Medical Office
New
For Sale
$1,200,000
346 E Royal Palm St, Lake Placid, FL 33852
Vacant, finished healthcare space offers an existing medical buildout for a new occupant.
Property Size6,248 SF
Price / SF$192.06
Days on Market1
Property Features for 346 E Royal Palm St
General Information
Standard status
Active
Size
6,248 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1996
Listing Agency:
ADVANTAGE REALTY 1
Listed By:
Gregory Karlson · License #3229372
(863) 386-1111
Source:
Chenoregroup
Added: Sep 26
Last Checked: Sep 26 at 3:00PM
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.
Built in 1996, this vacant medical facility contains a finished healthcare interior and was previously used for physical therapy. The building has a roof described as six years old, an air-conditioning system approximately one year old, and parking that has been resealed.
The property fronts US 27 in Lake Placid, with access at a full median turn. The stated average daily traffic count is 20,400 vehicles.
The property fronts US 27 in Lake Placid, with access at a full median turn. The stated average daily traffic count is 20,400 vehicles.
Key Highlights
- Finished medical facility, previously used for physical therapy
- US 27 exposure with access at a full median turn
- Average daily traffic count: 20,400
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
$63,598
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
5.30%
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%
$1,271,960
$1.3M
Cap Rate 7%
$908,543
$908.5K
Cap Rate 9%
$706,644
$706.6K
Market Conditions
NOI Build-Up for 6,248 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
$108.7K $17.40/SF
− Vacancy
−$23.9K −$3.83/SF
EGI
$84.8K $13.57/SF
− OpEx
−$21.2K −$3.39/SF
NOI
$63.6K $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%
$1,271,960
Cap Rate 7%
$908,543
Cap Rate 9%
$706,644
Alternative Uses
Best Use
Office B
$908.5K
$795.0K – $1.06M
NOI $63,598 @ 7.0% cap · market cap 5.30%
Second Best
Healthcare Medical
$776.5K
$679.4K – $905.9K
NOI $54,354 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $90,991 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Vacant, finished healthcare space offers an existing medical buildout for a new occupant.
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: Finished medical facility, previously used for physical therapy; US 27 exposure with access at a full median turn; Average daily traffic count: 20,400
