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    16000 Cleveland Ave North Fort Myers, FL 33903-2107
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    Property profile & analytics

    16000 Cleveland Ave, North Fort Myers, FL 33903-2107

    View on Map
    • Drug stores
    • 16,008 SF
    • 2.43 lot acres
    Off-Market
    Last Sale Nov 15, 2021
    $5,218,700
    Property ID
    US19-0866033
    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
    $5,020,000
    Show details
    Cap Rate Potential
    4.1%
    Drug stores
    Location Intelligence

    Current Use by Public Records

    • Drug stores

    Property Details for 16000 Cleveland Ave

    Year built
    2003
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.43 lot acres
    Zone code
    C-1
    Property type
    Drug stores
    APN
    27-43-24-00-00023.1020
    APU
    27432400000231020

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 15, 2021 $5,218,700 Jupiter Park Self Storage Ltd Oreof19 Br W LLC Special Warranty Deed $6.8M · Seacoast National Bank
    Jun 28, 2021 $4,082,300 Oreofi9 Br W LLC Walgreen Co Special Warranty Deed $47.4M · Wells Fargo Bank NA
    Sep 24, 2003 $3,084,000 Walgreen Co Cleveland & Littleton Lc Grant Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,115,000
      ML approach
      $4,530,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,500,000
      6.5%
      $3,230,000
      7%
      $3,000,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,852,000
      Market price range: $2.22M - $6.85M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $4,170,000
      Current use
      COMMERCIAL (GENERAL)
      $5,745,000
      Change: +38% Conversion: Easy
      OFFICE BUILDING
      $4,385,000
      Change: +5% Conversion: Easy
      MEDICAL BUILDING
      $4,255,000
      Change: +2% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,785,000
      Change: -9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    North Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8998
    Latitude
    26.6973
    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
    $64,085
    $2,855,815
    $1,995,462
    $4,851,277
    -
    $2,855,815
    $1,995,462
    $4,851,277

    Comparable in this City

    • Value Estimation
      $2,920,000
      13,842 SF

      15050 Cleveland Ave

      DRUG STORE, PHARMACY
      15050 Cleveland Ave, North Fort Myers, FL 33903-2773
      View Details
    • Value Estimation
      $2,885,000
      13,691 SF

      4100 Hancock Brg Pkwy

      DRUG STORE, PHARMACY
      4100 Hancock Brg Pkwy, North Fort Myers, FL 33903-4251
      View Details
    • Value Estimation
      $4,375,000
      16,036 SF

      17970 Tamiami Trl

      DRUG STORE, PHARMACY
      17970 Tamiami Trl, North Fort Myers, FL 33903-1412
      View Details
    • Value Estimation
      $2,845,000
      13,355 SF

      13991 Cleveland Ave

      DRUG STORE, PHARMACY
      13991 Cleveland Ave, North Fort Myers, FL 33903-4333
      View Details
    • Value Estimation
      $1,420,000
      8,575 SF

      19001 Tamiami Trl

      RETAIL STORES (PERSONAL SERVICES)
      19001 Tamiami Trl, North Fort Myers, FL 33903-7306
      View Details
    • Value Estimation
      $825,000
      4,212 SF

      14130 Cleveland Ave

      RETAIL STORES (PERSONAL SERVICES)
      14130 Cleveland Ave, North Fort Myers, FL 33903-3875
      View Details

    Similar Nearby for Sale

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      North Fort Myers Commercial Building

      8,126 sq ft commercial building on 0.83 acres.
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      Prime US-41 Development Opportunity

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    • $2,200,000

      North Fort Myers Commercial Property

      Versatile 5,850 sq ft property on 0.61 acres.
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      North Fort Myers Commercial Unit

      800 SF commercial unit on high-traffic Pondella Road.
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      Upgraded Vehicle Storage Unit

      Rare, fully finished vehicle storage unit with upgraded features.
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    • Contact for pricing

      7.5 Acres Corner Land Parcel

      7.5 acres corner land parcel with road access.
      14710 N Cleveland Ave, 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
    • Contact for pricing
      2,500 SF

      Retail or Restaurant Space Available

      Freestanding building with drive-thru option on 0.91 AC lot.
      546 Pine Island Rd, North Fort Myers, FL 33903
      View Details
    • Contact for pricing
      2,800 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
    • New
      $1,200 /Mo
      49,833 SF

      Retail Storefront Suite

      800 SF unit in a busy neighborhood plaza with strong visibility and ample on-site parking, suited for retail or office uses.
      710 Pondella Rd, North Fort Myers, FL 33903
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    • Contact for pricing

      North Fort Myers Retail/Office Space

      Retail and office spaces available for lease in North Fort Myers.
      13761 N Cleveland Ave, North Fort Myers, FL 33903
      View Details
    • $47,400
      868 SF

      Retail Space on Piney Road

      Retail space available for rent on Piney Road.
      1254 Piney Rd, North Fort Myers, FL 33903
      View Details
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    North Fort Myers, FL 33903-2107
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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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