Downtown Office Building with
For Sale
Contact for pricing
1029 W Magnolia St, Leesburg, FL 34748
Well-maintained office property built in 1977 with ample parking and C-2 zoning.
Property Size2,788 SF
Price / SF$214.85
Days on Market151
Property Features for 1029 W Magnolia St
General Information
Standard status
Active
Size
2,788 SF
Property subtype
OFFICE
Zoning
C-2
Building Details
Year Built
1977
Listing Agency:
Saunders Commercial | Orlando
(352) 394-1144
Listed By:
Trish Leisner · License #3185853
(352) 394-1144
Source:
Moodyscre
Added: Mar 16
Changed: Jul 28
Last Checked: Jul 28 at 1:04PM
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 Saunders Commercial | Orlando
Investment Insights
Based on property information with market context.
This well-maintained office building was built in 1977 and is offered for sale. The property is located in Downtown Leesburg and features ample parking and a well-kept exterior.
The property is zoned C-2, supporting a range of commercial uses consistent with that zoning classification. For sale pricing is provided separately, and the building totals 2,788 square feet.
Exterior condition and on-site parking are standout features for prospective tenants and buyers reviewing the property’s day-to-day operating convenience.
The property is zoned C-2, supporting a range of commercial uses consistent with that zoning classification. For sale pricing is provided separately, and the building totals 2,788 square feet.
Exterior condition and on-site parking are standout features for prospective tenants and buyers reviewing the property’s day-to-day operating convenience.
Key Highlights
- Well‑maintained office property built in 1977
- Zoned C‑2
- Ample on‑site parking
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
$41,653
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
6.95%
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%
$833,060
$833.1K
Cap Rate 7%
$595,043
$595.0K
Cap Rate 9%
$462,811
$462.8K
Market Conditions
NOI Build-Up for 2,788 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
$66.9K $24.00/SF
− Vacancy
−$11.4K −$4.08/SF
EGI
$55.5K $19.92/SF
− OpEx
−$13.9K −$4.98/SF
NOI
$41.7K $14.94/SF
Area
Lake County, FL
Vacancy
17.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$833,060
Cap Rate 7%
$595,043
Cap Rate 9%
$462,811
Alternative Uses
Best Use
Office B
$595.0K
$520.7K – $694.2K
NOI $41,653 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$793.4K
$694.2K – $925.6K
NOI $55,537 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,450
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office property built in 1977 with ample parking and C-2 zoning.
Where is this office building located?
The property is located at 1029 W Magnolia St Leesburg, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Well‑maintained office property built in 1977; Zoned C‑2; Ample on‑site parking
