Manufacturing Facility with Laydown
For Sale
Contact for pricing
2415 GRIFFIN RD, Leesburg, FL 34748
The property combines manufacturing space, leased industrial area, and a shared laydown yard.
Property Size69,000 SF
Lot Size6.30 Acres
Price / SF$108.29
Days on Market117
Property Features for 2415 GRIFFIN RD
General Information
Standard status
Active
Size
69,000 SF
Lot size
6.30 Acres
Property subtype
Industrial
Occupancy
100%
Lease Type
NNN
Net Operating Income
$566,018
Additional Details
Business Included
Yes
Outdoor Storage
Yes
Building Details
Year Built
1970
Stories
1
Units
2
Tenancy
Multi
Building Size
69,000 SF
Listing Agency:
NorthMarq
(980) 895-3178
Listed By:
Nolan Dunn · License #335639
Source:
Crexi
Added: May 6
Changed: Aug 30
Last Checked: Aug 30 at 4:07AM
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 NorthMarq
Investment Insights
Based on property information with market context.
Located at 2415 Griffin Road in Leesburg, Florida, this industrial manufacturing property occupies 6.3 acres and was built in 1970. The site includes manufacturing operations, leased industrial space, and a laydown yard supporting two occupants: Powers Steel, Inc. and QXO.
Powers Steel, Inc. occupies just over 21,000 SF under roof and uses approximately 25% of the laydown yard. QXO leases the remaining 48,000+ SF and approximately 75% of the yard under a triple net lease. The offering combines the real estate, the Powers Steel, Inc. business, and the QXO lease.
Powers Steel, Inc. occupies just over 21,000 SF under roof and uses approximately 25% of the laydown yard. QXO leases the remaining 48,000+ SF and approximately 75% of the yard under a triple net lease. The offering combines the real estate, the Powers Steel, Inc. business, and the QXO lease.
Key Highlights
- 6.3‑acre industrial property at 2415 Griffin Road in Leesburg, FL
- Built in 1970
- Powers Steel, Inc. occupies just over 21,000 SF under roof
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
$469,785
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
6.26%
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%
$9,395,700
$9.4M
Cap Rate 7%
$6,711,214
$6.7M
Cap Rate 9%
$5,219,833
$5.2M
Market Conditions
NOI Build-Up for 69,256 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
$606.7K $8.76/SF
− Vacancy
−$54.0K −$0.78/SF
EGI
$552.7K $7.98/SF
− OpEx
−$82.9K −$1.20/SF
NOI
$469.8K $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%
$9,395,700
Cap Rate 7%
$6,711,214
Cap Rate 9%
$5,219,833
Alternative Uses
Best Use
Warehouse
$6.71M
$5.87M – $7.83M
NOI $469,785 @ 7.0% cap · market cap 6.26%
Second Best
Industrial
$5.53M
$4.84M – $6.45M
NOI $386,881 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$19.71M
$17.24M – $22.99M
NOI $1,379,580 @ 7.0% cap · market cap 18.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
216
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?
Manufacturing property - The property combines manufacturing space, leased industrial area, and a shared laydown yard.
Where is this manufacturing property located?
The property is located at 2415 GRIFFIN RD Leesburg, FL.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 6.3‑acre industrial property at 2415 Griffin Road in Leesburg, FL; Built in 1970; Powers Steel, Inc. occupies just over 21,000 SF under roof
