Medical Office
346 E Royal Palm Street, Lake Placid, FL 33852
For Sale
$1,200,000
Finished clinical space with US 27 exposure, C1 zoning, and vacant delivery.
Property Size6,200 SF
Price / SF$193.55
Days on Market836
Property Features for 346 E Royal Palm Street
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Condition
Highway Access
Property Use
Medical Specialty
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Listing Agency:
Advantage Realty 1
(863) 386-0303
Listed By:
Gregory S Karlson · License FL CQ1035802
(863) 381-4932
Source:
Irgofflorida
Added: Jul 30, 2024
Changed: Nov 11
Last Checked: Nov 12 at 12:33AM
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
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Investment Insights
Based on property information with market context.
This 6,200+-SF medical facility was built in 1996 and is being offered vacant. The property has C1 zoning, a roof described as 6 years new, and an approximately 1-year-old air-conditioning system. The parking area has been resealed.
The site fronts US 27 in Lake Placid, with a full median turn. Average daily traffic is reported at 20,400 vehicles. The facility was previously used for physical therapy.
The site fronts US 27 in Lake Placid, with a full median turn. Average daily traffic is reported at 20,400 vehicles. The facility was previously used for physical therapy.
Key Highlights
- 6,200+-SF medical facility, built in 1996
- US 27 exposure with a full median turn
- Average daily traffic count of 20,400
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,110
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
$205,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Medical Office Space in Highlands County, FL
Properties on Market for Medical Office Space in Highlands County
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Altvater Leah C DVM — 270 US Hwy 27, Lake Placid, FL 33852
- Waltman Jennifer H DVM — 270 US Hwy 27, Lake Placid, FL 33852
- James P. Waller, Jr., 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 - Finished clinical space with US 27 exposure, C1 zoning, and vacant delivery.
Where is this medical office space located?
The property is located at 346 E Royal Palm Street 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: 6,200+-SF medical facility, built in 1996; US 27 exposure with a full median turn; Average daily traffic count of 20,400
