Single-Tenant NNN Retail
For Sale
Contact for pricing
1500 South St, Leesburg, FL 34748
Showroom-oriented retail asset with a triple-net lease and prominent South Street exposure.
Property Size1,794 SF
Price / SF$245.26
Days on Market157
Property Features for 1500 South St
General Information
Standard status
Active
Size
1,794 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$26,428
Additional Details
Cap Rate
6.01%
Traffic Count
29,000 vehicles/day
Building Details
Year Built
1955
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Orlando
(407) 557-3834
Listed By:
Tarek Chbeir · License #SL3449535
Source:
Crexi
Added: Mar 30
Changed: Aug 31
Last Checked: Aug 31 at 2:05AM
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 Marcus & Millichap - Orlando
Investment Insights
Based on property information with market context.
This 1,794-square-foot single-tenant retail property at 1500 South St in Leesburg, Florida, was built in 1955 and is occupied by Warrens Flooring. The space serves as a showroom and installation business, creating a customer-facing retail format with an established physical presence. The lease is structured on a triple-net basis, with a July 2025 commencement and expiration in June 2028. No renewal options are included.
Positioned along South Street, the property receives exposure to approximately 29,000 vehicles per day and sits within an established retail corridor. The asset combines a dedicated retail building, an operating showroom tenant, and a defined lease term in a single-property NNN format.
Positioned along South Street, the property receives exposure to approximately 29,000 vehicles per day and sits within an established retail corridor. The asset combines a dedicated retail building, an operating showroom tenant, and a defined lease term in a single-property NNN format.
Key Highlights
- 1,794‑square‑foot retail property at 1500 South St, Leesburg, FL 34748
- Single‑tenant occupancy by Warrens Flooring
- Triple‑net lease commenced July 2025 and expires June 2028
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
$21,226
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%
$424,520
$424.5K
Cap Rate 7%
$303,229
$303.2K
Cap Rate 9%
$235,844
$235.8K
Market Conditions
NOI Build-Up for 1,794 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
$32.3K $18.00/SF
− Vacancy
−$2.0K −$1.10/SF
EGI
$30.3K $16.90/SF
− OpEx
−$9.1K −$5.07/SF
NOI
$21.2K $11.83/SF
Area
Lake County, FL
Vacancy
6.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$424,520
Cap Rate 7%
$303,229
Cap Rate 9%
$235,844
Alternative Uses
Best Use
Retail
$303.2K
$265.3K – $353.8K
NOI $21,226 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$510.5K
$446.7K – $595.6K
NOI $35,736 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
692
Businesses Nearby
53k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 25%
Circle K
Shops & Services
26,125 visits/mo
0.3 miles
Hardee's
Dining
13,596 visits/mo
0.2 miles
7-Eleven
Shops & Services
12,434 visits/mo
0.2 miles
Muffler Man
Shops & Services
692 visits/mo
0.5 miles
Truist
Shops & Services
607 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Showroom-oriented retail asset with a triple-net lease and prominent South Street exposure.
Where is this nnn property located?
The property is located at 1500 South St Leesburg, FL.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 1,794‑square‑foot retail property at 1500 South St, Leesburg, FL 34748; Single‑tenant occupancy by Warrens Flooring; Triple‑net lease commenced July 2025 and expires June 2028
