Modernized Office
For Sale
Contact for pricing
2803 South Bay Street, Eustis, FL 32726
Single-story office property with private offices, open work areas, reception, and recently upgraded building systems.
Property Size4,292 SF
Lot Size0.77 Acres
Price / SF$256.29
Days on Market10
Property Features for 2803 South Bay Street
General Information
Standard status
Active
Size
4,292 SF
Lot size
0.77 Acres
Property subtype
Retail, Office, Hospitality
Zoning
Commercial, Office
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Asking Price
$1,100,000
Building Details
Year Built
1986
Year Renovated
2026
Buildings
1
Stories
1
Building Size
4,292 SF
Owner Occupied
No
Listing Agency:
KW Commercial Orlando Central
Listed By:
Mark E Arnold · License #FL BK3220138
Source:
Crexi
Added: Aug 2
Changed: Aug 11
Last Checked: Aug 11 at 6:40AM
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 KW Commercial Orlando Central
Investment Insights
Based on property information with market context.
This single-story office building totals 4,292 SF and combines five private offices with two open work areas exceeding 1,000 SF each. The layout also includes a reception entry, additional multi-use space, two finished break areas, storage, restrooms, and the original bank safe. One larger workspace features a 16-foot ceiling, while large windows provide natural light throughout the interior. Recent work includes new or improved HVAC systems and roof components, along with updated interior finishes and trim.
The property occupies a .77 (+/-) parcel with 15,671 SF of paved parking. It fronts S. Grove Street and benefits from cross-access easements connecting S. Bay Street and S. Grove Street. The site is positioned just off Bay Street / SR19, which carries 24,000 AADT, and is less than 700 feet from the SR19 ramps to US 441. US 441 carries 50,500 AADT and connects Eustis with Mount Dora, Tavares, Leesburg, and the Orlando Metropolitan area.
The property occupies a .77 (+/-) parcel with 15,671 SF of paved parking. It fronts S. Grove Street and benefits from cross-access easements connecting S. Bay Street and S. Grove Street. The site is positioned just off Bay Street / SR19, which carries 24,000 AADT, and is less than 700 feet from the SR19 ramps to US 441. US 441 carries 50,500 AADT and connects Eustis with Mount Dora, Tavares, Leesburg, and the Orlando Metropolitan area.
Key Highlights
- 4,292 SF single‑story office building on a .77 (+/-) parcel
- Five private offices and two open work areas of over 1,000 SF each
- 15,671 SF of paved parking surface
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
$64,122
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
5.83%
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%
$1,282,440
$1.3M
Cap Rate 7%
$916,029
$916.0K
Cap Rate 9%
$712,467
$712.5K
Market Conditions
NOI Build-Up for 4,292 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
$103.0K $24.00/SF
− Vacancy
−$17.5K −$4.08/SF
EGI
$85.5K $19.92/SF
− OpEx
−$21.4K −$4.98/SF
NOI
$64.1K $14.94/SF
Area
Lake County, FL
Vacancy
17.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,282,440
Cap Rate 7%
$916,029
Cap Rate 9%
$712,467
Alternative Uses
Best Use
Office B
$916.0K
$801.5K – $1.07M
NOI $64,122 @ 7.0% cap · market cap 5.83%
Second Best
Healthcare Medical
$874.1K
$764.8K – $1.02M
NOI $61,187 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,497 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Explore this area
Business Placement
Demographics for 32726, FL
23,012
Population
11,168
Households
2.1
Avg Household Size
45
Median Age
21%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
2,001
Density / Sq Mi
$60,750
Median Household Income
$37,197
Median Earnings
$1,027
Median Rent
$230,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Single-story office property with private offices, open work areas, reception, and recently upgraded building systems.
Where is this office building located?
The property is located at 2803 South Bay Street Eustis, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4,292 SF single‑story office building on a .77 (+/-) parcel; Five private offices and two open work areas of over 1,000 SF each; 15,671 SF of paved parking surface
