Medical Office
For Sale
$399,000
708 LEE STREET, Leesburg, FL 34748
Office building with a waiting room, six exam rooms/private offices, and a cooled garage area.
Property Size2,013 SF
Price / SF$157.02
Days on Market28
Property Features for 708 LEE STREET
General Information
Standard status
Active
Size
2,013 SF
Property subtype
Medical Office
Zoning
RP
Building Details
Year Built
1943
Building Size
2,013 SF
Listing Agency:
GRIZZARD COMMERCIAL REALESTATE
(352) 787-6966
Listed By:
Daniel Tatro · License #3190991
Source:
Dennisrealty
Added: Jul 27
Changed: Aug 23
Last Checked: Aug 22 at 9:28AM
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 GRIZZARD COMMERCIAL REALESTATE
Investment Insights
Based on property information with market context.
This office building offers 2,013 SF designed for medical or professional use, including a waiting room and six exam rooms/offices/private offices. An additional 528 SF cooled garage is included, providing extra controlled space for storage or related operational needs.
The property is located in the City of Leesburg and is zoned RP. It is positioned between UF Health Leesburg Hospital and AdventHealth Waterman Hospital, supporting convenient access to major healthcare destinations.
With its exam-room and private-office layout plus dedicated cooled garage space, the building is well-suited for tenants seeking an established interior configuration for service delivery and patient-facing functions.
The property is located in the City of Leesburg and is zoned RP. It is positioned between UF Health Leesburg Hospital and AdventHealth Waterman Hospital, supporting convenient access to major healthcare destinations.
With its exam-room and private-office layout plus dedicated cooled garage space, the building is well-suited for tenants seeking an established interior configuration for service delivery and patient-facing functions.
Key Highlights
- Office building built in 1943 offering 2,013 SF in the City of Leesburg
- Layout includes a waiting room plus six exam rooms/private offices
- Includes a 528 SF cooled garage area
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
$36,224
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
9.08%
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%
$724,480
$724.5K
Cap Rate 7%
$517,486
$517.5K
Cap Rate 9%
$402,489
$402.5K
Market Conditions
NOI Build-Up for 2,541 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
$67.1K $26.40/SF
− Vacancy
−$6.7K −$2.64/SF
EGI
$60.4K $23.76/SF
− OpEx
−$24.1K −$9.50/SF
NOI
$36.2K $14.26/SF
Area
Lake County, FL
Vacancy
10.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$724,480
Cap Rate 7%
$517,486
Cap Rate 9%
$402,489
Alternative Uses
Best Use
Office B
$542.3K
$474.5K – $632.7K
NOI $37,963 @ 7.0% cap · market cap 9.51%
Second Best
Healthcare Medical
$517.5K
$452.8K – $603.7K
NOI $36,224 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$723.1K
$632.7K – $843.6K
NOI $50,617 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,433
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34748, FL
45,481
Population
25,740
Households
1.8
Avg Household Size
60
Median Age
24%
College-Educated
90%
High-School Grad
39.4 sq mi
ZIP Area
1,154
Density / Sq Mi
$53,768
Median Household Income
$30,762
Median Earnings
$1,181
Median Rent
$226,200
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?
Medical Office Space - Office building with a waiting room, six exam rooms/private offices, and a cooled garage area.
Where is this medical office space located?
The property is located at 708 LEE STREET Leesburg, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Office building built in 1943 offering 2,013 SF in the City of Leesburg; Layout includes a waiting room plus six exam rooms/private offices; Includes a 528 SF cooled garage area
