NNN-Leased
New
For Sale
$4,350,000
1103 Thomas Ave, Leesburg, FL 34748
Concrete block construction supports this 41,100-square-foot industrial property, built in 1965.
Property Size41,100 SF
Price / SF$105.84
Days on Market2
Property Features for 1103 Thomas Ave
General Information
Standard status
Active
Size
41,100 SF
Property subtype
Single-Tenant Industrial
Additional Details
Cap Rate
7.24%
Outdoor Storage
Yes
Amenities
STNL INDUSTRIAL PROPERTY WITH FRESH 5-YEAR LEASE FROM HAJOCA CORP
NNN LEASE WITH VERY MINIMAL LL RESPONSIBILITES
LOGISTICS HUB GROWTH THAT TAPS INTO CENTRAL FLORIDA
Building Details
Building Size
41,100 SF
Year Built
1965
Construction
concrete block
Tenancy
Single
Listing Agency:
Orlando Office
Listed By:
Bruno LaBruno · License #License(s): FL: SL3543722
(407) 557-3813
Source:
Marcusmillichap
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 3 at 2:42AM
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 Orlando Office
Investment Insights
Based on property information with market context.
This 41,100-square-foot warehouse in Leesburg was built in 1965 and features concrete block construction. The property is leased to Hajoca Corp. under a new five-year NNN lease, with minimal landlord responsibilities noted in the lease terms. The reported cap rate is 7.24%.
The property is approximately 45 minutes north of Orlando. US-441 is about 15 minutes away, while I-4 and I-75 are each approximately 40 minutes from the site.
The property is approximately 45 minutes north of Orlando. US-441 is about 15 minutes away, while I-4 and I-75 are each approximately 40 minutes from the site.
Key Highlights
- 41,100‑square‑foot warehouse
- New five‑year NNN lease with Hajoca Corp.
- 7.24% cap rate
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
$278,794
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
6.41%
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%
$5,575,880
$5.6M
Cap Rate 7%
$3,982,771
$4.0M
Cap Rate 9%
$3,097,711
$3.1M
Market Conditions
NOI Build-Up for 41,100 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
$360.0K $8.76/SF
− Vacancy
−$32.0K −$0.78/SF
EGI
$328.0K $7.98/SF
− OpEx
−$49.2K −$1.20/SF
NOI
$278.8K $6.78/SF
Area
Lake County, FL
Vacancy
8.90%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$5,575,880
Cap Rate 7%
$3,982,771
Cap Rate 9%
$3,097,711
Alternative Uses
Best Use
Warehouse
$3.98M
$3.48M – $4.65M
NOI $278,794 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.70M
$10.23M – $13.65M
NOI $818,712 @ 7.0% cap · market cap 18.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Similar Off Market Nearby
- DM Storages, LLC — 2404 Virginia Dr, Leesburg, FL 34748
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- Nicholson Self Storage — 1210 thomas ave, leesburg, fl 34748
- StoragePUP of Leesburg — 2008 Griffin Rd, Leesburg, FL 34748
- Frito-Lay Leesburg — 1666-1720 Leesburg Commons Ct, Leesburg, FL 34748
Frequently Asked Questions
What type of property is this?
Warehouse - Concrete block construction supports this 41,100-square-foot industrial property, built in 1965.
Where is this warehouse located?
The property is located at 1103 Thomas Ave Leesburg, FL.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 41,100‑square‑foot warehouse; New five‑year NNN lease with Hajoca Corp.; 7.24% cap rate
