Medical Office Building with Monument
For Sale
Under Contract
$1,200,000
346 E Royal Palm Street, Lake Placid, FL 33852
Commercial, Single Story, Lake Placid, FL
Property Size6,248 SF
Lot Size0.90 Acres
Price / SF$192.06
Days on Market766
Property Features for 346 E Royal Palm Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C1
Exterior features
Other Irrigation, Stucco
Directions
US 27 & Hammock Rd south on US 27 to Lake Placid to big blue medical sign on right at the full median turn
Standard status
Active Under Contract
APN
P-06-37-30-091-0030-00C0
Size
6,248 SF
Lot size
0.90 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
REPLAT OF ROBERTS GROVE ADD PB 3 PG 96 TR C BLK 3-LESS WLY 76.69 FT AS MEAS ALONG N LINE OF BLK C AND-LESS S 70 FT AND-LESS US 27 R/W
Tax Annual Amount
13076
Legal Description
REPLAT OF ROBERTS GROVE ADD PB 3 PG 96 TR C BLK 3-LESS WLY 76.69 FT AS MEAS ALONG N LINE OF BLK C AND-LESS S 70 FT AND-LESS US 27 R/W
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Building Details
Year built
1996
Floors in Building
1
Building materials
Concrete Block
Architectural style
Other
Additional Structures
Other
Listing Agency:
ADVANTAGE REALTY #1
(863) 386-0303
Listed By:
Gregory Karlson · License #569759
(863) 381-4932
Added: Jul 25, 2024
Changed: Aug 19
Last Checked: Aug 29 at 8:06PM
MLS# 306742
Copyright © 2026 Heartland Multiple Listing Service, Inc. 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.
Former physical therapy facility totaling 6,248+/- SF on approximately 0.90 acres, built in 1996 with concrete block construction. The interior is laid out as an efficient mostly open plan, allowing a reconfiguration for a range of medical or professional uses. The property includes ample paved parking and exterior features including stucco, along with other irrigation. Heating is electric with central heat, and cooling is electric central air. Public sewer services are available.
Positioned in the heart of Lake Placid near US-27, the building is described as having strong daily traffic counts and established site recognition with over 20 years of medical use at the location. Site access includes full median turn access, along with monument signage for visibility.
Recent improvements include a newer roof (approximately 6 years), newer HVAC systems, and resealed parking, supporting an owner-user or medical group evaluating a high-visibility location.
Positioned in the heart of Lake Placid near US-27, the building is described as having strong daily traffic counts and established site recognition with over 20 years of medical use at the location. Site access includes full median turn access, along with monument signage for visibility.
Recent improvements include a newer roof (approximately 6 years), newer HVAC systems, and resealed parking, supporting an owner-user or medical group evaluating a high-visibility location.
Key Highlights
- 6,248+/- SF former physical therapy facility on approximately 0.90 acres
- Mostly open floor plan designed to be reconfigured for medical or professional uses
- C1 zoning with public sewer service and concrete block construction
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road 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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - C1-zoned former physical therapy facility with a mostly open layout, ample paved parking, and monument signage for medical or professional use.
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: 6,248+/- SF former physical therapy facility on approximately 0.90 acres; Mostly open floor plan designed to be reconfigured for medical or professional uses; C1 zoning with public sewer service and concrete block construction
