Medical Office Campus with Highway
For Sale
$2,250,000
1346 Us 27 Highway N, Lake Placid, FL 33852
Commercial, Lake Placid, FL
Property Size7,874 SF
Lot Size10.08 Acres
Price / SF$285.75
Days on Market222
Property Features for 1346 Us 27 Highway N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R3
Parking
40
Directions
From Sebring, proceed south on US 27 toward Lake Placid. Entrance is 800 feet south of N Tomoka Blvd, and 1100 feet north of S Tomoka Blvd and the main entrance to Advent Health Lake Placid hospital. Property can also be accessed by private road to the north from S. Tomoka Blvd.
Standard status
Active
APN
P-25-36-29-A00-0070-0030
Size
7,874 SF
Lot size
10.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
A 10.08 ACRE TR ON SW R/W OF US HWY 27 SE OF TOMOKA HTS SEC 1 + 575 FT N OF TOMOKA BLVD SOUTH LESS A 20 X 196.75 FT STRIP IN SE COR AND A 20 X 197.4 FT STRIP ON NW SIDE OF LOT 1 TOMOKA HTS PROF PARK PB 15 PG 81 25-36-29/7-3 10.07 ACRES
Tax Annual Amount
28100
Legal Description
A 10.08 ACRE TR ON SW R/W OF US HWY 27 SE OF TOMOKA HTS SEC 1 + 575 FT N OF TOMOKA BLVD SOUTH LESS A 20 X 196.75 FT STRIP IN SE COR AND A 20 X 197.4 FT STRIP ON NW SIDE OF LOT 1 TOMOKA HTS PROF PARK PB 15 PG 81 25-36-29/7-3 10.07 ACRES
Building Details
Year built
1989
Listing Agency:
ADVANTAGE REALTY #1
(863) 386-0303
Listed By:
Jim Pyle
(863) 297-7833
Added: Jan 19
Changed: Aug 19
Last Checked: Aug 29 at 6:06PM
MLS# 321714
Copyright © 2026 Heartland Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
A medical office campus consisting of three existing buildings totaling 7,874 square feet on a 10.08-acre parcel. The buildings were built as model homes for a neighboring gated community and have been previously used as medical offices; they are maintained in good, clean condition as currently configured. The property includes 40 paved parking spaces.
The site offers over 10 acres of US Highway 27 frontage with a dedicated highway crossover and deceleration lanes in both directions. Advent Health hospital, medical offices, and a Health & Rehabilitation Center are adjacent to the south, with the Tomoka Heights gated community adjacent to the north and west. Highway frontage also runs opposite a nearby Amazon facility at approximately one-fifth mile, with a private road to the south toward the hospital and S. Tomoka Boulevard, which is expected to be extended across US 27 with a signalized intersection.
Existing R3 zoning permits, among many other uses, medical and professional offices, single and multi-family housing, apartments, condos, hotels/motels with or without restaurants, and assisted living/nursing care. Southern 5 acres of the parcel are also available separately.
The site offers over 10 acres of US Highway 27 frontage with a dedicated highway crossover and deceleration lanes in both directions. Advent Health hospital, medical offices, and a Health & Rehabilitation Center are adjacent to the south, with the Tomoka Heights gated community adjacent to the north and west. Highway frontage also runs opposite a nearby Amazon facility at approximately one-fifth mile, with a private road to the south toward the hospital and S. Tomoka Boulevard, which is expected to be extended across US 27 with a signalized intersection.
Existing R3 zoning permits, among many other uses, medical and professional offices, single and multi-family housing, apartments, condos, hotels/motels with or without restaurants, and assisted living/nursing care. Southern 5 acres of the parcel are also available separately.
Key Highlights
- Over 10 acres of frontage on US Highway 27 with a dedicated highway crossover and deceleration lanes in both directions
- Three existing buildings totaling 7,874 SF built as model homes; previously used as medical offices and maintained in good, clean condition
- Currently configured with 40 paved parking spaces across the site
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$80,149
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,602,980
$1.6M
Cap Rate 7%
$1,144,986
$1.1M
Cap Rate 9%
$890,544
$890.5K
Market Conditions
NOI Build-Up for 7,874 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$137.0K $17.40/SF
− Vacancy
−$30.1K −$3.83/SF
EGI
$106.9K $13.57/SF
− OpEx
−$26.7K −$3.39/SF
NOI
$80.1K $10.18/SF
Area
Highlands County, FL
Vacancy
22.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,602,980
Cap Rate 7%
$1,144,986
Cap Rate 9%
$890,544
Alternative Uses
Best Use
Office B
$1.14M
$1.00M – $1.34M
NOI $80,149 @ 7.0% cap · market cap 3.56%
Second Best
Healthcare Medical
$978.6K
$856.2K – $1.14M
NOI $68,499 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,671 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33852, FL
21,635
Population
12,991
Households
1.7
Avg Household Size
55
Median Age
20%
College-Educated
85%
High-School Grad
293.4 sq mi
ZIP Area
74
Density / Sq Mi
$54,841
Median Household Income
$39,658
Median Earnings
$1,063
Median Rent
$205,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Three buildings total 7,874 SF on 10.08 acres with 40 paved spaces and US 27 frontage.
Where is this medical office space located?
The property is located at 1346 Us 27 Highway N Lake Placid, FL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Over 10 acres of frontage on US Highway 27 with a dedicated highway crossover and deceleration lanes in both directions; Three existing buildings totaling 7,874 SF built as model homes; previously used as medical offices and maintained in good, clean condition; Currently configured with 40 paved parking spaces across the site
