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Professional Office Building For Sale

1904 THOMAS AVENUE Leesburg, FL 34748

1904 THOMAS AVENUE, Leesburg, FL, 34748
$2,900,000
For Sale
$2,900,000

First-class professional office building with established income and value-add opportunity.

Property Size16,194 SF
Lot Size2.74 Acres
Price / SF$179.08
Days on Market462

Property Features for 1904 THOMAS AVENUE

General Information

Standard status
Active
Size
16,194 SF
Lot size
2.74 Acres
Property subtype
Commercial

Building Details

Year Built
2009
Listing agency MORRIS REALTY AND INVESTMENTS
Listed by SCOTT STREM · License #FLORIDABK3106245
Source Corcoran
Added: Apr 16, 2025 Updated: Jul 10 at 3:47PM Checked: Jul 21 at 5:54AM

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


Investment Insights

Based on property information with market context.

This 19,278 square foot professional office building offers an outstanding opportunity for investors or owner-users. The building features established income with two of the three units tenant-occupied under NNN leases. A value-add opportunity exists with a 3,000 square foot mezzanine that could be finished and leased for additional income. Upgrades include new A/C units for units 2 and 3, high-speed data lines, LED lighting, a PA system with white noise, and security/fire alarms. The building is fully sprinkled. The vacant Unit 1, comprising approximately 5,300 square feet, features a beautiful entrance and impressive floor-to-ceiling glass lobby, suitable for various uses, including customer service or call centers, healthcare services, institutional purposes, schools, churches, or corporate headquarters. Unit 1 also includes a spacious kitchen/breakroom area and several large rooms for classrooms, conference rooms, or private offices. The property provides ample parking with over 90 spaces and easy access along the main road. Located in the heart of Central Florida, less than an hour from Orlando or Ocala, and minutes from The Villages, I-75, FL Turnpike, and US Hwy 441 and 27. The location is near the future expansion of The Villages along SR 44, less than 5 miles to the west. Over 500 new residential units are under construction across the street. Leesburg has a population of 23,297 residents and attracts more than 50,000 people to work each weekday.

Key Highlights

  • Established income from tenant‑occupied units with NNN leases, offering immediate ROI.
  • Value‑add opportunity with a 3,000 sq ft mezzanine for potential additional income.
  • Vacant 5,300 sq ft Unit 1 is turnkey ready with a high‑end lobby and flexible layout suitable for various businesses.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $388.7k $24.00
− Vacancy −$66.1k −$4.08
EGI $322.6k $19.92
− OpEx −$80.6k −$4.98
NOI $241.9k $14.94
16,194 SF · lease $24.00/SF/yr · vacancy 17.00% · expense 25.00%

Alternative Uses

Best Use
Office B
$3.46M
$3.02M – $4.03M (±1% cap)
NOI $241,938 @ 7.0% cap · market cap 8.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.61M
$4.03M – $5.38M (±1% cap)
NOI $322,584 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Trial AI Corporate Office SocialGainsAgency Association / Organization AMAC Action Association Or Organization

Suggested Use

Law Firm Real Estate Agency (Bike/Boat/Book/etc) Store Plumbing Service Accounting Firm Dental Office Hair Salon (Bike/Boat/Book/etc) Store Bakery Auto Parts Store

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

FAQs

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 AVENUE 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 NNN leases, offering immediate ROI.; Value‑add opportunity with a 3,000 sq ft mezzanine for potential additional income.; **Vacant 5,300 sq ft Unit 1 is turnkey ready with a high‑end lobby and flexible layout suitable for various businesses.**
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