Live-Work Compound with
For Sale
$1,500,000
32420 COUNTY ROAD 473, Leesburg, FL 34788
Zoned Planned Commercial, the property includes two climate-controlled buildings plus a residence and carport accessed via Ironwood Ave.
Property Size4,098 SF
Price / SF$366.03
Days on Market144
Property Features for 32420 COUNTY ROAD 473
General Information
Standard status
Active
Size
4,098 SF
Total Parking Spaces
5
Property subtype
Mixed Use
Zoning
CP
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$3,563
Amenities
Window/Wall Unit
3
Secured.
Pond
Water Front, Pond. County Road, Dirt Road, Gravel Road.
Building Details
Year Built
2009
Stories
1
Listing Agency:
FLORIDA REAL ESTATE GROWTH SERVICES
(352) 455-4228
Listed By:
Lee Johnson
(352) 483-1000
Source:
Xome
Added: Apr 16
Changed: Sep 1
Last Checked: Sep 5 at 4:40AM
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 FLORIDA REAL ESTATE GROWTH SERVICES
Investment Insights
Based on property information with market context.
This live-work compound is currently used as the seller’s primary residence and is zoned Planned Commercial (CP). The property includes two large climate-controlled buildings, along with a 2,624-square-foot residence, mother-in-law quarters, a 5-car carport, and a small utility building used for laundry. A stocked fish pond is also located on the property.
Legal access is from Ironwood Ave. The site is described as centrally located in Lake County and is stated to be close to Leesburg Airport and shopping and dining.
The layout is suited for an operator seeking a property with multiple company vehicles and both work and residential space on-site, supported by the presence of climate-controlled warehouse buildings and adjacent structures.
Legal access is from Ironwood Ave. The site is described as centrally located in Lake County and is stated to be close to Leesburg Airport and shopping and dining.
The layout is suited for an operator seeking a property with multiple company vehicles and both work and residential space on-site, supported by the presence of climate-controlled warehouse buildings and adjacent structures.
Key Highlights
- Zoned Planned Commercial (CP) and currently used as the seller’s primary residence
- Two large climate‑controlled buildings plus a 2,624 sq.ft residence
- Includes mother‑in‑law quarters and a stocked fish pond on the property
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
$61,224
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
4.08%
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%
$1,224,480
$1.2M
Cap Rate 7%
$874,629
$874.6K
Cap Rate 9%
$680,267
$680.3K
Market Conditions
NOI Build-Up for 4,098 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
$98.4K $24.00/SF
− Vacancy
−$16.7K −$4.08/SF
EGI
$81.6K $19.92/SF
− OpEx
−$20.4K −$4.98/SF
NOI
$61.2K $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%
$1,224,480
Cap Rate 7%
$874,629
Cap Rate 9%
$680,267
Alternative Uses
Best Use
Office B
$874.6K
$765.3K – $1.02M
NOI $61,224 @ 7.0% cap · market cap 4.08%
Second Best
Mixed Use
$772.8K
$676.2K – $901.6K
NOI $54,094 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,632 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
Explore this area
Business Placement
Demographics for 34788, FL
19,409
Population
11,294
Households
1.7
Avg Household Size
58
Median Age
20%
College-Educated
91%
High-School Grad
36.1 sq mi
ZIP Area
538
Density / Sq Mi
$57,477
Median Household Income
$35,879
Median Earnings
$1,384
Median Rent
$168,900
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?
Live-work space - Zoned Planned Commercial, the property includes two climate-controlled buildings plus a residence and carport accessed via Ironwood Ave.
Where is this live-work space located?
The property is located at 32420 COUNTY ROAD 473 Leesburg, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Zoned Planned Commercial (CP) and currently used as the seller’s primary residence; Two large climate‑controlled buildings plus a 2,624 sq.ft residence; Includes mother‑in‑law quarters and a stocked fish pond on the property
