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

    4400 Cleveland Ave Fort Myers, FL 33901-9010

    • Medical offices
    • 4,794 SF
    • 0.52 lot acres
    OFF-MARKET
    Last Sale
    May 20, 2024
    $1,250,000
    Value Estimations
    $1,250,000
    Show details
    Cap Rate Potential
    4.8%
    Medical offices
    Location Intelligence
    Property ID
    US18-4909191
    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

    • Grace Veterinary Center / Veterinary Clinic
    • Healthier Home Solutions LLC / HVAC Service / General Contractor
    • Lemack's Air Conditioning / Hardware & Home Improvement / HVAC Service

    Property Details for 4400 Cleveland Ave

    Year built
    1967
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.52 lot acres
    Property size
    4,794 SF
    Zone code
    C1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    35-44-24-P3-00073.0020
    APU
    354424P3000730020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,250,000
      ML approach
      $1,250,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,000,000
      6.5%
      $925,000
      7%
      $855,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,533,000
      Market price range: $717k - $1.81M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,275,000
      Current use
      COMMERCIAL (GENERAL)
      $1,720,000
      Change: +35% Conversion: Easy
      RETAIL STORES
      $1,355,000
      Change: +6% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,135,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8724
    Latitude
    26.5987
    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
    $15,542
    $217,414
    $697,903
    $915,317
    -
    $217,414
    $697,903
    $915,317

    Comparable in this City

    • Value Estimation
      $1,420,000
      7,220 SF

      2045 Collier Ave

      MEDICAL BUILDING • 7,220 SF
      2045 Collier Ave, Fort Myers, FL 33901-8128
      View Details
    • Value Estimation by Request
      1,783 SF

      2454 Winkler Ave

      MEDICAL BUILDING • 1,783 SF
      2454 Winkler Ave, Fort Myers, FL 33901-9266
      View Details
    • Value Estimation
      $1,300,000
      11,518 SF

      3487 Broadway

      MEDICAL BUILDING • 11,518 SF
      3487 Broadway, Fort Myers, FL 33901-7213
      View Details
    • Value Estimation by Request
      3,200 SF

      2665 Oak Rdg Ct

      MEDICAL BUILDING • 3,200 SF
      2665 Oak Rdg Ct, Fort Myers, FL 33901-9389
      View Details
    • Value Estimation by Request
      3,756 SF

      2685 Swamp Cabbage Ct

      MEDICAL BUILDING • 3,756 SF
      2685 Swamp Cabbage Ct, Fort Myers, FL 33901-9331
      View Details
    • Value Estimation
      $3,610,000
      20,117 SF

      3210 Cleveland Ave

      MEDICAL BUILDING • 20,117 SF
      3210 Cleveland Ave, Fort Myers, FL 33901-7180
      View Details

    Similar Nearby for Sale

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      Renovated Office/Medical Building in Midtown

      Renovated 2,384 SF office/medical building with multi-tenant potential.
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      Professionally updated office condo in central Fort Myers location.
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    Similar Nearby for Lease

    • $10 SF/Yr
      35,735 SF

      Bottle Brush Center: Fort Myers Office

      Prime Fort Myers medical/office suites available.
      3660 Central Ave, Fort Myers, FL 33901
      View Details
    • $13 SF/Yr
      22,062 SF

      Prime Medical Office Space, Fort Myers

      Three-building medical office complex with ample parking.
      3677 Central Ave, Fort Myers, FL 33901
      View Details
    • $14 SF/Yr
      11,665 SF

      Salon/Office Suites in Fort Myers

      Turnkey 1,400 sq ft suite with flexible occupancy options.
      3949 Evans Ave, Fort Myers, FL 33901
      View Details
    • $16 SF/Yr
      14,500 SF

      Fort Myers Medical/Professional Office

      Multi-tenanted office building in central Fort Myers available for lease.
      3745 Broadway, Fort Myers, FL 33901
      View Details
    • $20 SF/Yr
      16,000 SF

      Renovated Office/Medical Building For Rent

      Three-story office/medical building with prime frontage and convenient location.
      4048 Evans Ave, Fort Myers, FL 33901
      View Details
    • Contact for pricing
      2,376 SF

      Medical Office Near Downtown

      Medical office space for lease near Lee Memorial Hospital.
      2621 Cleveland Ave, Fort Myers, FL 33901
      View Details
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    Fort Myers, FL 33901-9010
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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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