Dunnellon Medical Office
For Sale
Contact for pricing
20281 E Pennsylvania Ave, Dunnellon, FL 34432
Operational medical office building in high-density senior area.
Property Size3,200 SF
Price / SF$406.25
Days on Market183
Property Features for 20281 E Pennsylvania Ave
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Office
Zoning
B-3
Building Details
Year Built
1993
Buildings
1
Stories
1
Listing Agency:
Saunders Real Estate
(863) 648-1528
Listed By:
Trace Linder · License #SL3562516
Source:
Crexi
Added: Feb 20
Changed: Aug 8
Last Checked: Aug 8 at 6:33AM
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 Saunders Real Estate
Investment Insights
Based on property information with market context.
This operational medical office building is located in Dunnellon, serving as a primary care hub for a high-density senior population. The property is positioned within a 20-mile radius of four major hospital systems, capturing a regional patient base that spans three counties. The location benefits from an inelastic demand for healthcare services, potentially ensuring long-term occupancy. The property has direct frontage on Pennsylvania Ave (SR-484), the primary commercial artery of Dunnellon. This high-visibility location serves as a healthcare anchor for the local community and is positioned just minutes from the US-41 and SR-40 corridors, ensuring a steady flow of regional patient traffic from Marion, Citrus, and Levy counties. The property size is 3200 square feet. An adjacent 14,000 square foot retail space is also available, suitable for big box retail or flex office/warehouse use.
Key Highlights
- Operational medical office building serving a high‑density senior population
- Located in the heart of Dunnellon on the primary commercial artery (Pennsylvania Ave/SR‑484)
- Within a 20‑mile radius of four major hospital systems (HCA Florida, AdventHealth, and TGH)
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
$44,747
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
3.44%
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%
$894,940
$894.9K
Cap Rate 7%
$639,243
$639.2K
Cap Rate 9%
$497,189
$497.2K
Market Conditions
NOI Build-Up for 3,200 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
$83.3K $26.04/SF
− Vacancy
−$8.7K −$2.73/SF
EGI
$74.6K $23.31/SF
− OpEx
−$29.8K −$9.32/SF
NOI
$44.7K $13.98/SF
Area
Citrus County, FL
Vacancy
10.50%
Lease Rate
$26.04 /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%
$894,940
Cap Rate 7%
$639,243
Cap Rate 9%
$497,189
Alternative Uses
Best Use
Healthcare Medical
$639.2K
$559.3K – $745.8K
NOI $44,747 @ 7.0% cap · market cap 3.44%
Second Best
Office B
$481.4K
$421.2K – $561.6K
NOI $33,696 @ 7.0% cap · market cap 2.59%
Theoretical Best
Specialty Retail
$719.0K
$629.2K – $838.9K
NOI $50,332 @ 7.0% cap · market cap 3.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
585
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34432, FL
13,159
Population
6,899
Households
1.9
Avg Household Size
58
Median Age
20%
College-Educated
90%
High-School Grad
105.1 sq mi
ZIP Area
125
Density / Sq Mi
$47,711
Median Household Income
$30,240
Median Earnings
$1,077
Median Rent
$223,900
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Operational medical office building in high-density senior area.
Where is this medical office space located?
The property is located at 20281 E Pennsylvania Ave Dunnellon, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Operational medical office building serving a high‑density senior population; Located in the heart of Dunnellon on the primary commercial artery (Pennsylvania Ave/SR‑484); Within a 20‑mile radius of four major hospital systems (HCA Florida, AdventHealth, and TGH)
