Leesburg Medical Facility on 6
For Sale
$3,800,000
2500 CITRUS Blvd, Leesburg, FL 34748
23,630 SF medical facility on 6.04 acres in Leesburg.
Property Size23,630 SF
Lot Size6.04 Acres
Price / SF$160.81
Days on Market153
Property Features for 2500 CITRUS Blvd
General Information
Standard status
Active
Size
23,630 SF
Lot size
6.04 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$42,013
Building Details
Building Size
23,630 SF
Year Built
1993
Listing Agency:
Boyd Real Estate Group
(813) 478-1735
Listed By:
Erin Freel · License #3431257
(813) 478-1735
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:18AM
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 Boyd Real Estate Group
Investment Insights
Based on property information with market context.
This 23,630 SF medical facility is located on 6.04 acres at the intersection of Hwy 441 and Hwy 27 in Leesburg. Constructed in 1993, the building includes four suites. Express Care of Leesburg occupies 15,934 SF of medical space. An additional 3,500 SF suite is occupied by another healthcare provider. There is also a 1,500 SF office and storage suite, and 2,696 SF of unfinished shell space. The property features a lobby, multiple exam rooms, an imaging center, administrative offices, and a pharmacy with a drive-through. The building retains loading dock access in the rear, offering potential for conversion back to warehouse or hybrid medical/distribution use. The property is located 15 minutes north of The Villages. The Villages spans across Lake, Sumter, and Marion counties and is home to more than 145,000 residents. The sale is suited for an end user or an investor seeking to stabilize the property and capitalize on its location. The current owner, who is also the primary medical tenant, will not be offering a leaseback.
Key Highlights
- High‑traffic location at the intersection of Hwy 441 and Hwy 27 in Leesburg, providing outstanding visibility and access.
- Anchored by Express Care of Leesburg, occupying 15,934 SF of high‑quality medical space.
- Includes a fully built‑out 3,500 SF suite currently occupied by another healthcare provider.
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
$336,869
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
8.86%
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%
$6,737,380
$6.7M
Cap Rate 7%
$4,812,414
$4.8M
Cap Rate 9%
$3,742,989
$3.7M
Market Conditions
NOI Build-Up for 23,630 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
$623.8K $26.40/SF
− Vacancy
−$62.4K −$2.64/SF
EGI
$561.4K $23.76/SF
− OpEx
−$224.6K −$9.50/SF
NOI
$336.9K $14.26/SF
Area
Lake County, FL
Vacancy
10.00%
Lease Rate
$26.40 /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%
$6,737,380
Cap Rate 7%
$4,812,414
Cap Rate 9%
$3,742,989
Alternative Uses
Best Use
Healthcare Medical
$4.81M
$4.21M – $5.61M
NOI $336,869 @ 7.0% cap · market cap 8.86%
Second Best
Warehouse
$2.29M
$2.00M – $2.67M
NOI $160,290 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$6.72M
$5.88M – $7.85M
NOI $470,710 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
535
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?
Medical center - 23,630 SF medical facility on 6.04 acres in Leesburg.
Where is this medical center located?
The property is located at 2500 CITRUS Blvd Leesburg, FL.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: High‑traffic location at the intersection of Hwy 441 and Hwy 27 in Leesburg, providing outstanding visibility and access.; Anchored by Express Care of Leesburg, occupying 15,934 SF of high‑quality medical space.; Includes a fully built‑out 3,500 SF suite currently occupied by another healthcare provider.
