Single-Tenant NNN Industrial
For Sale
$1,550,000
2215 Griffin Rd, Leesburg, FL 34748
Occupied industrial asset with outdoor storage capability and a landlord-friendly net lease structure.
Property Size8,800 SF
Lot Size2.89 Acres
Price / SF$176.14
Days on Market13
Property Features for 2215 Griffin Rd
General Information
Standard status
Active
Size
8,800 SF
Lot size
2.89 Acres
Property subtype
Single-Tenant Industrial
Occupancy
100%
Financials
Asking Price
$1,550,000
Cap Rate
7.09%
Site & Location
Road Access
Yes
Outdoor Storage
Yes
Additional Details
Land Use
industrial
Amenities
INCLUDES 1.45 ACRES OF INDUSTRIAL LAND
OUTDOOR STORAGE OPTIONALITY
CURRENT LAND USE: LIGHT INDUSTRIAL
LANDLORD FRIENDLY LEASE – ONLY RESPONSIBLE FOR STRUCTUAL AND ROOF
10 Minutes to Hwy 441, US 19, and 30 Minutes from Orlando MSA
10 MINUTES TO HWY 441, US 19, AND 30 MINUTES FROM ORLANDO MSA
FLEXIBLE DESIGN FOR POTENTIAL RENTAL RENEWAL OPTIONALITY
AVERAGE HOUSEHOLD INCOME IS $70K+ AND 5-MILE POPULATION IS 75K
Building Details
Building Size
8,800 SF
Year Built
1983
Tenancy
Single
Listing Agency:
Orlando Office
(407) 557-3813
Listed By:
Bruno LaBruno · License #License(s): FL: SL3543722
(407) 557-3813
Source:
Marcusmillichap
Added: Aug 19
Changed: Aug 30
Last Checked: Aug 31 at 1:02PM
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 Orlando Office
Investment Insights
Based on property information with market context.
This single-tenant industrial property is 100% occupied under a landlord-friendly NNN lease. The 2.89-acre fee simple site includes approximately 1.45 acres of industrial land, supporting outdoor storage and additional operational flexibility. The lease provides 4% annual rent increases through January 31, 2028, with ownership responsibilities primarily limited to the roof and structural components.
Located at 2215 Griffin Road in Leesburg, the property is approximately 10 minutes from Highway 441 and US-19 and within 30 minutes of the Orlando MSA. The surrounding area includes residential growth and an expanding workforce, while the 5-mile population is roughly 75,000. Its light industrial land use and storage capacity support service-oriented and delivery-related industrial operations.
Located at 2215 Griffin Road in Leesburg, the property is approximately 10 minutes from Highway 441 and US-19 and within 30 minutes of the Orlando MSA. The surrounding area includes residential growth and an expanding workforce, while the 5-mile population is roughly 75,000. Its light industrial land use and storage capacity support service-oriented and delivery-related industrial operations.
Key Highlights
- 100% occupied single‑tenant industrial property
- NNN lease with 4% annual increases through January 31, 2028
- 2.89‑acre fee simple site
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
$59,693
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
3.85%
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%
$1,193,860
$1.2M
Cap Rate 7%
$852,757
$852.8K
Cap Rate 9%
$663,256
$663.3K
Market Conditions
NOI Build-Up for 8,800 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
$77.1K $8.76/SF
− Vacancy
−$6.9K −$0.78/SF
EGI
$70.2K $7.98/SF
− OpEx
−$10.5K −$1.20/SF
NOI
$59.7K $6.78/SF
Area
Lake County, FL
Vacancy
8.90%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$1,193,860
Cap Rate 7%
$852,757
Cap Rate 9%
$663,256
Alternative Uses
Best Use
Warehouse
$852.8K
$746.2K – $994.9K
NOI $59,693 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,296 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
304
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Occupied industrial asset with outdoor storage capability and a landlord-friendly net lease structure.
Where is this nnn property located?
The property is located at 2215 Griffin Rd Leesburg, FL.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 100% occupied single‑tenant industrial property; NNN lease with 4% annual increases through January 31, 2028; 2.89‑acre fee simple site
