Two-Building Medical Office
344 E ROYAL PALM STREET #1 Lake Placid, FL 33852
For Sale
$2,400,000
Finished medical buildings total 12,496± SF, with one building portion vacant and the balance leased back.
Property Size12,496 SF
Price / SF$192.06
Days on Market616
Property Features for 344 E ROYAL PALM STREET #1
General Information
- Standard status
- Active
- Size
- 12,496 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1996
Listing Agency:
ADVANTAGE REALTY 1
(863) 381-4932
Listed By:
Gregory Karlson · License #569759
(863) 381-4932
Source:
Mbifloridarealty
Added: Nov 14, 2024
Changed: Jul 23
Last Checked: Jul 23 at 9:53AM
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 ADVANTAGE REALTY 1
Investment Insights
Based on property information with market context.
This offering includes 12,496± SF of finished medical buildings, with 6,247 SF in each building. The seller has outlined a configuration where approximately 8,000± SF would be available for the buyer’s use, while the remaining space is currently occupied with a seller lease-back in place. The vacant portion is described as easy to show.
The property is located at a full median turn corner in Lake Placid, FL. The front building was previously occupied by Cora Physical Therapy. The second building is described as divided into three spaces, with past use identified as RJB Physical Therapy in the front portion and pediatric physician use by the owner’s partner in the rear portion, with that occupied space planned for lease-back at FMV.
Due to the partner tenant’s request not to be disturbed, the sale is described as confidential. Buyers are asked to sign a confidentiality agreement before requesting showings of the occupied areas.
The property is located at a full median turn corner in Lake Placid, FL. The front building was previously occupied by Cora Physical Therapy. The second building is described as divided into three spaces, with past use identified as RJB Physical Therapy in the front portion and pediatric physician use by the owner’s partner in the rear portion, with that occupied space planned for lease-back at FMV.
Due to the partner tenant’s request not to be disturbed, the sale is described as confidential. Buyers are asked to sign a confidentiality agreement before requesting showings of the occupied areas.
Key Highlights
- 12,496+-SF of finished medical buildings in Lake Placid, FL (2 building portions).
- One portion is vacant with 8,000+-SF available for a new medical practice.
- Seller leasing back the remaining 4,000+-SF currently occupied by a tenant.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $217.4k | $17.40 |
| − Vacancy | −$47.8k | −$3.83 |
| EGI | $169.6k | $13.57 |
| − OpEx | −$42.4k | −$3.39 |
| NOI | $127.2k | $10.18 |
12,496 SF · lease $17.40/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.82M
$1.59M – $2.12M
NOI $127,197 @ 7.0% cap · market cap 5.30%
Second Best
Healthcare Medical
$1.55M
$1.36M – $1.81M
NOI $108,708 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$2.60M
$2.27M – $3.03M
NOI $181,982 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Heartland Pediatrics-Lake Plcd: ...
Pediatrician
Dr. Maria Belina ...
Pediatrician
RJB Cardiac & Physical ...
Physician
Heartland Pediatrics of Lake ...
Pediatrician
Similar Off Market Nearby
- James P. Waller, Jr., DVM — 270 US Hwy 27, Lake Placid, FL 33852
- Altvater Leah C DVM — 270 US Hwy 27, Lake Placid, FL 33852
- Waltman Jennifer H DVM — 270 US Hwy 27, Lake Placid, FL 33852
- Citrus Animal Clinic — 270 US Hwy 27, Lake Placid, FL 33852
FAQs
What type of property is this?
Medical Office Space - Finished medical buildings total 12,496± SF, with one building portion vacant and the balance leased back.
Where is this medical office space located?
The property is located at 344 E ROYAL PALM STREET #1 Lake Placid, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 12,496+-SF of finished medical buildings in Lake Placid, FL (2 building portions).; One portion is vacant with 8,000+-SF available for a new medical practice.; Seller leasing back the remaining 4,000+-SF currently occupied by a tenant.
