13350 N Cleveland Ave - Freestanding FOR SALE


North Fort Myers, FL 33903
$9,500,000 USD
239-347-6114
13350 N Cleveland Ave, North Fort Myers, FL for Sale
$9,500,000 USD
Freestanding - FOR SALE
1/6
null | Request Cap Rate

13350 N Cleveland Ave
North Fort Myers, FL 33903


HIGHLIGHTS

  • 3% COMMISSION TO COOPERATING BROKER (YOU)
  • *ALL Reasonable Offers Considered. Ownership wants it sold!
  • POTENTIAL PROFIT / ROI = 384% !!!!! BEST DEAL IN MARKET
  • $9,600,000 PROFIT ON 2M CAPITAL INVESTMENT. PRIME LOCATION - US41 OVER BRIDGE
  • MIXED-USE Multifamily/Retail/Office - zoned for 127 residential units, plus 60,000 sqft of Retail and/ or Office Combination.
  • Existing 54,368 sqft structure can also be renovated and leased for $25/sqft NNN

OVERVIEW

3% COMMISSION TO COOPERATING BROKER (YOU) All reasonable offers are considered. RESIDENTIAL & COMMERCIAL MIXED-USE MULTIFAMILY/RETAIL OPTIONS POTENTIAL PROFIT ROI 384% !!!!! $9,600,000 PROFIT ON 2M CAPITAL INVESTMENT. RENOVATED VALUE ESTIMATED AT $22,600,000. NOI PROJECTED $1,359,200.00 I. SUMMARY The former Sweetbay Supermarket is a unique/ tremendous BIG-BOX anchor and/or a renovation/development opportunity strategically located directly on US41 with one of the busiest intersections in the entire County. The sizable structure further allows the prospective buyer the flexibility to incorporate multiple uses. As the only true Anchor in the 25-acre Hancock Bridge Square neighborhood subdivision, which is comprised of National Retailers, including renowned builder, MAST Capital’s new residential community of 320 luxury residences next door, one of the highest-grossing Perkins Restaurant & Bakery in the Country and a busy Regions Bank. The former Sweetbay Supermarket consists of a 54,368 sqft double-height concrete block (CBS) building on 5.8 acres with approximately 257 parking spaces, which provides almost a 5 to 1 parking ratio. Great visibility to US41 having a 50,000 daily car count. The flexible aspect of this property is that it also has a mezzanine level, which overlooks the larger space. The rooftop space (54k sqft) can also be used for recreational purposes. There are several options that can be considered. FLEXIBLE USES 1. COMMERCIAL The mezzanine level could further be converted into a VIP section, etc., or for offices. The aluminum framing for the large open space drop-ceiling can also be easily removed, creating an even greater elevation for an even more massive volume, if desired. The facility is environmentally clean and already fully sprinkled. This location would be ideal for any BIG-BOX anchor with a 5 to 1 parking ratio of 257 parking spaces, mixed-use retail, office, dining, athletic, sporting, and/or entertainment-related venue with a high volume ceiling. 2. RESIDENTIAL MIXED-USE In addition, the site is also zoned for a mixed-use project comprised of 127 residential units along with substantial retail. MAST Capital is strictly a multifamily builder and is not building any retail with their 320 unit residential community. Therefore, Hancock Sweetbay would benefit tremendously from a retail component since it is adjacent to US41 and would have a built-in residential client base comprised of 457 residential units (Hancock Sweetbay with 127 residential units and MAST Capital with 320 residential units) and is strategically situated across the bridge to Downtown Fort Myers to the East and a few short miles to Cape Coral to the West for maximum exposure to both Cities, along with the 8 lanes of US41 traffic. 3. OFFICE & RETAIL MIXED-USE A third option would be a projected office/retail build-out utilizing the existing sprinkler structure. A refurbished office product is coming to market nearby at $300/sqft and is generating a $25/sqft triple net for a B product office space. 4. ADDITIONAL FLOORS / ROOFTOP TERRACE Based on the substantial 5 to 1 parking ratio, the project can accommodate additional floors and/or a large rooftop terrace space (54k sqft) for all forms of recreational or entertainment purposes, including a rooftop restaurant. INCOME PROJECTIONS Utilizing the existing 54,368 sqft x $25/sqft leasing rate = $1,359,200 /6 cap = 22.6 Million dollar value. Computing profitability in reverse order, deducting construction costs estimated at $ 3,000,000 for a full renovation to the existing structure equates to as follows: 22.6 Million dollar value - 3.0 Million dollar construction - 10 Million acquisition costs and yield a 9.6 Million dollar net profit. RETURN ON INVESTMENT * The acquisition and renovation of the project would likely be financed by a prospective buyer, substantially reducing the capital expenditure and increasing the ROI. * A Return on Investment (ROI) would produce a very attractive return. Assuming a standard 20% down payment on the purchase equates to 2M in capital, including 100% institutional financing on the renovation. The ROI of 9.6M /3M x 100 = 384% RETURN potential!!!! * Adding additional floors and/or a Rooftop Mezzanine level up to 54,000 sqft would further increase the value dramatically. The Sweet Bay Renovation Project is minutes away from Downtown Fort Myers via the Caloosahatchee Bridge. The creation of this new and exciting 320-residential-unit MAST Capital community will make this opportunity an even greater destination and success. Please feel free to reach out with any questions or comments.

FOR SALE DETAILS

PRICE

$9,500,000 USD

PRICE/SF

$175 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Retail or Mixed-Use Development - 384% Return

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront Retail/Residential, Medical, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

275

LAND DETAILS

LAND ACRES

5.8 AC

LAND SF

252,648 SF

ZONING

C-2

APN/PARCEL ID

11-44-24-00-00017.402B

ASK ABOUT THIS PROPERTY

Luis DominguezNew Capital Resources Corp.More Info
239-347-6114

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Luis DominguezNew Capital Resources Corp.More Info
239-347-6114

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.