Mixed-Use Development
For Sale
$950,000
Pending
32900 RADIO Rd, Leesburg, FL 34788
17.14 acres for mixed-use development, Leesburg, Florida.
Property Size2,752 SF
Lot Size17.14 Acres
Days on Market164
Property Features for 32900 RADIO Rd
General Information
Standard status
Pending
Size
2,752 SF
Lot size
17.14 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,632
Building Details
Building Size
2,752 SF
Year Built
1950
Stories
1
Listing Agency:
(352) 636-2733
Listed By:
Mary Baker
(352) 636-2733
Source:
Elliman
Added: Mar 12
Changed: Aug 8
Last Checked: Jul 23 at 10:23AM
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 Mary Baker
Investment Insights
Based on property information with market context.
This mixed-use property offers a development opportunity spanning 17.14 acres. Approximately 6 acres are available for a planned unit development (PUD) that could accommodate up to 27 residential units. Located in a prime area near a mall, restaurants, and Leesburg Airport, the property's value is primarily in the land. The owner is open to a partnership or joint venture with an experienced developer, in addition to an outright sale, making it an attractive opportunity for investors or developers. A recent environmental assessment has been completed, and a survey is available.
Key Highlights
- 17.14 acre Mixed Use property with 6 acres for a Planned Unit Development (PUD).
- PUD capable of accommodating 27 residential units.
- Opportunity for partnership or joint venture with the owner.
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
$36,326
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
3.82%
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%
$726,520
$726.5K
Cap Rate 7%
$518,943
$518.9K
Cap Rate 9%
$403,622
$403.6K
Market Conditions
NOI Build-Up for 2,752 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
$66.0K $24.00/SF
− Vacancy
−$7.9K −$2.88/SF
EGI
$58.1K $21.12/SF
− OpEx
−$21.8K −$7.92/SF
NOI
$36.3K $13.20/SF
Area
Lake County, FL
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$726,520
Cap Rate 7%
$518,943
Cap Rate 9%
$403,622
Alternative Uses
Best Use
Mixed Use
$518.9K
$454.1K – $605.4K
NOI $36,326 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$783.1K
$685.3K – $913.7K
NOI $54,820 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
549
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 17.14 acres for mixed-use development, Leesburg, Florida.
Where is this commercial land located?
The property is located at 32900 RADIO Rd Leesburg, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 17.14 acre Mixed Use property with 6 acres for a Planned Unit Development (PUD).; PUD capable of accommodating **27 residential units**.; Opportunity for partnership or joint venture with the owner.
