Medical Office in Eustis
For Sale
$840,000
Pending
801 N BAY St, Eustis, FL 32726
Professional medical office space for sale in Eustis, Florida.
Property Size3,158 SF
Lot Size0.53 Acres
Days on Market156
Property Features for 801 N BAY St
General Information
Standard status
Pending
Size
3,158 SF
Lot size
0.53 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,121
Building Details
Building Size
3,158 SF
Year Built
1982
Stories
1
Listing Agency:
RealTeam Realty Inc
(352) 267-6216
Listed By:
Trish Leisner · License #3185853
(352) 267-6216
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:20PM
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 RealTeam Realty Inc
Investment Insights
Based on property information with market context.
This medical professional office is situated directly on S US Hwy 19 (Bay Street) & E. Wilt Avenue, within the Eustis Central Business District. The property occupies a half-acre lot and includes 21 parking spaces. Recent updates include a new roof in 2024 and AC units in 2023, with remodeling completed in 2022 encompassing flooring and interior/exterior painting. Originally built in 1982, the property underwent a major renovation, establishing an effective year of 2004. The layout features a shared reception and front work area, with the back offices divided into nearly identical sides, presenting an opportunity to occupy one side and lease out the other. Owner parking is located behind the building, and each unit has two separate metal doors for access and a security system. Additional amenities include a 2-car metal carport. The property's corner location facilitates easy access, with entry and exit points from Wilt Ave or directly on Bay Street. The back half of the building is symmetrically designed to create two offices, each featuring a consultation room, 3 exam rooms, a minor procedure room, a nurses station, a scale designated area, dressing areas, and 2 individual restrooms, along with a private entrance for the professional. Shared front areas include a staff lounge, work room, chart room laboratory, x-ray facilities, reception area, waiting area, and ample storage. The property is well-maintained and ready for immediate occupancy by one or more professionals.
Key Highlights
- Prime location directly on S US Hwy 19 (Bay Street) in the Eustis Central Business District with easy access from two streets.
- Recent renovations (2022‑2024) including new roof, AC units, flooring, and interior/exterior paint.
- Flexible layout suitable for owner‑occupancy and leasing potential with two identical office sides.
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
$47,181
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
5.62%
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%
$943,620
$943.6K
Cap Rate 7%
$674,014
$674.0K
Cap Rate 9%
$524,233
$524.2K
Market Conditions
NOI Build-Up for 3,158 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
$75.8K $24.00/SF
− Vacancy
−$12.9K −$4.08/SF
EGI
$62.9K $19.92/SF
− OpEx
−$15.7K −$4.98/SF
NOI
$47.2K $14.94/SF
Area
Lake County, FL
Vacancy
17.00%
Lease Rate
$24.00 /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%
$943,620
Cap Rate 7%
$674,014
Cap Rate 9%
$524,233
Alternative Uses
Best Use
Office B
$674.0K
$589.8K – $786.4K
NOI $47,181 @ 7.0% cap · market cap 5.62%
Second Best
Healthcare Medical
$643.1K
$562.8K – $750.3K
NOI $45,020 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$898.7K
$786.3K – $1.05M
NOI $62,907 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
733
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32726, FL
23,012
Population
11,168
Households
2.1
Avg Household Size
45
Median Age
21%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
2,001
Density / Sq Mi
$60,750
Median Household Income
$37,197
Median Earnings
$1,027
Median Rent
$230,400
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 - Professional medical office space for sale in Eustis, Florida.
Where is this medical office space located?
The property is located at 801 N BAY St Eustis, FL.
What is the asking price?
The asking price for this property is $840,000.
What are key features of this property?
This property features: Prime location directly on S US Hwy 19 (Bay Street) in the Eustis Central Business District with easy access from two streets.; Recent renovations (2022‑2024) including new roof, AC units, flooring, and interior/exterior paint.; Flexible layout suitable for owner‑occupancy and leasing potential with two identical office sides.
