Medical Facility on US
For Sale
$1,200,000
Pending
346 E ROYAL PALM St, Lake Placid, FL 33852
Turn-key medical facility with high traffic exposure in Lake Placid.
Property Size6,248 SF
Lot Size0.90 Acres
Days on Market153
Property Features for 346 E ROYAL PALM St
General Information
Standard status
Pending
Size
6,248 SF
Lot size
0.90 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,076
Building Details
Building Size
6,248 SF
Year Built
1996
Stories
1
Listing Agency:
ADVANTAGE REALTY #1
(863) 381-4932
Listed By:
Gregory Karlson · License #B26060588
(863) 381-4932
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:22AM
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 is a 6,200 square foot medical facility, previously used for physical therapy, with frontage on US 27 Highway in Lake Placid, Florida. The average daily traffic count is 20,400. The property is being sold vacant. The roof is approximately 6 years old, and the air conditioning unit is approximately 1 year old. The parking area has been resealed. The property is suitable for use as a physical therapy facility, benefiting from 20 years of site recognition.
Key Highlights
- Prime US 27 Highway Exposure with High Traffic Count (20,400 Average Daily Traffic)
- Turn‑Key Medical Facility (Previously Physical Therapy) with 6200+-SF of Finished Space
- Substantially Below Replacement Cost at $194 per sq/ft
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
$63,110
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
5.26%
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%
$1,262,200
$1.3M
Cap Rate 7%
$901,571
$901.6K
Cap Rate 9%
$701,222
$701.2K
Market Conditions
NOI Build-Up for 6,200 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
$107.9K $17.40/SF
− Vacancy
−$23.7K −$3.83/SF
EGI
$84.1K $13.57/SF
− OpEx
−$21.0K −$3.39/SF
NOI
$63.1K $10.18/SF
Area
Highlands County, FL
Vacancy
22.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,262,200
Cap Rate 7%
$901,571
Cap Rate 9%
$701,222
Alternative Uses
Best Use
Office B
$901.6K
$788.9K – $1.05M
NOI $63,110 @ 7.0% cap · market cap 5.26%
Second Best
Healthcare Medical
$770.5K
$674.2K – $898.9K
NOI $53,936 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,292 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33852, FL
21,635
Population
12,991
Households
1.7
Avg Household Size
55
Median Age
20%
College-Educated
85%
High-School Grad
293.4 sq mi
ZIP Area
74
Density / Sq Mi
$54,841
Median Household Income
$39,658
Median Earnings
$1,063
Median Rent
$205,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
Frequently Asked Questions
What type of property is this?
Medical Office Space - Turn-key medical facility with high traffic exposure in Lake Placid.
Where is this medical office space located?
The property is located at 346 E ROYAL PALM St Lake Placid, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Prime US 27 Highway Exposure with High Traffic Count (20,400 Average Daily Traffic); Turn‑Key Medical Facility (Previously Physical Therapy) with 6200+-SF of Finished Space; Substantially Below Replacement Cost at $194 per sq/ft
