Single-Story Medical Office
For Sale
$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 Market812
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
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 #3229372
(863) 381-4932
Added: Jul 25, 2024
Changed: Sep 17
Last Checked: Oct 14 at 12:06AM
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.
This 6,248+/- SF medical office building was constructed in 1996 on approximately 0.90 acres. The former physical therapy facility has a mostly open interior that can be reconfigured for medical, healthcare, or professional office use. Building improvements include a roof approximately 6 years old, newer HVAC systems, stucco exterior finishes, concrete block construction, central air, electric heating, and public sewer service.
The property fronts US-27 in Lake Placid and provides direct access through a full median turn. Monument signage, paved parking, and highway exposure support convenient arrival and site identification. The location has more than 20 years of medical use history, while C1 zoning and the adaptable layout accommodate a range of medical and professional configurations identified for the property.
The property fronts US-27 in Lake Placid and provides direct access through a full median turn. Monument signage, paved parking, and highway exposure support convenient arrival and site identification. The location has more than 20 years of medical use history, while C1 zoning and the adaptable layout accommodate a range of medical and professional configurations identified for the property.
Key Highlights
- 6,248+/- SF medical office building on approximately 0.90 acres
- Mostly open floor plan suitable for medical or professional office reconfiguration
- Direct full median turn access from US‑27
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,598
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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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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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 - Mostly open C1-zoned layout with paved parking, monument signage, and direct median turn access from US-27.
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 medical office building on approximately 0.90 acres; Mostly open floor plan suitable for medical or professional office reconfiguration; Direct full median turn access from US‑27
