Medical Office Building with
346 E Royal Palm Street Lake Placid, FL 33852
346 E Royal Palm Street, Lake Placid, FL, 33852
$1,200,000
For Sale
Under Contract
$1,200,000
COMMERCIAL - Lake Placid, FL
Property Size6,248 SF
Lot Size0.90 Acres
Price / SF$192.06
Days on Market729
Property Features for 346 E Royal Palm Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- C1
- Exterior features
- Other Irrigation, Stucco
- Standard status
- Active Under Contract
- APN
- P-06-37-30-091-0030-00C0
- Size
- 6,248 SF
- Lot size
- 0.90 Acres
Taxes and HOA fees
- Tax Year
- 2023
- Tax Description
- REPLAT OF ROBERTS GROVE ADD PB 3 PG 96 TR C BLK 3-LESS WLY 76.69 FT AS MEAS ALONG N LINE OF BLK C AND-LESS S 70 FT AND-LESS US 27 R/W
- Tax Annual Amount
- 13076
Utilities
- Sewer type
- Public Sewer
- Heating system
- Central, Electric (Heating)
- Cooling system
- Electric, Central Air
Building Details
- Year built
- 1996
- Floors in Building
- 1
- Building materials
- Concrete Block
- Architectural style
- Other
- Additional Structures
- Other
Listing agency
ADVANTAGE REALTY #1
(863) 386-0303
Listed by
Gregory Karlson · License #569759
(863) 381-4932
Added: Jul 25, 2024 Updated: Jul 13 at 10:00PM Checked: Jul 23 at 12:06AM
MLS# 306742
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.
This commercial medical office building totals 6,248+/- SF and is configured as a mostly open layout that can be reconfigured for a range of medical or professional uses. The property is described as a former physical therapy facility and includes onsite improvements such as a newer roof (approximately 6 years old), newer HVAC systems, and resealed parking.
The site provides paved parking and direct access with a full median turn on US-27, along with monument signage and strong highway visibility. The offering is positioned within the C1 zoning designation in Lake Placid, Highlands County.
The building’s current open interior layout supports straightforward customization for incoming users, while the established medical use history on-site supports continued healthcare or related professional occupancy.
The site provides paved parking and direct access with a full median turn on US-27, along with monument signage and strong highway visibility. The offering is positioned within the C1 zoning designation in Lake Placid, Highlands County.
The building’s current open interior layout supports straightforward customization for incoming users, while the established medical use history on-site supports continued healthcare or related professional occupancy.
Key Highlights
- 6,248+/- SF former physical therapy facility on approx. 0.90 acres in Lake Placid, FL
- US‑27 commercial/medical building with monument signage and full median turn access
- Mostly open interior floor plan that can be reconfigured for medical or professional uses
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $108.7k | $17.40 |
| − Vacancy | −$23.9k | −$3.83 |
| EGI | $84.8k | $13.57 |
| − OpEx | −$21.2k | −$3.39 |
| NOI | $63.6k | $10.18 |
6,248 SF · lease $17.40/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$908.5K
$795.0K – $1.06M
NOI $63,598 @ 7.0% cap · market cap 5.30%
Second Best
Healthcare Medical
$776.5K
$679.4K – $905.9K
NOI $54,354 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $90,991 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Sandi M. Holmes, ...
Physician
Similar For Sale Nearby
Similar Off Market Nearby
- James P. Waller, Jr., DVM — 270 US Hwy 27, Lake Placid, FL 33852
- Altvater Leah C DVM — 270 US Hwy 27, Lake Placid, FL 33852
- Waltman Jennifer H DVM — 270 US Hwy 27, Lake Placid, FL 33852
- Citrus Animal Clinic — 270 US Hwy 27, Lake Placid, FL 33852
FAQs
What type of property is this?
Medical Office Space - Mostly open medical-office building on US-27 with monument signage and paved parking on a C1-zoned site.
Where is this medical office space located?
The property is located at 346 E Royal Palm Street Lake Placid, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,248+/- SF former physical therapy facility on approx. 0.90 acres in Lake Placid, FL; US‑27 commercial/medical building with monument signage and full median turn access; Mostly open interior floor plan that can be reconfigured for medical or professional uses
