4904 Cleveland AveFort Myers, FL 33907

Property Details for 4904 Cleveland Ave

Year built

2018

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.10 AC

Property size (Sq ft)

3,242 SF

Zone code

C1

Property type

Drive through restaurants

APN

02-45-24-P3-32000.0010

APU

024524P3320000010

Description

Exceptional investment opportunity: A fee-simple ownership of a 3,227 square-foot Krispy Kreme located at 4904 S Cleveland Ave, Fort Myers, FL 33907, presents a compelling opportunity for investors seeking stable, long-term income. This Class A retail property, built in 2018, boasts a 20-year absolute NNN lease with a corporate guarantee from Krispy Kreme Doughnut Corporation, commencing January 18, 2021, and expiring January 17, 2041. With over 16 years remaining on the lease term, the property offers significant remaining lease term and predictable cash flow. The lease includes four 5-year renewal options and built-in rent bumps of 10% in 2031 and 2036. The property sits on a 1.1-acre lot and generates a Net Operating Income (NOI) of $216,300, representing a 4.75% cap rate. The asking price is $4,550,000, translating to $1,409.98 per square foot. This high-performing location, ranking second in customer visits among Gulf Coast Krispy Kreme stores, benefits from high visibility on S Cleveland Ave, with a daily traffic count exceeding 53,000 vehicles. The property is situated in a desirable submarket with an average household income of $81,736 within a 3-mile radius. This investment offers a rare combination of a strong tenant, a long-term lease, and a prime location in a thriving market. The property is 100% occupied and suitable for a 1031 exchange.

• CAP approach

  CAP return

  Valuation

  6%

  $1,264,161

  6.5%

  $1,166,918

  7%

  $1,083,566

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,638,948

  Geo Method

  $1,492,058

• Alternative Use

  Use

  Valuation

  Residential

  $984,339

  Hospitality

  $901,649

  Educational

  $750,161

  Medical

  $775,961

  Retail

  $1,166,918

Location Insight

City

Fort Myers

County

Lee

State

Florida

Latitude

26.5896

Longitude

-81.8726

CBSA code

15980

CBSA name

CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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