Corner Retail Space with
For Sale
$649,900
2501 SOUTH Street, Leesburg, FL 34748
Commercial Sale, LEESBURG, FL
Property Size2,501 SF
Lot Size0.92 Acres
Price / SF$259.86
Days on Market138
Property Features for 2501 SOUTH Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
R-3
Directions
From the turnpike head north toward Leesburg, turn left onto South st, the building is on the left
Subdivision
34748 - Leesburg
Standard status
Active
APN
28-19-24-0004-000-07600
Size
2,501 SF
Lot size
0.92 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
N 190 FT OF E 3/4 OF SE 1/4 OF SE 1/4--LESS N 40 FT & LESS E 165 FT & LESS W 520 FT & LESS RD R/W-- ORB 1407 PG 569
Tax Annual Amount
4035
Legal Description
N 190 FT OF E 3/4 OF SE 1/4 OF SE 1/4--LESS N 40 FT & LESS E 165 FT & LESS W 520 FT & LESS RD R/W-- ORB 1407 PG 569
Utilities
Cooling system
Central Air
Building Details
Year built
1983
Building materials
Brick
Listing Agency:
CARLINO REAL ESTATE GROUP INC
(352) 326-2662
Listed By:
Jonathan Martin · License #SL3402836
(407) 443-5491
Added: Apr 23
Changed: Aug 28
Last Checked: Sep 7 at 5:06PM
MLS# G5111329
Copyright © 2026 Stellar MLS. 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.
The property includes a 2,501+/- SF brick building constructed in 1983, with central air and paved parking. The improvements sit on a 0.92-acre corner parcel zoned R-3, offering approximately 274 feet of frontage on South St.
South St carries an annual average daily traffic count of 18,500 trips, with access for traffic moving in both directions. The site is near The Villages, the new Ring Power facility, Leesburg schools, and several churches. I75 and the FL Turnpike are accessible from the property.
South St carries an annual average daily traffic count of 18,500 trips, with access for traffic moving in both directions. The site is near The Villages, the new Ring Power facility, Leesburg schools, and several churches. I75 and the FL Turnpike are accessible from the property.
Key Highlights
- 0.92‑acre corner parcel zoned R‑3
- 2,501+/- SF brick building constructed in 1983
- Approximately 274 feet of road frontage on South St
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
$29,590
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
4.55%
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%
$591,800
$591.8K
Cap Rate 7%
$422,714
$422.7K
Cap Rate 9%
$328,778
$328.8K
Market Conditions
NOI Build-Up for 2,501 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
$45.0K $18.00/SF
− Vacancy
−$2.7K −$1.10/SF
EGI
$42.3K $16.90/SF
− OpEx
−$12.7K −$5.07/SF
NOI
$29.6K $11.83/SF
Area
Lake County, FL
Vacancy
6.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$591,800
Cap Rate 7%
$422,714
Cap Rate 9%
$328,778
Alternative Uses
Best Use
Retail
$422.7K
$369.9K – $493.2K
NOI $29,590 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$711.7K
$622.8K – $830.3K
NOI $49,820 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18,500 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 34748, FL
45,481
Population
25,740
Households
1.8
Avg Household Size
60
Median Age
24%
College-Educated
90%
High-School Grad
39.4 sq mi
ZIP Area
1,154
Density / Sq Mi
$53,768
Median Household Income
$30,762
Median Earnings
$1,181
Median Rent
$226,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Brick commercial building with central air on an R-3-zoned parcel along South St.
Where is this retail space located?
The property is located at 2501 SOUTH Street Leesburg, FL.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 0.92‑acre corner parcel zoned R‑3; 2,501+/- SF brick building constructed in 1983; Approximately 274 feet of road frontage on South St
