4805 Cleveland AveFort Myers, FL 33907

This 8,100 square foot retail property, located at 4805 S Cleveland Ave in Fort Myers, Florida (33907), presents a compelling value-add investment opportunity. The Class B building, constructed in 1973 and renovated in 2017, sits on a 26,057 square foot lot with permitted commercial zoning. Currently featuring a single tenant with a 15-year lease (commencing February 29, 2012, expiring February 27, 2027), the property offers significant redevelopment potential. The current NOI is $40,000, with a pro-forma NOI of $170,800. The asking price is $3,300,000, representing a 5.18% cap rate and a price per square foot of $407.41. The property boasts a prime location on US 41, directly across from Rooms To Go, with two entrances and a median cut-through, ensuring high visibility and excellent access to major transportation routes. The kitchen was updated in 2020. The property's flexible zoning allows for diverse development options, catering to a strong demographic and growing market demand. The lease is a triple net (NNN) lease with three rent bumps remaining. This is a multi-tenant property with one current tenant and 16% occupancy as of September 4, 2024. The property includes one building, one story, and two units. There is one lease option available. This is a compelling opportunity for investors seeking significant upside potential in a thriving Southwest Florida market.