Multi-Unit Flex
New
For Sale
$1,100,000
300 RICHEY Rd, Leesburg, FL 34748
Four separately metered units offer a combination of occupied space, available suites, and secure outdoor storage.
Property Size7,700 SF
Price / SF$142.86
Days on Market2
Property Features for 300 RICHEY Rd
General Information
Standard status
Active
Size
7,700 SF
Property subtype
Industrial
Zoning
CIP
Occupancy
50%
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Additional Details
Drive-In Doors
4
Office Units
4
Taxes and HOA fees
Annual Taxes
$11,053
Building Details
Building Size
7,700 SF
Year Built
2005
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
GRIZZARD COMMERCIAL REALESTATE
(352) 396-9136
Listed By:
Daniel Tatro · License #3190991
(352) 396-9136
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 3:41AM
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 GRIZZARD COMMERCIAL REALESTATE
Investment Insights
Based on property information with market context.
This 7,700-square-foot flex property, built in 2005, is configured as four separately metered units. Each unit includes a grade-level roll-up door, while the rear portion of the property is enclosed with security fencing for a small storage yard. The building is maintained in good condition and includes office space within the warehouse layout.
Two units totaling approximately 3,850 square feet are occupied by a single tenant, with two additional units vacant. The property is zoned CIP and served by city utilities. Located at 300 Richey Road in Leesburg, the building is within minutes of The Villages and its major growth area, I-75, the Florida Turnpike, and U.S. Highways 441, 27, and 301. Orlando and Ocala are each less than an hour away.
Two units totaling approximately 3,850 square feet are occupied by a single tenant, with two additional units vacant. The property is zoned CIP and served by city utilities. Located at 300 Richey Road in Leesburg, the building is within minutes of The Villages and its major growth area, I-75, the Florida Turnpike, and U.S. Highways 441, 27, and 301. Orlando and Ocala are each less than an hour away.
Key Highlights
- 7,700 +/- SF flex warehouse with office space
- Four separately metered units, each with a grade‑level roll‑up door
- Single tenant occupies two units totaling 3,850 +/- SF
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
$52,231
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
4.75%
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%
$1,044,620
$1.0M
Cap Rate 7%
$746,157
$746.2K
Cap Rate 9%
$580,344
$580.3K
Market Conditions
NOI Build-Up for 7,700 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
$67.5K $8.76/SF
− Vacancy
−$6.0K −$0.78/SF
EGI
$61.4K $7.98/SF
− OpEx
−$9.2K −$1.20/SF
NOI
$52.2K $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%
$1,044,620
Cap Rate 7%
$746,157
Cap Rate 9%
$580,344
Alternative Uses
Best Use
Office B
$1.64M
$1.44M – $1.92M
NOI $115,038 @ 7.0% cap · market cap 10.46%
Second Best
Warehouse
$746.2K
$652.9K – $870.5K
NOI $52,231 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$2.19M
$1.92M – $2.56M
NOI $153,384 @ 7.0% cap · market cap 13.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Drive-in doors
4
Office units
50%
Occupancy
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Under-served
Demand for This Use
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Four separately metered units offer a combination of occupied space, available suites, and secure outdoor storage.
Where is this flex space located?
The property is located at 300 RICHEY Rd Leesburg, 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: 7,700 +/- SF flex warehouse with office space; Four separately metered units, each with a grade‑level roll‑up door; Single tenant occupies two units totaling 3,850 +/- SF
