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

    15201 Cleveland Ave Fort Myers, FL 33903

    • Community centers
    • 5,916 SF
    • 21.43 lot acres
    For Lease
    View listing
    $24 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2429608
    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

    • Community centers

    Property Details for 15201 Cleveland Ave

    Year built
    1993
    Construction
    STEEL FRAME
    Lot size
    21.43 lot acres
    Property size
    5,916 SF
    Zone code
    CPD
    Property type
    Community centers
    APN
    34-43-24-L4-04000.0020
    APU
    344324L4040000020

    Description

    Merchants Crossing offers a fantastic retail opportunity in the thriving North Fort Myers, FL market. This 833 square foot space is located within a larger 194,427 square foot strip center at the highly visible intersection of N. Cleveland Avenue and Pine Island Road in Lee County. The property boasts a diverse mix of established and successful anchor tenants, including AMC Theaters, Dollar General, Bealls Outlet/Home Centric, Jo-ann Fabrics, Applebee's, Planet Fitness, and Home Depot, ensuring high foot traffic and strong consumer demographics. This space is immediately available, offering a minimum divisible space of 833 square feet, with a maximum contiguous space also at 833 square feet. A significant advantage is the proximity to a new, under-construction 280-unit residential development, comprising four buildings with amenities such as a private clubhouse, pool cabana, and dog park. This development is slated for completion with two buildings ready for occupancy by January 2025, promising a substantial increase in potential customers for the retail space. The property's strategic location and the addition of new residential units create a compelling investment opportunity with significant growth potential. This space is perfect for a variety of retail uses and represents a rare chance to establish a business in a high-demand area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,292,000
      Market price range: $860k - $2.29M
      AI Estimate
      $1,386,000
      Market price range: $183k - $1.39M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,400,000
      Current use
      COMMERCIAL (GENERAL)
      $2,125,000
      Change: +52% Conversion: Easy
      OFFICE BUILDING
      $1,620,000
      Change: +16% Conversion: Moderate
      MEDICAL BUILDING
      $1,570,000
      Change: +12% Conversion: Difficult
      RETAIL STORES
      $1,540,000
      Change: +10% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,150,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    North Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.9033
    Latitude
    26.6851
    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
    $306,946
    $0.00
    $25,764,522
    $25,764,522
    -
    $0.00
    $25,764,522
    $25,764,522

    Comparable in this City

    • Value Estimation
      $5,170,000
      6,560 SF

      13860 Cleveland Ave

      MINI-MALL • 6,560 SF
      13860 Cleveland Ave, North Fort Myers, FL 33903-4319
      View Details
    • Value Estimation
      $6,995,000
      9,750 SF

      4130 Hancock Brg Pkwy

      MINI-MALL • 9,750 SF
      4130 Hancock Brg Pkwy, North Fort Myers, FL 33903
      View Details
    • Value Estimation
      $4,135,000
      18,211 SF

      18800 Tamiami Trl, Unit 910

      MINI-MALL • 18,211 SF
      18800 Tamiami Trl, North Fort Myers, FL 33903-1362
      View Details
    • Value Estimation
      $7,925,000
      38,595 SF

      1830 Tamiami Trl

      MINI-MALL • 38,595 SF
      1830 Tamiami Trl, North Fort Myers, FL 33903-3366
      View Details
    • Value Estimation
      $8,055,000
      25,910 SF

      525 Pne Is Rd

      SHOPPING CENTER, STRIP CENTER • 25,910 SF
      525 Pne Is Rd, North Fort Myers, FL 33903-3720
      View Details
    • Value Estimation
      $755,000
      2,293 SF

      1621 Tamiami Trl

      SHOPPING CENTER, STRIP CENTER • 2,293 SF
      1621 Tamiami Trl, North Fort Myers, FL 33903-5567
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5.00 Acres

      Prime Commercial Land on US 41

      5+ Acres, High Visibility, Multi-Use
      2706 Tamiami Trl, North Fort Myers, FL 33903
      View Details
    • $650,000
      1.41 Acres

      Prime Commercial Land on US 41

      Corner commercial outparcel with high visibility and development approvals.
      18981 Del Tura Plz Ln, North Fort Myers, FL 33903
      View Details
    • $3,500,000
      7.50 Acres

      North Fort Myers Commercial Land

      7.5 acres of commercial land with road frontage.
      14710 N Cleveland Ave, North Fort Myers, FL 33903
      View Details
    • $1,750,000
      0.83 Acres

      North Fort Myers Commercial Building

      8,126 sq ft commercial building on 0.83 acres.
      1357 N Tamiami Trl, North Fort Myers, FL 33903
      View Details
    • $1,350,000
      3,460 SF

      Restaurant on US 41 Available

      Freestanding restaurant with drive-thru and high visibility on US 41.
      1130 N Tamiami Trl, North Fort Myers, FL 33903
      View Details
    • $1,395,000
      2,670 SF

      Move-in Ready Restaurant in North

      Restaurant property in move-in ready condition with indoor/outdoor seating.
      4400 Hancock Bridge Pkwy, North Fort Myers, FL 33903
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Merchants Crossing

      Prime retail space in a high-traffic North Fort Myers location.
      15201 N Cleveland Ave, North Fort Myers, FL 33903
      View Details
    • $24 SF/Yr
      194,427 SF

      Fort Myers Retail Space Available

      Prime location, 833 sq ft, strong anchors.
      15201 Cleveland Ave, Fort Myers, FL 33903
      View Details
    • Contact for pricing
      1,160 SF

      Retail Space in Fort Myers

      Retail space with strong co-tenants near Walmart.
      525-535 Pine Island Rd, North Fort Myers, FL 33903
      View Details
    • Contact for pricing
      15,253 SF

      North Fort Myers Retail Center

      Prime Retail Space Available in North Fort Myers
      525 Pine Island Rd, North Fort Myers, FL 33903
      View Details
    • $8,333 /Mo

      Retail Space in Publix-Anchored Center

      Retail space available in a Publix-anchored shopping center.
      17910 N Tamiami Trl, North Fort Myers, FL 33903
      View Details
    • New
      $900 /Mo
      26,441 SF

      Retail Space on US41 Frontage

      Retail space with high visibility on US41 in North Fort Myers.
      1621 N Tamiami Trl, North Fort Myers, FL 33903
      View Details
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    15201 Cleveland Ave
    Fort Myers, FL 33903
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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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