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

    351 Leonard N Blvd Lehigh Acres, FL 33971-6357

    • Warehouses
    • 103,458 SF
    • 7.39 lot acres
    OFF-MARKET
    Last Sale
    Oct 01, 2021
    $9,355,000
    Value Estimations
    $10,555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-9845313
    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

    • NTW - National Tire Wholesale / Tire Shop / Auto Tune Up Service

    Property Details for 351 Leonard N Blvd

    Year built
    2002
    Construction
    STEEL FRAME
    Lot size
    7.39 lot acres
    Property size
    103,458 SF
    Zone code
    IL
    Property type
    Warehouses
    APN
    30-44-26-00-00001.0250
    APU
    30442600000010250

    Description

    This exceptional industrial property, located at 351 Leonard Blvd N in Lehigh Acres, Florida, offers a total of 103,000 square feet of warehouse, distribution, and manufacturing space within a single, one-story building. The property is zoned IL and is situated in Lee County, zip code 33971. Currently configured as a multi-tenant facility, it features two suites, with a minimum divisible space of 44,414 square feet and a maximum contiguous space of 44,414 square feet. The high ceilings range from 18 to 23 feet, providing ample vertical clearance for various industrial uses. Loading and unloading are facilitated by 30 dock-high doors and 2 drive-in doors, ensuring efficient operations. This strategically located property presents a significant opportunity for businesses seeking flexible and functional warehouse space in a thriving industrial area. The property's size and features make it suitable for a variety of industrial operations, from storage and distribution to light manufacturing. Its location in Lee County, Florida offers easy access to major transportation routes, enhancing logistical efficiency. The availability of a substantial contiguous space of 44,414 square feet is particularly attractive to businesses requiring significant operational area. This property is an excellent choice for companies seeking a well-equipped and strategically positioned industrial facility.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,960,000
      ML approach
      $11,850,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $17,580,000
      6.5%
      $16,230,000
      7%
      $15,070,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,445,000
      Market price range: $8.08M - $21.4M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $16,060,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lehigh Acres
    County
    Lee
    State
    Florida
    Longitude
    -81.7516
    Latitude
    26.6143
    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
    $68,739
    $898,009
    $5,928,302
    $6,826,311
    -
    $898,009
    $5,928,302
    $6,826,311

    Comparable in this City

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      View Details
    • Value Estimation
      $460,000
      20,000 SF

      15210 Homestead Rd

      WAREHOUSE, STORAGE • 20,000 SF
      15210 Homestead Rd, Lehigh Acres, FL 33971
      View Details
    • Value Estimation
      $5,825,000
      30,000 SF

      5614 2nd W St

      WAREHOUSE, STORAGE • 30,000 SF
      5614 2nd W St, Lehigh Acres, FL 33971-6331
      View Details
    • Value Estimation
      $275,000
      15,540 SF

      216 Waldo Ave

      WAREHOUSE, STORAGE • 15,540 SF
      216 Waldo Ave, Lehigh Acres, FL 33971-6303
      View Details
    • Value Estimation
      $290,000
      3,750 SF

      310 Livingston Way

      STORAGE YARD, OPEN STORAGE • 3,750 SF
      310 Livingston Way, Lehigh Acres, FL 33971
      View Details
    • Value Estimation
      $145,000
      4,000 SF

      5620 Lee St

      WAREHOUSE, STORAGE • 4,000 SF
      5620 Lee St, Lehigh Acres, FL 33971-1545
      View Details

    Similar Nearby for Sale

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      0.73 Acres

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      Industrial warehouse with office space in thriving Lehigh Acres.
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      Lehigh Acres Industrial Flex Space

      Well-maintained 1,916 SF industrial/flex space in Lehigh Acres.
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      Lehigh Acres Industrial Flex Space

      1,916 SF Flex Warehouse, Move-In Ready
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      0.25 Acres

      Residential Lot in Lehigh Acres

      Residential land for sale in a quiet Lehigh Acres neighborhood.
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      0.25 Acres

      Residential Land in Lehigh Acres

      Residential land for building a home or investment property.
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      0.25 Acres

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      Quarter acre lot in Lehigh Acres, ready for development.
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    Similar Nearby for Lease

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    • $15 SF/Yr
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      Industrial Flex Space For Rent

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    • $20 SF/Yr
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      Industrial Space in Lehigh Acres

      Industrial property available for rent in Lehigh Acres, Florida.
      5441 Lee St, Lehigh Acres, FL 33971
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    • Contact for pricing

      Lee County Retail Pads - 4 Spaces

      Prime Lee County retail land, four build-to-suit pads.
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      Duplex with Modern Finishes

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      6,592 SF

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    351 Leonard N Blvd
    Lehigh Acres, FL 33971-6357
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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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