Four-Unit Warehouse
For Sale
$1,100,000
300 Richey Rd, Leesburg, FL 34748
Warehouse property with office space, separate metering, grade-level doors, and a fenced storage yard.
Property Size7,700 SF
Price / SF$142.86
Days on Market16
Property Features for 300 Richey Rd
General Information
Standard status
Active
Size
7,700 SF
Zoning
CIP
Occupancy
50%
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Building Details
Year Built
2005
Building Size
7,700 SF
Listing Agency:
GRIZZARD COMMERCIAL REALESTATE
(352) 396-9136
Listed By:
Daniel Tatro · License #3190991
Source:
Livewelltampabay
Added: Aug 15
Changed: Aug 30
Last Checked: Aug 30 at 12:46AM
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 warehouse building was constructed in 2005 and configured with office space and four separately metered units. Each unit includes a grade-level roll-up door. One tenant currently occupies two units totaling approximately 3,850 square feet, while the remaining two units are vacant. A secured, fenced area at the rear provides additional storage yard space.
The property is zoned CIP and served by City of Leesburg utilities. It is located in Central Florida within an hour of Orlando and Ocala, near The Villages, I-75, the Florida Turnpike, and U.S. Highways 441, 27, and 301. The configuration supports both continued occupancy and use by an owner-user.
The property is zoned CIP and served by City of Leesburg utilities. It is located in Central Florida within an hour of Orlando and Ocala, near The Villages, I-75, the Florida Turnpike, and U.S. Highways 441, 27, and 301. The configuration supports both continued occupancy and use by an owner-user.
Key Highlights
- 7,700 +/- SF warehouse building constructed in 2005
- Four separately metered units, each with a grade‑level roll‑up door
- Current tenant occupies 3,850 +/- SF across two units
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
Warehouse
$746.2K
$652.9K – $870.5K
NOI $52,231 @ 7.0% cap · market cap 4.75%
Second Best
Industrial
$614.5K
$537.7K – $716.9K
NOI $43,014 @ 7.0% cap · market cap 3.91%
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
Property Profile
Current Use
Lease Details
50%
Occupancy
Yes
Fenced yard
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- DM Storages, LLC — 2404 Virginia Dr, Leesburg, FL 34748
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property with office space, separate metering, grade-level doors, and a fenced storage yard.
Where is this warehouse 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 warehouse building constructed in 2005; Four separately metered units, each with a grade‑level roll‑up door; Current tenant occupies 3,850 +/- SF across two units
