Flex Warehouse With Office
For Sale
$2,250,000
34135 Cardinal Ln, Eustis, FL 32736
Commercial Sale, Eustis, FL
Property Size25,000 SF
Lot Size8.00 Acres
Price / SF$90
Days on Market538
Property Features for 34135 Cardinal Ln
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 1
High school district
000000
Directions
Hwy 44 - South on Cardinal Ln and Arrive at Property on Right.
Standard status
Active
APN
11-19-27-0004-000-00700
Lot size
8.00 Acres
Building Details
Year built
1990
Listing Agency:
Engel Volkers NSB
Listed By:
John Chin
Added: Mar 3, 2025
Changed: Aug 20
Last Checked: Aug 23 at 8:06AM
MLS# 11943354
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property contains a 25,000 SF block-construction facility on approximately 8 acres, with 20,000 SF dedicated to warehouse use and 5,000 SF of office space. The warehouse provides 19' clear height, 50' column spacing, 8 dock-high doors with 12' roll-up doors, and 4 drive-in doors with 12' roll-up doors. Approximately 2 acres are paved.
The office component includes private offices, a large open workspace, 2 conference rooms, a reception area, kitchen, and 4 bathrooms. Built in 1990, the property is zoned PD - AG for Agriculture Uses and LIMITED Industrial Uses. Regional access includes Hwy 429 and Hwy 44, with the upcoming Round Lake Rd Extension nearby. I-4 is less than 16 mi away, the Turnpike is less than 25 mi away, Orlando is less than 35 mi away, and Disney is less than 41 mi away.
The office component includes private offices, a large open workspace, 2 conference rooms, a reception area, kitchen, and 4 bathrooms. Built in 1990, the property is zoned PD - AG for Agriculture Uses and LIMITED Industrial Uses. Regional access includes Hwy 429 and Hwy 44, with the upcoming Round Lake Rd Extension nearby. I-4 is less than 16 mi away, the Turnpike is less than 25 mi away, Orlando is less than 35 mi away, and Disney is less than 41 mi away.
Key Highlights
- 25,000 SF facility on approximately 8 acres, including 2 acres of paved area
- 20,000 SF warehouse space plus 5,000 SF office space
- 8 dock‑high doors and 4 drive‑in doors, all with 12' roll‑up doors
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
$169,583
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
7.54%
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%
$3,391,660
$3.4M
Cap Rate 7%
$2,422,614
$2.4M
Cap Rate 9%
$1,884,256
$1.9M
Market Conditions
NOI Build-Up for 25,000 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
$219.0K $8.76/SF
− Vacancy
−$19.5K −$0.78/SF
EGI
$199.5K $7.98/SF
− OpEx
−$29.9K −$1.20/SF
NOI
$169.6K $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%
$3,391,660
Cap Rate 7%
$2,422,614
Cap Rate 9%
$1,884,256
Alternative Uses
Best Use
Office B
$5.34M
$4.67M – $6.23M
NOI $373,500 @ 7.0% cap · market cap 16.60%
Second Best
Warehouse
$2.42M
$2.12M – $2.83M
NOI $169,583 @ 7.0% cap · market cap 7.54%
Theoretical Best
Office A
$7.11M
$6.23M – $8.30M
NOI $498,000 @ 7.0% cap · market cap 22.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19 ft
Clear height
8
Dock-high doors
4
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32736, FL
11,412
Population
4,445
Households
2.6
Avg Household Size
46
Median Age
22%
College-Educated
90%
High-School Grad
109.1 sq mi
ZIP Area
105
Density / Sq Mi
$83,727
Median Household Income
$46,408
Median Earnings
$1,136
Median Rent
$352,100
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 - PD-AG-zoned facility combining warehouse operations with offices, conference rooms, kitchen, reception, and multiple bathrooms.
Where is this flex space located?
The property is located at 34135 Cardinal Ln Eustis, FL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 25,000 SF facility on approximately 8 acres, including 2 acres of paved area; 20,000 SF warehouse space plus 5,000 SF office space; 8 dock‑high doors and 4 drive‑in doors, all with 12' roll‑up doors
