Leased Multi-Tenant Retail NNN
For Sale
Contact for pricing
446 Rinehart Rd, Lake Mary, FL 32746
Newly constructed retail center is 100% leased to three tenants under newer 10-year NNN leases with 3% annual increases.
Property Size7,224 SF
Lot Size1.60 Acres
Price / SF$622.92
Days on Market209
Property Features for 446 Rinehart Rd
General Information
Standard status
Active
Size
7,224 SF
Class
A
Lot size
1.60 Acres
Property subtype
RETAIL
Occupancy
100%
Building Details
Tenancy
Multi
Listing Agency:
Lee & Associates | North San Diego County
(760) 929-9700
Listed By:
Ryan Bennett · License #01826517
(760) 519-0240
Source:
Moodyscre
Added: Feb 18
Changed: Sep 15
Last Checked: Sep 15 at 5:05AM
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 | North San Diego County
Investment Insights
Based on property information with market context.
Lee & Associates presents a newly constructed, 100% leased multi-tenant retail asset within the Orlando MSA. Bent’s Landing Retail Center includes 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, designed to support long-term, stable income.
The property is located at 446 Rinehart Rd in Lake Mary, Florida, and sits on 1.6 acres. The retail center also benefits from cross-parking agreements within a larger development, supporting convenient customer access and circulation.
The center is configured as a multi-tenant storefront retail property and is offered for sale as a fully leased investment.
The property is located at 446 Rinehart Rd in Lake Mary, Florida, and sits on 1.6 acres. The retail center also benefits from cross-parking agreements within a larger development, supporting convenient customer access and circulation.
The center is configured as a multi-tenant storefront retail property and is offered for sale as a fully leased investment.
Key Highlights
- 100% leased, newly constructed multi‑tenant retail asset in Lake Mary, FL (Orlando MSA)
- 7,224 SF Class A retail storefront space fully occupied by three tenants: UrgentVet, 100% Chiropractic, and BodyRok
- Tenants operate under newer 10‑year NNN leases with 3% annual increases
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
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,183
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - Newly constructed retail center is 100% leased to three tenants under newer 10-year NNN leases with 3% annual increases.
Where is this retail space 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 multi‑tenant retail asset in Lake Mary, FL (Orlando MSA); 7,224 SF Class A retail storefront space fully occupied by three tenants: UrgentVet, 100% Chiropractic, and BodyRok; Tenants operate under newer 10‑year NNN leases with 3% annual increases
