Professional Office Building For
1904 Thomas Ave, Leesburg, FL 34748
For Sale
$2,900,000
First-class professional office building with established income and value-add opportunity.
Property Size16,194 SF
Price / SF$179.08
Days on Market291
Property Features for 1904 Thomas Ave
General Information
Standard status
Size
Building Details
Year Built
Listing Agency:
MORRIS REALTY AND INVESTMENTS
Listed By:
Scott Strem · License FL #3106245
(352) 978-3428
Source:
Livewelltampabay
Added: Jan 26
Changed: Oct 26
Last Checked: Oct 7 at 3:08PM
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 MORRIS REALTY AND INVESTMENTS
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Investment Insights
Based on property information with market context.
This 19,278 square foot professional office building offers established income and a value-add opportunity. The building features three units, with two currently tenant-occupied under NNN leases. A 3,000 square foot mezzanine offers potential for additional income through build-out and leasing. Upgrades include new A/C units for two of the units, high-speed data lines, LED lighting, a PA system with white noise, and security/fire alarms. The building is fully sprinkled and has over 90 parking spaces. The vacant 5,300 square foot unit features a lobby with floor-to-ceiling glass, a kitchen/breakroom area, and large rooms suitable for classrooms, conference rooms, or private offices. This unit is suitable for a customer service or call center, healthcare services, institutional, school, church, or corporate office/headquarters. The property is located in Central Florida, less than an hour from Orlando and Ocala, and minutes from The Villages, I-75, the Florida Turnpike, and US Highways 441 and 27. It is situated less than 5 miles east of the future expansion of The Villages along SR 44 and across the street from over 500 new residential units currently under construction. The property is located in the City of Leesburg, which has a population of 23,297 residents and is located about 45 miles northwest of Orlando and 80 miles northeast of Tampa.
Key Highlights
- Established income from tenant‑occupied units with strong tenants and NNN leases, offering immediate ROI.
- Value‑add opportunity with a 3,000 sq ft mezzanine that can be finished and leased for additional income.
- Vacant 5,300 sq ft Unit 1 is turnkey‑ready with a beautiful entrance, impressive lobby, and flexible layout suitable for various businesses.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$222,327
Cap Rate
7.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,446,540
$4.4M
Cap Rate 7%
$3,176,100
$3.2M
Cap Rate 9%
$2,470,300
$2.5M
Market Conditions
NOI Build-Up for 16,194 SF
Gross rent
$408.1K $25.20/SF
− Vacancy
−$37.5K −$2.32/SF
EGI
$370.5K $22.88/SF
− OpEx
−$148.2K −$9.15/SF
NOI
$222.3K $13.73/SF
Area
Lake County, FL
Vacancy
9.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,446,540
Cap Rate 7%
$3,176,100
Cap Rate 9%
$2,470,300
Alternative Uses
Best Use
Healthcare Medical
$3.18M
$2.78M – $3.71M
NOI $222,327 @ 7.0% cap · market cap 7.67%
Second Best
Office B
$3.12M
$2.73M – $3.64M
NOI $218,173 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$5.22M
$4.57M – $6.09M
NOI $365,531 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
439
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
$226,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Lake County, FL
Properties on Market for Office buildings in Lake County
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - First-class professional office building with established income and value-add opportunity.
Where is this office building located?
The property is located at 1904 Thomas Ave Leesburg, FL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Established income from tenant‑occupied units with strong tenants and NNN leases, offering immediate ROI.; Value‑add opportunity with a 3,000 sq ft mezzanine that can be finished and leased for additional income.; Vacant 5,300 sq ft Unit 1 is turnkey‑ready with a beautiful entrance, impressive lobby, and flexible layout suitable for various businesses.**
