Eustis Warehouse on 8
For Sale
Contact for pricing
34135 Cardinal Ln, Eustis, FL 32736
25,000 SF warehouse with office on 8 acres.
Property Size25,000 SF
Lot Size8.00 Acres
Price / SF$90
Days on Market536
Property Features for 34135 Cardinal Ln
General Information
Standard status
Active
Size
25,000 SF
Lot size
8.00 Acres
Property subtype
Industrial, Mixed Use, Special Purpose
Zoning
PD - Agriculture (AG)
Building Details
Year Built
1990
Buildings
1
Listing Agency:
Engel & Völkers New Smyrna Beach
(352) 267-4244
Listed By:
Chris Pixley · License #SL3236442
Source:
Crexi
Added: Feb 28, 2025
Changed: Aug 15
Last Checked: Aug 17 at 6:14PM
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 Engel & Völkers New Smyrna Beach
Investment Insights
Based on property information with market context.
This property features a 25,000 SF warehouse situated on approximately 8 acres, including 2 acres of paved area. The facility is designed for efficiency and versatility, offering 20,000 SF of warehouse space and 5,000 SF of office space. The property is zoned PD - AG, permitting Agriculture Uses and LIMITED Industrial Uses. The warehouse includes 8 dock-high doors with 12' roll-up doors and 4 drive-in doors also with 12' roll-up doors. It has a 19' clear height with 50' column spacing and block construction. The office space is equipped with multiple private offices, a large open workspace, 2 conference rooms, a reception area, a kitchen, and 4 bathrooms. The location provides quick access to Hwy 429, Hwy 44, and the upcoming Round Lake Rd Extension. It is also in close proximity to I-4 (less than 16 miles), the Turnpike (less than 25 miles), Orlando (less than 35 miles), and Disney (less than 41 miles).
Key Highlights
- 25,000 SF warehouse on +/-8 acres with 2 acres of paved area.
- Zoned PD‑AG allowing Agriculture and LIMITED Industrial Uses.
- Excellent accessibility to Hwy 429, Hwy 44, Round Lake Rd Extension, I‑4, and Turnpike.
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
$169,583
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
7.54%
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%
$3,391,660
$3.4M
Cap Rate 7%
$2,422,614
$2.4M
Cap Rate 9%
$1,884,256
$1.9M
Market Conditions
NOI Build-Up for 25,000 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
$219.0K $8.76/SF
− Vacancy
−$19.5K −$0.78/SF
EGI
$199.5K $7.98/SF
− OpEx
−$29.9K −$1.20/SF
NOI
$169.6K $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%
$3,391,660
Cap Rate 7%
$2,422,614
Cap Rate 9%
$1,884,256
Alternative Uses
Best Use
Office B
$5.34M
$4.67M – $6.23M
NOI $373,500 @ 7.0% cap · market cap 16.60%
Second Best
Mixed Use
$4.71M
$4.13M – $5.50M
NOI $330,000 @ 7.0% cap · market cap 14.67%
Theoretical Best
Office A
$7.11M
$6.23M – $8.30M
NOI $498,000 @ 7.0% cap · market cap 22.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 32736, FL
11,412
Population
4,445
Households
2.6
Avg Household Size
46
Median Age
22%
College-Educated
90%
High-School Grad
109.1 sq mi
ZIP Area
105
Density / Sq Mi
$83,727
Median Household Income
$46,408
Median Earnings
$1,136
Median Rent
$352,100
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?
Mixed-use property - 25,000 SF warehouse with office on 8 acres.
Where is this mixed-use property located?
The property is located at 34135 Cardinal Ln Eustis, FL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 25,000 SF warehouse on +/-8 acres with 2 acres of paved area.; Zoned PD‑AG allowing Agriculture and LIMITED Industrial Uses.; Excellent accessibility to Hwy 429, Hwy 44, Round Lake Rd Extension, I‑4, and Turnpike.
