Industrial Warehouse With
New
For Sale
$2,250,000
34135 CARDINAL LANE, Eustis, FL 32736
EUSTIS, FL
Property Size25,000 SF
Lot Size8.00 Acres
Price / SF$90
Days on Market3
Property Features for 34135 CARDINAL LANE
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
25,000 SF
Lot size
8.00 Acres
Amenities
Private Offices
Open Workspace
Conference Rooms
Reception Area
Kitchen
Bathrooms
Building Details
Year built
1990
Listing Agency:
Engel & Volkers New Smyrna Beach · Engel & Völkers
(386) 213-6899
Listed By:
Chris Pixley · License #SL3236442
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 10:06AM
MLS# O6285566
Copyright © 2026 Engel & Völkers. 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 25,000-square-foot warehouse property includes 20,000 square feet of warehouse area and 5,000 square feet of office space. The warehouse has block construction, a 19-foot clear height, 50-foot column spacing, 8 dock-high doors with 12-foot roll-up doors, and 4 drive-in doors with 12-foot roll-up doors. Office improvements include private offices, open workspace, 2 conference rooms, a reception area, kitchen, and 4 bathrooms.
The property encompasses approximately 8 acres, including 2 acres of paved area. Zoning is PD-AG, which allows agricultural uses and limited industrial uses. Access is available to Hwy 429, Hwy 44, and the upcoming Round Lake Rd Extension, with I-4 less than 16 miles away, the Turnpike less than 25 miles away, Orlando less than 35 miles away, and Disney less than 41 miles away.
The property encompasses approximately 8 acres, including 2 acres of paved area. Zoning is PD-AG, which allows agricultural uses and limited industrial uses. Access is available to Hwy 429, Hwy 44, and the upcoming Round Lake Rd Extension, with I-4 less than 16 miles away, the Turnpike less than 25 miles away, Orlando less than 35 miles away, and Disney less than 41 miles away.
Key Highlights
- 25,000 SF facility on +/-8 acres, including 2 acres of paved area
- 20,000 SF warehouse area plus 5,000 SF of 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?
Warehouse - Warehouse and office facility with dock-high and drive-in loading, substantial paved area, and agricultural zoning with limited industrial uses.
Where is this warehouse located?
The property is located at 34135 CARDINAL LANE 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 +/-8 acres, including 2 acres of paved area; 20,000 SF warehouse area plus 5,000 SF of office space; 8 dock‑high doors and 4 drive‑in doors, all with 12' roll‑up doors
