Prime Commercial Development
For Sale
$2,300,000
32800 EILAND BOULEVARD, Wesley Chapel, FL 33545
High-traffic location ideal for retail, restaurant, medical, or automotive businesses.
Property Size29,185 SF
Lot Size1.68 Acres
Price / SF$78.81
Days on Market448
Property Features for 32800 EILAND BOULEVARD
General Information
Standard status
Active
Size
29,185 SF
Lot size
1.68 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,908
Amenities
Pool
Public Pool
Building Details
Year Built
1984
Listing Agency:
REALTY ONE GROUP ADVANTAGE
(813) 909-0909
Listed By:
ALEX KHOYI · License #3261907
Source:
Corcoran
Added: May 18, 2025
Changed: Aug 8
Last Checked: Aug 8 at 2:31PM
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 REALTY ONE GROUP ADVANTAGE
Investment Insights
Based on property information with market context.
This commercial property presents a development opportunity in a retail corridor of Wesley Chapel, situated at the intersection of Eiland Boulevard, Morris Bridge Road, and State Road 54. Zoned C-2, the property allows for flexible use options and offers visibility with right-in/right-out access, plus connectivity to a signalized intersection. The location is surrounded by national retailers and service providers, including AutoZone, 7-Eleven, and a car wash. Nearby businesses include Publix, Home Depot, McDonald’s, Wendy’s, Suncoast Credit Union, O’Reilly Auto Parts, Anytime Fitness, Marco’s Pizza, and Subway. AdventHealth is also coming soon to the area. The property is suitable for general retail, quick-service restaurants with drive-thru, medical offices, dental practices, or oil change services. One acre is fully permitted for an automated car wash.
Key Highlights
- Prime commercial development opportunity in a high‑traffic retail corridor at the intersection of Eiland Boulevard/Morris Bridge Road and State Road 54.
- C‑2 zoning offers flexible use options for general retail, quick‑service restaurants, medical offices, and more.
- Excellent visibility with right‑in/right‑out access and connectivity to a signalized intersection.
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
$196,946
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
8.56%
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%
$3,938,920
$3.9M
Cap Rate 7%
$2,813,514
$2.8M
Cap Rate 9%
$2,188,289
$2.2M
Market Conditions
NOI Build-Up for 29,185 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
$322.2K $11.04/SF
− Vacancy
−$59.6K −$2.04/SF
EGI
$262.6K $9.00/SF
− OpEx
−$65.6K −$2.25/SF
NOI
$196.9K $6.75/SF
Area
Pasco County, FL
Vacancy
18.50%
Lease Rate
$11.04 /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%
$3,938,920
Cap Rate 7%
$2,813,514
Cap Rate 9%
$2,188,289
Alternative Uses
Best Use
Specialty Retail
$4.63M
$4.05M – $5.41M
NOI $324,391 @ 7.0% cap · market cap 14.10%
Second Best
Retail
$4.09M
$3.58M – $4.78M
NOI $286,524 @ 7.0% cap · market cap 12.46%
Theoretical Best
Office A
$6.65M
$5.82M – $7.76M
NOI $465,372 @ 7.0% cap · market cap 20.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 33545, FL
21,209
Population
8,961
Households
2.4
Avg Household Size
36
Median Age
40%
College-Educated
94%
High-School Grad
26.6 sq mi
ZIP Area
797
Density / Sq Mi
$108,835
Median Household Income
$46,293
Median Earnings
$2,196
Median Rent
$363,000
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?
Commercial land - High-traffic location ideal for retail, restaurant, medical, or automotive businesses.
Where is this commercial land located?
The property is located at 32800 EILAND BOULEVARD Wesley Chapel, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Prime commercial development opportunity in a high‑traffic retail corridor at the intersection of Eiland Boulevard/Morris Bridge Road and State Road 54.; C‑2 zoning offers flexible use options for general retail, quick‑service restaurants, medical offices, and more.; Excellent visibility with right‑in/right‑out access and connectivity to a signalized intersection.
