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Property profile & analytics
FOR LEASE
Community centers
15201 N Cleveland Ave North Fort Myers, FL 33903
Entity Owned
Absentee Owner
Free & Clear
Property ID
US18-2429608
For Lease
1 / 30
$1,840,000
15201 N Cleveland Ave, North Fort Myers, FL 33903
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Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Community centers
Use group
MINI-MALL
Year built
1993
Construction
STEEL FRAME
Total area
5,916 SF
Lot
21.43 ac (933,491 SF)
Zoning code
CPD
APN
34-43-24-L4-04000.0020
UPID
US18-2429608
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.29M
Blend (final)
Blend
$1.84M
Owner & transaction history
RB MERCHANTS LLC & YBF MERCHANTS LLC
RB MERCHANTS LLC & YBF MERCHANTS LLC
Zoning & alternative use
CPD · North Fort Myers, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.1M
+51.8%
Office building
$1.6M
+15.8%
Medical building
$1.6M
+12.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs North Fort Myers submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs North Fort Myers submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$1.84M
Range $1.66M – $2.02M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$311 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$306,946
Tax year 2023
Assessed value
$25,764,522
Assessed 2023
Previous assessed
$20,151,294
+27.9% YoY
Effective rate
1.19%
On assessed value
Assessed improvement
$25,764,522
Improvement market value
$25,764,522
Total market value
$25,764,522
Applied tax rate
39.0000
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Community centers
Use group
MINI-MALL
Status
For Lease
Year built
1993
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
AC.PACKAGE
Buildings
7
Stories
1
Total area
5,916 SF
Lot
21.43 ac (933,491 SF)
Zoning code
CPD
APN
34-43-24-L4-04000.0020
UPID
US18-2429608
Jurisdiction
LEE
Zoning & alternative use
CPD · North Fort Myers, FLZoning CPD · permitted uses
CPD · North Fort Myers, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$2.1M
OFFICE BUILDING
Est. value
$1.6M
MEDICAL BUILDING
Est. value
$1.6M
RETAIL STORES
Est. value
$1.5M
INDUSTRIAL (GENERAL)
Est. value
$1.2M
NEIGHBORHOOD: SHOPPING CENTER Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
MEDICAL BUILDING
RETAIL STORES
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1993
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
7
Lot
21.43 ac
Current owner
From public records · entity-resolved
RB MERCHANTS LLC & YBF MERCHANTS LLC
Entity
Free & Clear · 0 yrs held
Mailing address
810 7TH AVE FL #10, NEW YORK, NY 10019-5887
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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