Medical Income Property Near
For Sale
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700 Doctors Ct, Leesburg, FL 34748
Single tenant medical building in UF Health Medical Plaza.
Property Size4,028 SF
Lot Size0.53 Acres
Price / SF$310.08
Days on Market845
Property Features for 700 Doctors Ct
General Information
Standard status
Active
Size
4,028 SF
Class
B
Lot size
0.53 Acres
Property subtype
Office
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Grizzard Commercial Real Estate Group
(352) 396-9136
Listed By:
Dan Tatro · License #FL 3190991
Source:
Crexi
Added: May 8, 2024
Changed: Aug 23
Last Checked: Aug 28 at 10:57PM
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 Real Estate Group
Investment Insights
Based on property information with market context.
This offering is for a 4,028+/- square foot single-tenant medical building located in a medical park directly across from the University of Florida Health at Leesburg Hospital. The tenant is UF Health Cardiology. The lease is NNN with approximately 4 years remaining on the initial 7-year term, with two 3-year options. The building and property are well-maintained. The site is a corner lot of approximately 0.53 acres, situated at Doctors Court and Medical Plaza. The UF Medical Plaza features maintained buildings, properties, and parking lots. The property is located an hour from Gainesville, Orlando, and Tampa, and minutes from The Villages. The property is intended for medical use.
Key Highlights
- Single‑tenant medical building leased to UF Health Cardiology.
- Located in UF Medical Plaza, directly across from UF Health at Leesburg Hospital.
- NNN lease with approximately 4 years remaining on the initial term, plus two 3‑year options.
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
$60,178
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
4.82%
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%
$1,203,560
$1.2M
Cap Rate 7%
$859,686
$859.7K
Cap Rate 9%
$668,644
$668.6K
Market Conditions
NOI Build-Up for 4,028 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
$96.7K $24.00/SF
− Vacancy
−$16.4K −$4.08/SF
EGI
$80.2K $19.92/SF
− OpEx
−$20.1K −$4.98/SF
NOI
$60.2K $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%
$1,203,560
Cap Rate 7%
$859,686
Cap Rate 9%
$668,644
Alternative Uses
Best Use
Office B
$859.7K
$752.2K – $1.00M
NOI $60,178 @ 7.0% cap · market cap 4.82%
Second Best
Healthcare Medical
$820.3K
$717.8K – $957.1K
NOI $57,423 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,238 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,101
Businesses Nearby
Under-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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Single tenant medical building in UF Health Medical Plaza.
Where is this medical office space located?
The property is located at 700 Doctors Ct Leesburg, FL.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Single‑tenant medical building leased to UF Health Cardiology.; Located in UF Medical Plaza, directly across from UF Health at Leesburg Hospital.; NNN lease with approximately 4 years remaining on the initial term, plus two 3‑year options.
