Two-Building Office
For Sale
$2,459,000
375 FENNELL BOULEVARD, Lady Lake, FL 32159
Professional suites with existing NNN leases, full occupancy, paved road access, and proximity to retail, dining, and civic services.
Property Size7,970 SF
Price / SF$308.53
Days on Market9
Property Features for 375 FENNELL BOULEVARD
General Information
Standard status
Active
Size
7,970 SF
Total Parking Spaces
38
Property subtype
Office
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$19,027
Amenities
Central Air
3
City Road, Paved Road.
Building Details
Year Built
2009
Buildings
2
Tenancy
Multi
Listing Agency:
MORRIS REALTY AND INVESTMENTS
(352) 435-4663
Listed By:
Scott Strem · License #FLORIDABK3106245
Source:
Xome
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 3:07PM
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 MORRIS REALTY AND INVESTMENTS
Investment Insights
Based on property information with market context.
This professional office property comprises two buildings totaling 7,970 square feet, with suites of approximately 1,200 square feet each. The tenant roster includes five professional occupants, and the property is reported at 100% occupancy under NNN leases. Built in 2009, the plaza includes central air and 38 parking spaces.
The property is located at 375 Fennell Boulevard in Lady Lake, next to the Lady Lake Post Office. Sam’s Club, Miller’s Ale House, and the PGA Superstore are identified nearby, with Spanish Springs Town Square also within the surrounding area. Access is provided by a city-maintained paved road.
The property is located at 375 Fennell Boulevard in Lady Lake, next to the Lady Lake Post Office. Sam’s Club, Miller’s Ale House, and the PGA Superstore are identified nearby, with Spanish Springs Town Square also within the surrounding area. Access is provided by a city-maintained paved road.
Key Highlights
- 7,970‑square‑foot office property configured in two buildings
- 100% occupied with NNN leases in place
- Five professional tenants across the two‑building plaza
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
$122,343
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
4.98%
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%
$2,446,860
$2.4M
Cap Rate 7%
$1,747,757
$1.7M
Cap Rate 9%
$1,359,367
$1.4M
Market Conditions
NOI Build-Up for 7,970 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
$198.9K $24.96/SF
− Vacancy
−$35.8K −$4.49/SF
EGI
$163.1K $20.47/SF
− OpEx
−$40.8K −$5.12/SF
NOI
$122.3K $15.35/SF
Area
Sumter County, FL
Vacancy
18.00%
Lease Rate
$24.96 /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%
$2,446,860
Cap Rate 7%
$1,747,757
Cap Rate 9%
$1,359,367
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.04M
NOI $122,343 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,719 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
Explore this area
Business Placement
Demographics for 32159, FL
30,455
Population
19,670
Households
1.5
Avg Household Size
69
Median Age
29%
College-Educated
95%
High-School Grad
30.2 sq mi
ZIP Area
1,008
Density / Sq Mi
$57,536
Median Household Income
$30,723
Median Earnings
$1,370
Median Rent
$272,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional suites with existing NNN leases, full occupancy, paved road access, and proximity to retail, dining, and civic services.
Where is this office building located?
The property is located at 375 FENNELL BOULEVARD Lady Lake, FL.
What is the asking price?
The asking price for this property is $2,459,000.
What are key features of this property?
This property features: 7,970‑square‑foot office property configured in two buildings; 100% occupied with NNN leases in place; Five professional tenants across the two‑building plaza
