Multi-Suite Medical
For Sale
$3,800,000
2500 Citrus Boulevard LEESBURG, Leesburg, FL 34748
Medical facility on 6.04 acres with four suites, imaging, administrative offices, and a drive-through pharmacy pickup window.
Property Size23,630 SF
Lot Size6.04 Acres
Price / SF$160.81
Days on Market34
Property Features for 2500 Citrus Boulevard LEESBURG
General Information
Standard status
Active
Size
23,630 SF
Lot size
6.04 Acres
Zoning
C-3
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
4
Taxes and HOA fees
Annual Taxes
$42,013
Building Details
Building Size
23,630 SF
Year Built
1993
Buildings
1
Listing Agency:
(904) 447-1321
Listed By:
Mitza Guillen Ortega
(904) 447-1321
Source:
Yourfhrm
Added: Jul 9
Changed: Aug 10
Last Checked: Aug 10 at 7:15PM
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 Mitza Guillen Ortega
Investment Insights
Based on property information with market context.
This 23,630 SF medical facility on 6.04 acres includes four suites within a building originally constructed in 1993. The property is anchored by Express Care of Leesburg, which occupies 15,934 SF of high-quality medical space. Additional improvements include a fully built-out 3,500 SF suite occupied by a healthcare provider, a 1,500 SF office and storage suite, and 2,696 SF of unfinished shell space for customization.
The interior mix is designed for patient care and operations, featuring a spacious lobby, multiple exam rooms, an imaging center, and administrative offices. A pharmacy is on-site with an easy pick-up drive-through. Rear loading dock access is retained, supported by the building’s prior use, and the shell space and rear access provide options for future configuration.
The facility is located at a high-traffic intersection on Hwy 441 and Hwy 27 in Leesburg, supporting strong visibility and access for medical and related uses.
The interior mix is designed for patient care and operations, featuring a spacious lobby, multiple exam rooms, an imaging center, and administrative offices. A pharmacy is on-site with an easy pick-up drive-through. Rear loading dock access is retained, supported by the building’s prior use, and the shell space and rear access provide options for future configuration.
The facility is located at a high-traffic intersection on Hwy 441 and Hwy 27 in Leesburg, supporting strong visibility and access for medical and related uses.
Key Highlights
- 23,630 SF medical facility on 6.04 acres at the intersection of Hwy 441 and Hwy 27 in Leesburg
- Built in 1993 and currently configured with four suites, including Express Care of Leesburg (15,934 SF)
- Includes a fully built‑out 3,500 SF suite, plus a 1,500 SF office and storage suite
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
$336,869
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
8.86%
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%
$6,737,380
$6.7M
Cap Rate 7%
$4,812,414
$4.8M
Cap Rate 9%
$3,742,989
$3.7M
Market Conditions
NOI Build-Up for 23,630 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
$623.8K $26.40/SF
− Vacancy
−$62.4K −$2.64/SF
EGI
$561.4K $23.76/SF
− OpEx
−$224.6K −$9.50/SF
NOI
$336.9K $14.26/SF
Area
Lake County, FL
Vacancy
10.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$6,737,380
Cap Rate 7%
$4,812,414
Cap Rate 9%
$3,742,989
Alternative Uses
Best Use
Office B
$5.04M
$4.41M – $5.88M
NOI $353,032 @ 7.0% cap · market cap 9.29%
Second Best
Healthcare Medical
$4.81M
$4.21M – $5.61M
NOI $336,869 @ 7.0% cap · market cap 8.86%
Theoretical Best
Office A
$6.72M
$5.88M – $7.85M
NOI $470,710 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
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 center - Medical facility on 6.04 acres with four suites, imaging, administrative offices, and a drive-through pharmacy pickup window.
Where is this medical center located?
The property is located at 2500 Citrus Boulevard LEESBURG Leesburg, FL.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 23,630 SF medical facility on 6.04 acres at the intersection of Hwy 441 and Hwy 27 in Leesburg; Built in 1993 and currently configured with four suites, including Express Care of Leesburg (15,934 SF); Includes a fully built‑out 3,500 SF suite, plus a 1,500 SF office and storage suite
