Two-Bay Auto
For Sale
$380,000
Pending
1015 S GROVE STREET, Eustis, FL 32726
Commercial property includes a one-bedroom residential apartment alongside service and storage areas.
Property Size2,912 SF
Days on Market502
Property Features for 1015 S GROVE STREET
General Information
Standard status
Pending
Size
2,912 SF
Property subtype
Commercial/Industrial
Additional Details
Service Bays
2
Taxes and HOA fees
Annual Taxes
$2,150
Amenities
covered parking entrance
auto lift
oil change pit
Building Details
Year Built
1934
Buildings
2
Listing Agency:
LPT REALTY, LLC.
(352) 409-5331
Listed By:
Will Siebert · License #3024036
(352) 409-5331
Source:
Exitrealty
Added: Apr 17, 2025
Changed: Aug 29
Last Checked: Aug 30 at 1:39PM
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 LPT REALTY, LLC.
Investment Insights
Based on property information with market context.
Built in 1934, this 2,912-square-foot automotive property at 1015 S Grove Street includes a gas station building and an additional one-bedroom residential apartment. The commercial area is configured with two auto bays, office space, three parts-storage rooms, bathrooms, an auto lift, and an oil-change pit. A covered entrance leads into the main office, and the site provides plenty of parking.
The property is currently occupied by an auto repair business, while the apartment is also rented. Recent improvements include a newer roof and electrical upgrades. Its combination of automotive service infrastructure and residential space supports continued use as an operating repair facility with an additional rental component.
The property is currently occupied by an auto repair business, while the apartment is also rented. Recent improvements include a newer roof and electrical upgrades. Its combination of automotive service infrastructure and residential space supports continued use as an operating repair facility with an additional rental component.
Key Highlights
- 2,912‑square‑foot automotive property built in 1934
- Two auto bays with auto lift and oil‑change pit
- Three parts‑storage rooms, office space, and bathrooms
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
$34,453
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
9.07%
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%
$689,060
$689.1K
Cap Rate 7%
$492,186
$492.2K
Cap Rate 9%
$382,811
$382.8K
Market Conditions
NOI Build-Up for 2,912 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
$52.4K $18.00/SF
− Vacancy
−$3.2K −$1.10/SF
EGI
$49.2K $16.90/SF
− OpEx
−$14.8K −$5.07/SF
NOI
$34.5K $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%
$689,060
Cap Rate 7%
$492,186
Cap Rate 9%
$382,811
Alternative Uses
Best Use
Mixed Use
$549.1K
$480.5K – $640.6K
NOI $38,438 @ 7.0% cap · market cap 10.12%
Second Best
Retail
$492.2K
$430.7K – $574.2K
NOI $34,453 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$828.7K
$725.1K – $966.8K
NOI $58,007 @ 7.0% cap · market cap 15.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
27k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 76%
Dining 24%
Shell
Shops & Services
6,870 visits/mo
0.4 miles
Dollar General
Shops & Services
6,791 visits/mo
0.2 miles
Scooter's Coffee
Dining
6,637 visits/mo
0.2 miles
AutoZone
Shops & Services
4,171 visits/mo
0.3 miles
O'Reilly Auto Parts
Shops & Services
2,843 visits/mo
0.4 miles
Demographics for 32726, FL
23,012
Population
11,168
Households
2.1
Avg Household Size
45
Median Age
21%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
2,001
Density / Sq Mi
$60,750
Median Household Income
$37,197
Median Earnings
$1,027
Median Rent
$230,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Shaffer Complete Auto Repair — 2203 S Bay St, Eustis, FL 32726
- Tires Plus — 2000 S Bay St, Eustis, FL 32726
- Edwin's Auto Repair — 1800 S Bay St #5667, Eustis, FL 32726
- Bill Butler's Headliners — 1904 S Bay St, Eustis, FL 32726
- RJ Fox Automotive — 1534 Kurt St, Eustis, FL 32726
Frequently Asked Questions
What type of property is this?
Auto shop - Commercial property includes a one-bedroom residential apartment alongside service and storage areas.
Where is this auto shop located?
The property is located at 1015 S GROVE STREET Eustis, FL.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 2,912‑square‑foot automotive property built in 1934; Two auto bays with auto lift and oil‑change pit; Three parts‑storage rooms, office space, and bathrooms
