Medical Facility with Highway Exposure

346 E Royal Palm Street, Lake Placid, FL 33852

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For Sale

$1,200,000

Turn-key medical facility with high traffic exposure in Lake Placid.

Type:Commercial/Industrial

Property size:

6,200 SF

Lot size:

0.91 Acres

Price / SF:

$193/SF

HighLights

Prime US 27 Hwy Exposure with High Traffic Count (20,400 AADT)
Turn‑Key 6200+-SF Medical Facility
Established Medical Site with 20 Years of Recognition
Recent Upgrades: Roof (6 Years New), A/C (1+-Year New), Resealed Parking
Priced Below Replacement Value ($194 per sq/ft)
Vacant and Ready for Immediate Occupancy

We can help!

Listing Contact

Gregory S Karlson

For Sale

$1,200,000

Turn-key medical facility with high traffic exposure in Lake Placid.

Type:Commercial/Industrial

Property size:

6,200 SF

Lot size:

0.91 Acres

Price / SF:

$193/SF

Added:: Dec 17, 2024
Days on Market:: 542
Last Refresh:: May 19 at 9:58 pm

Property Features for 346 E Royal Palm Street

General Information

Standard status: Active
Size: 6,200 SF
Lot size: 0.91 Acres
Property subtype: Commercial/Industrial

Building Details

Year Built: 1996

We can help!

Listing Contact

Gregory S Karlson

Listing agent Gregory S Karlson License #3229372

Listing office Advantage Realty #1

Listing date Dec 17, 2024

Source Exitrealty

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 Advantage Realty #1

HighLights

Prime US 27 Hwy Exposure with High Traffic Count (20,400 AADT)
Turn‑Key 6200+-SF Medical Facility
Established Medical Site with 20 Years of Recognition
Recent Upgrades: Roof (6 Years New), A/C (1+-Year New), Resealed Parking
Priced Below Replacement Value ($194 per sq/ft)
Vacant and Ready for Immediate Occupancy

Overview

This is a 6,200 square foot medical facility, previously used for physical therapy, located in Lake Placid, Florida. The property benefits from its location on US 27 Highway, offering high exposure and a full median turn. The average daily traffic count is 20,400, the highest in Lake Placid. The building is well-maintained, featuring a roof that is approximately 6 years old and an air conditioning system that is approximately 1 year old. The parking area has been resealed. The property is being sold vacant.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$107.9k	$17.40
− Vacancy	−$23.7k	−$3.83
EGI	$84.1k	$13.57
− OpEx	−$21.0k	−$3.39
NOI	$63.1k	$10.18

6,200 SF · lease $17.40/SF/yr · vacancy 22.00% · expense 25.00%

Alternative Uses

Best Use

Office B

$901.6K

$788.9K – $1.05M (±1% cap)

NOI $63,110 @ 7.0% cap · market cap 5.26%

Second Best

Healthcare Medical

$770.5K

$674.2K – $898.9K (±1% cap)

NOI $53,936 @ 7.0% cap · market cap 4.49%

Theoretical Best

Office A

$1.29M

$1.13M – $1.50M (±1% cap)

NOI $90,292 @ 7.0% cap · market cap 7.52%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Sandi M. Holmes, ... Physician

Suggested Use

Similar Places Nearby

James P. Waller, Jr., DVM — 270 US Hwy 27, Lake Placid, FL 33852
Altvater Leah C DVM — 270 US Hwy 27, Lake Placid, FL 33852
Waltman Jennifer H DVM — 270 US Hwy 27, Lake Placid, FL 33852
Citrus Animal Clinic — 270 US Hwy 27, Lake Placid, FL 33852

Location Insight

Map
Local Demand

City: Lake Placid
County: Highlands
State: Florida
Longitude: -81.3592
Latitude: 27.2951

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For sale
Medical Office Space
FL
Lake Placid
33852
346 E Royal Palm Street

What type of property is this?

Medical Office Space - Turn-key medical facility with high traffic exposure in Lake Placid.

Where is this medical office space located?

The property is located at 346 E Royal Palm Street Lake Placid, FL.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: Prime US 27 Hwy Exposure with High Traffic Count (20,400 AADT); Turn‑Key 6200+-SF Medical Facility; Established Medical Site with 20 Years of Recognition