Mixed-Use Property with Climate-Controlled
For Sale
$1,600,000
711 N 3RD ST, Leesburg, FL 34748
Commercial Sale, LEESBURG, FL
Property Size15,300 SF
Lot Size0.87 Acres
Price / SF$104.58
Days on Market401
Property Features for 711 N 3RD ST
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3
Subdivision
LEESBURG N C LEE ESTATE
Directions
Take N 3rd st from SR-441 in Leesburg and the Leesburg Self Storage is on the left after Wells Fargo Bank.
Standard status
Active
APN
23-19-24-1100-000-00507
Size
15,300 SF
Lot size
0.87 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LEESBURG N C LEE ESTATES BEG AT N LINE OF LOT 5 WITH W'LY R/W LINE OF THIRD ST S 01-15-35 W ALONG W'LY R/W LINE 154.03 FT N 89-54-20 W 245.01 FT N 0-25-50 E 154.03 FT TO N LINE OF LOT 5 S 89-54-20 E ALONG SAID N LINE 247.28 FT TO POB PB 1 PG 75 ORB 6056 PG 1559
Tax Annual Amount
17028
Legal Description
LEESBURG N C LEE ESTATES BEG AT N LINE OF LOT 5 WITH W'LY R/W LINE OF THIRD ST S 01-15-35 W ALONG W'LY R/W LINE 154.03 FT N 89-54-20 W 245.01 FT N 0-25-50 E 154.03 FT TO N LINE OF LOT 5 S 89-54-20 E ALONG SAID N LINE 247.28 FT TO POB PB 1 PG 75 ORB 6056 PG 1559
Utilities
Cooling system
Central Air
Amenities
elevator access
automated management system
secure access
Building Details
Year built
2005
Floors in Building
2
Building materials
Metal Siding
Roof type
Shingle, Metal
Listing Agency:
OLYMPUS EXECUTIVE REALTY INC
(407) 469-0090
Listed By:
Raghu Bodhanapu · License #3326683
(407) 334-7545
Added: Jul 21, 2025
Changed: Aug 24
Last Checked: Aug 25 at 7:06PM
MLS# O6329154
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.
This 15,300-square-foot mixed-use commercial property combines three medical office suites with climate-controlled self-storage across two levels. The front suites comprise 3,200 square feet and are leased under three-year agreements. Storage units range from 20 square feet to 770 square feet, with elevator access serving the upper floor.
Built in 2005 on 0.87 acres, the property carries C-3 zoning and features metal siding, central air, and both shingle and metal roofing. A fully automated management platform supports online bookings, digital payments, remote operation, and controlled entry. The site is located near SR-441 in Leesburg, within an area described as having medical and financial offices.
Built in 2005 on 0.87 acres, the property carries C-3 zoning and features metal siding, central air, and both shingle and metal roofing. A fully automated management platform supports online bookings, digital payments, remote operation, and controlled entry. The site is located near SR-441 in Leesburg, within an area described as having medical and financial offices.
Key Highlights
- 15,300 square feet on 0.87 acres
- Three medical office suites totaling 3,200 square feet
- Medical suites leased under three‑year agreements
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
$143,428
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
8.96%
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%
$2,868,560
$2.9M
Cap Rate 7%
$2,048,971
$2.0M
Cap Rate 9%
$1,593,644
$1.6M
Market Conditions
NOI Build-Up for 15,300 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
$220.3K $14.40/SF
− Vacancy
−$15.4K −$1.01/SF
EGI
$204.9K $13.39/SF
− OpEx
−$61.5K −$4.02/SF
NOI
$143.4K $9.37/SF
Area
Lake County, FL
Vacancy
7.00%
Lease Rate
$14.40 /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%
$2,868,560
Cap Rate 7%
$2,048,971
Cap Rate 9%
$1,593,644
Alternative Uses
Best Use
Office B
$3.27M
$2.86M – $3.81M
NOI $228,582 @ 7.0% cap · market cap 14.29%
Second Best
Healthcare Medical
$3.12M
$2.73M – $3.64M
NOI $218,117 @ 7.0% cap · market cap 13.63%
Theoretical Best
Office A
$4.35M
$3.81M – $5.08M
NOI $304,776 @ 7.0% cap · market cap 19.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,333
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combination of leased medical suites and remotely managed storage units near SR-441.
Where is this mixed-use property located?
The property is located at 711 N 3RD ST Leesburg, FL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 15,300 square feet on 0.87 acres; Three medical office suites totaling 3,200 square feet; Medical suites leased under three‑year agreements
