Leesburg Self-Storage Value-Add
For Sale
$2,200,000
1003 & 1007 WAREHOUSE DRIVE, Leesburg, FL 34748
197-unit self-storage facility with outdoor storage and value-add potential.
Property Size32,689 SF
Price / SF$68.75
Days on Market173
Property Features for 1003 & 1007 WAREHOUSE DRIVE
General Information
Standard status
Active
Size
32,689 SF
Zoning
C-3
Taxes and HOA fees
Annual Taxes
$14,704
Building Details
Building Size
32,689 SF
Year Built
1979
Stories
1
Listing Agency:
GRIZZARD COMMERCIAL REALESTATE
(352) 396-9136
Listed By:
Daniel Tatro · License #3190991
(352) 396-9136
Source:
Evrealestate
Added: Mar 10
Changed: Aug 23
Last Checked: Aug 28 at 8:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of GRIZZARD COMMERCIAL REALESTATE
Investment Insights
Based on property information with market context.
This self-storage facility, known as Flamingo Mini Storage, presents a value-add opportunity. Located in Leesburg and close to The Villages, the property features 197 units and approximately 15 outdoor storage spaces. The facility has never been marketed or advertised, and all current rentals are month-to-month. The buildings comprise approximately 32,000 square feet. The site includes an additional parcel at the entrance, suitable for ample signage, and features a gated entry.
Key Highlights
- Rare value‑add opportunity with month‑to‑month rentals allowing for immediate revenue optimization
- Priced well below replacement cost due to its substantial 32,000 +/- Sq. Ft. building size
- Features 197 self‑storage units plus 15 +/- outdoor storage spaces
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
$178,760
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
8.13%
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%
$3,575,200
$3.6M
Cap Rate 7%
$2,553,714
$2.6M
Cap Rate 9%
$1,986,222
$2.0M
Market Conditions
NOI Build-Up for 32,000 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
$280.3K $8.76/SF
− Vacancy
−$24.9K −$0.78/SF
EGI
$255.4K $7.98/SF
− OpEx
−$76.6K −$2.39/SF
NOI
$178.8K $5.59/SF
Area
Lake County, FL
Vacancy
8.90%
Lease Rate
$8.76 /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%
$3,575,200
Cap Rate 7%
$2,553,714
Cap Rate 9%
$1,986,222
Alternative Uses
Best Use
Self Storage
$4.29M
$3.75M – $5.00M
NOI $299,981 @ 7.0% cap · market cap 13.64%
Second Best
Industrial
$2.55M
$2.23M – $2.98M
NOI $178,760 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$9.11M
$7.97M – $10.62M
NOI $637,440 @ 7.0% cap · market cap 28.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
656
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - 197-unit self-storage facility with outdoor storage and value-add potential.
Where is this self storage facility located?
The property is located at 1003 & 1007 WAREHOUSE DRIVE Leesburg, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Rare value‑add opportunity with month‑to‑month rentals allowing for immediate revenue optimization; Priced well below replacement cost due to its substantial 32,000 +/- Sq. Ft. building size; Features 197 self‑storage units plus 15 +/- outdoor storage spaces
