4434-4458 Cleveland AveFort Myers, FL 33901

Property Details for 4434-4458 Cleveland Ave

Year built

1973

Property size (Sq ft)

22,038 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a newly renovated, multi-tenant shopping center in Fort Myers, Florida. The property, located at 4434-4458 S Cleveland Ave, comprises three single-story buildings totaling 22,038 square feet on a 2.1-acre lot (91,520 sq ft). Situated on a signalized hard corner intersection of Cleveland Ave/Hwy US-41, it benefits from high visibility and traffic counts. The center is directly across from Edison Mall and surrounded by national retailers. Currently boasting 87% occupancy with 11 tenants under NNN leases, the property offers a stabilized NOI of $411,438, with a projected pro-forma NOI of $511,579, representing a 7.00% cap rate and a pro-forma cap rate of 8.10%. Built in 1973 and extensively renovated in 2024, the property features a new roof, structural repairs, resurfaced parking lot, landscaping enhancements, upgraded lighting, updated common areas, and new HVAC systems. These $1.1 million in capital improvements, combined with below-market lease rates and a 4% annual rent bump, present a significant value-add opportunity. The asking price is $5,900,000. The property's occupancy is expected to reach 100% by October 8, 2024.

Location Insight

City

Fort Myers

County

Lee

State

Florida

Latitude

26.5976

Longitude

-81.8724

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