Building Details

Building Size 32,689 SF

Year Built 1979

Stories 1

Listing Agency: GRIZZARD COMMERCIAL REALESTATE

Listed By: Daniel Tatro · License #3190991 Show Phone

Source: Evrealestate

Added: Mar 10 Changed: Oct 7 Last Checked: Oct 12 at 7:37PM

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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 / Yr

$178,760

Cap Rate

8.13%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $299,981 @ 7.0% cap · market cap 13.64%

Second Best

Industrial

$2.55M

$2.23M – $2.98M (±1% cap)

NOI $178,760 @ 7.0% cap · market cap 8.13%

Theoretical Best

Office A

$9.11M

$7.97M – $10.62M (±1% cap)

NOI $637,440 @ 7.0% cap · market cap 28.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Self storage facilities

Suggested Use

Top Pick Law Firm Real Estate Agency Skin Care Clinic Spa & Massage Center Cafe & Coffee Shop Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this self storage facilities located? What is the asking price? Find similar properties What are key features of this property?

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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