Purpose-Built Medical
340 HEALD WAY, The Villages, FL 32163
For Sale
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A fully occupied clinic leased to Upperline Health under a new six-year agreement with annual rent increases.
Property Size10,750 SF
Price / SF$274.42
Days on Market39
Property Features for 340 HEALD WAY
General Information
Standard status
Size
Net Rentable
Property subtype
Occupancy
Financials
Asking Price
Cap Rate
Additional Details
Tenant in Place
Property Use
Medical Specialty
Building Details
Year Built
Buildings
Building Size
Tenancy
Listing Agency:
Flamingo Real Estate & Management, LLC
Listed By:
Robbie Shoemaker · License #FL
(352) 303-6798
Source:
Crexi
Added: Oct 2
Changed: Nov 8
Last Checked: Nov 8 at 5:08PM
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 Flamingo Real Estate & Management, LLC
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Investment Insights
Based on property information with market context.
Built in 2016, this medical office contains approximately 10,750 square feet, including 10,000 rentable square feet. Its clinical layout includes 21 exam rooms, two nurse stations, an X-ray suite, physical-therapy space and a patient lobby. Separate check-in and check-out areas complement administrative offices, a conference room, employee break room, laundry, storage and support areas. Upperline Health occupies the property under a new six-year lease with contractual 5% annual increases and four additional two-year renewal options.
The offering is a leasehold interest, not fee-simple ownership of the land. The ground lease with The Villages Operating Company has an initial 20-year term measured from the Rent Commencement Date, plus three 20-year extension options and one 19-year extension option, for a potential total period of 99 years. Under the tenant lease, ground-lease expenses, real estate taxes and landlord insurance are reimbursable operating expenses, subject to lease terms and annual reconciliation.
The property is within Colony Professional Plaza near County Road 466A and the Colony Plaza area. The tenant’s lease and the underlying ground-lease documents, amendments and transfer requirements are relevant to review in evaluating the leasehold interest.
The offering is a leasehold interest, not fee-simple ownership of the land. The ground lease with The Villages Operating Company has an initial 20-year term measured from the Rent Commencement Date, plus three 20-year extension options and one 19-year extension option, for a potential total period of 99 years. Under the tenant lease, ground-lease expenses, real estate taxes and landlord insurance are reimbursable operating expenses, subject to lease terms and annual reconciliation.
The property is within Colony Professional Plaza near County Road 466A and the Colony Plaza area. The tenant’s lease and the underlying ground-lease documents, amendments and transfer requirements are relevant to review in evaluating the leasehold interest.
Key Highlights
- 10,750‑square‑foot building with 10,000 rentable square feet, constructed in 2016
- Medical layout includes 21 exam rooms and two nurse stations
- X‑ray suite, physical‑therapy space, patient lobby and separate check‑in and check‑out areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$165,017
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,300,340
$3.3M
Cap Rate 7%
$2,357,386
$2.4M
Cap Rate 9%
$1,833,522
$1.8M
Market Conditions
NOI Build-Up for 10,750 SF
Gross rent
$268.3K $24.96/SF
− Vacancy
−$48.3K −$4.49/SF
EGI
$220.0K $20.47/SF
− OpEx
−$55.0K −$5.12/SF
NOI
$165.0K $15.35/SF
Area
Sumter County, FL
Vacancy
18.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,300,340
Cap Rate 7%
$2,357,386
Cap Rate 9%
$1,833,522
Alternative Uses
Best Use
Office B
$2.36M
$2.06M – $2.75M
NOI $165,017 @ 7.0% cap · market cap 5.59%
Second Best
Healthcare Medical
$1.73M
$1.52M – $2.02M
NOI $121,228 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$3.08M
$2.69M – $3.59M
NOI $215,430 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 32163, FL
29,064
Population
20,061
Households
1.4
Avg Household Size
70
Median Age
49%
College-Educated
98%
High-School Grad
18.9 sq mi
ZIP Area
1,538
Density / Sq Mi
$94,565
Median Household Income
$31,881
Median Earnings
$1,969
Median Rent
$472,600
Median Home Value
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Colony Plaza Animal Hospital — 340 Heald Wy, The Villages, FL 32163
Frequently Asked Questions
What type of property is this?
Medical Office Space - A fully occupied clinic leased to Upperline Health under a new six-year agreement with annual rent increases.
Where is this medical office space located?
The property is located at 340 HEALD WAY The Villages, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 10,750‑square‑foot building with 10,000 rentable square feet, constructed in 2016; Medical layout includes 21 exam rooms and two nurse stations; X‑ray suite, physical‑therapy space, patient lobby and separate check‑in and check‑out areas
