug stores
    APN
    23-45-24-49-00000.0030
    APU
    23452449000000030

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 26, 2020 $6,775,000 9884 Little Santa Monica Bldg Watch Hill Dev V LLC Grant Deed —
    Aug 31, 2020 $5,260,000 Watch Hill Dev V LLC South Cleveland 13400 LLC Grant Deed $3.9M · Iberiabank
    Jun 1, 2015 $5,859,200 South Cleveland 13400 LLC Triangle Regency II LLC Grant Deed —
    Dec 30, 2005 $5,100,000 Triangle Regency II LLC Cypress Lake Pointe LLC Grant Deed —
    Aug 24, 2004 $5,400,000 Cypress Lake Pointe LLC Tenerife Island INC Grant Deed $3.8M · Hemisphere National Bank
    Mar 21, 2000 $1,950,000 Treasure Fl Ptshp 1 Sembler Wible,calvin D Grant Deed $3.8M · Bank Of America

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,345,000
      ML approach
      $8,055,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,914,000
      Market price range: $2.24M - $6.91M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $4,205,000
      Current use
      RESTAURANT
      $10,035,000
      Change: +139% Conversion: Easy
      COMMERCIAL (GENERAL)
      $5,795,000
      Change: +38% Conversion: Easy
      MEDICAL BUILDING
      $4,295,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8721
    Latitude
    26.5471
    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
    $52,259
    $1,709,306
    $2,580,500
    $4,289,806
    -
    $1,709,306
    $2,580,500
    $4,289,806

    Comparable in this City

    • Value Estimation
      $905,000
      4,688 SF

      1826 Boy Scout Dr

      DRUG STORE, PHARMACY
      1826 Boy Scout Dr, Fort Myers, FL 33907-2113
      View Details
    • Value Estimation
      $3,725,000
      16,954 SF

      1525 Colonial Blvd

      DRUG STORE, PHARMACY
      1525 Colonial Blvd, Fort Myers, FL 33907-1021
      View Details
    • Value Estimation by Request
      18,069 SF

      12749 Cleveland Ave

      DRUG STORE, PHARMACY
      12749 Cleveland Ave, Fort Myers, FL 33907-3806
      View Details
    • Value Estimation
      $3,680,000
      16,510 SF

      12255 Cleveland Ave

      DRUG STORE, PHARMACY
      12255 Cleveland Ave, Fort Myers, FL 33907-3801
      View Details
    • Value Estimation
      $4,285,000
      19,235 SF

      5370 Cleveland Ave

      RETAIL STORES (PERSONAL SERVICES)
      5370 Cleveland Ave, Fort Myers, FL 33907-2356
      View Details
    • Value Estimation by Request
      555 SF

      5240 Bank St Ste, Unit 16

      RETAIL STORES (PERSONAL SERVICES)
      5240 Bank St Ste, Fort Myers, FL 33907-2110
      View Details

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      Fully leased commercial property on US 41 with billboard income.
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      Stylish salon space with reception, retail display, and open layout.
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    Similar Nearby for Lease

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      Retail space available in a busy Fort Myers shopping center.
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      9,600 SF

      Retail Space on US 41

      Retail space with high visibility and ample parking available for rent.
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      Retail space for lease in Fort Myers shopping center.
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      1,500 SF

      Fort Myers Flex Space Available

      Office, retail, and warehouse spaces for lease in Fort Myers.
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      Retail Space in Fort Myers

      High-traffic location with ample parking and diverse co-tenants.
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      45,089 SF

      High Visibility Retail Space Available

      Retail space for lease near Edison Mall and airport.
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      View Details
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    13400 Cleveland Ave
    Fort Myers, FL 33907-3833
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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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