Lake Mary Retail Investment
For Sale
Contact for pricing
Pending
446 Rinehart Rd, Lake Mary, FL 32746
Fully leased retail center in high-growth Orlando MSA.
Property Size7,224 SF
Lot Size1.60 Acres
Days on Market197
Property Features for 446 Rinehart Rd
General Information
Standard status
Pending
Size
7,224 SF
Class
A
Lot size
1.60 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
2023
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Lee & Associates San Diego - Carlsbad
(760) 519-0240
Listed By:
Ryan Bennett · License #CA 01826517
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Jul 24 at 7:58AM
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 Lee & Associates San Diego - Carlsbad
Investment Insights
Based on property information with market context.
Bent’s Landing Retail Center is a newly constructed, 100% leased multi-tenant retail asset located in Lake Mary, Florida, within the Orlando MSA. The property comprises 7,224 square feet of Class A retail storefront space and is fully occupied by UrgentVet, 100% Chiropractic, and BodyRok. Each tenant operates under newer 10-year NNN leases with 3% annual increases. The property sits on 1.6 acres and benefits from cross-parking agreements within a larger development. The site is positioned adjacent to Orlando Health’s 250-bed medical campus and within the $800 million Lake Mary Wellness and Technology Park. The location along Rinehart Road sees nearly 29,000 vehicles per day and lies one mile from I-4, which sees 145,500 vehicles per day. The tenants benefit from proximity to a strong daytime population and a robust healthcare presence, including AdventHealth, HCA, and the newly opened Jewett Orthopedic Institute. The average household income exceeds $115,000 within a 3-mile radius, with nearly 65,000 residents. The surrounding area features national retailers, medical offices, and new residential developments, including over 300 multifamily units and townhome communities under construction. This property represents an investment opportunity with long-term leases, strong demographics, and a location poised for continued growth.
Key Highlights
- 100% leased, newly constructed Class A retail center in high‑growth Orlando MSA.
- Long‑term, triple‑net (NNN) leases with 3% annual increases, providing stable cash flow.
- Strategic location adjacent to Orlando Health's medical campus and within Lake Mary Wellness and Technology Park.
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
$141,857
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
3.15%
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%
$2,837,140
$2.8M
Cap Rate 7%
$2,026,529
$2.0M
Cap Rate 9%
$1,576,189
$1.6M
Market Conditions
NOI Build-Up for 7,224 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
$209.8K $29.04/SF
− Vacancy
−$7.1K −$0.99/SF
EGI
$202.7K $28.05/SF
− OpEx
−$60.8K −$8.42/SF
NOI
$141.9K $19.64/SF
Area
Seminole County, FL
Vacancy
3.40%
Lease Rate
$29.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,837,140
Cap Rate 7%
$2,026,529
Cap Rate 9%
$1,576,189
Alternative Uses
Best Use
Retail
$2.03M
$1.77M – $2.36M
NOI $141,857 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $143,902 @ 7.0% cap · market cap 3.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,811
Businesses Nearby
Explore this area
Business Placement
Demographics for 32746, FL
45,828
Population
20,204
Households
2.3
Avg Household Size
42
Median Age
53%
College-Educated
97%
High-School Grad
21.1 sq mi
ZIP Area
2,172
Density / Sq Mi
$111,534
Median Household Income
$55,860
Median Earnings
$1,912
Median Rent
$420,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased retail center in high-growth Orlando MSA.
Where is this strip mall located?
The property is located at 446 Rinehart Rd Lake Mary, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 100% leased, newly constructed Class A retail center in high‑growth Orlando MSA.; Long‑term, triple‑net (NNN) leases with 3% annual increases, providing stable cash flow.; Strategic location adjacent to Orlando Health's medical campus and within Lake Mary Wellness and Technology Park.
