NNN Medical
For Sale
Contact for pricing
803 E Dixie Ave, Leesburg, FL 34748
Community Commercial-zoned healthcare property occupied by an Optum Health business with annual rent increases.
Property Size6,000 SF
Lot Size0.89 Acres
Price / SF$294.83
Days on Market56
Property Features for 803 E Dixie Ave
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
38
Lot size
0.89 Acres
Property subtype
Retail
Zoning
Community Commercial
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$135,679
Additional Details
Cap Rate
7.42%
Building Details
Year Built
1986
Year Renovated
1996
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
SRS Real Estate Partners Tampa
(954) 703-3602
Listed By:
Patrick Nutt · License #BK3120739
Source:
Crexi
Added: Jul 8
Changed: Aug 30
Last Checked: Aug 31 at 9:34PM
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 SRS Real Estate Partners Tampa
Investment Insights
Based on property information with market context.
This 6,000-square-foot medical property on 0.89 acres was built in 1986 and is occupied by an Optum Health business. The asset carries Community Commercial zoning and includes a corporate guarantee from UnitedHealth Group. Lease terms provide for 3% annual increases, supporting scheduled rent growth over the lease term.
Located at 803 E. Dixie Avenue in Leesburg, Florida, the property benefits from reported traffic of 29,500 vehicles per day. The surrounding area includes healthcare facilities and a new 49.5-acre mixed-use development. The tenant acquired the business in 2023, adding current operating context for an owner evaluating the property.
Located at 803 E. Dixie Avenue in Leesburg, Florida, the property benefits from reported traffic of 29,500 vehicles per day. The surrounding area includes healthcare facilities and a new 49.5-acre mixed-use development. The tenant acquired the business in 2023, adding current operating context for an owner evaluating the property.
Key Highlights
- 6,000 SF medical property on 0.89 acres
- Community Commercial zoning
- Corporate guarantee from UnitedHealth Group
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
$89,640
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
5.07%
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%
$1,792,800
$1.8M
Cap Rate 7%
$1,280,571
$1.3M
Cap Rate 9%
$996,000
$996.0K
Market Conditions
NOI Build-Up for 6,000 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
$144.0K $24.00/SF
− Vacancy
−$24.5K −$4.08/SF
EGI
$119.5K $19.92/SF
− OpEx
−$29.9K −$4.98/SF
NOI
$89.6K $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%
$1,792,800
Cap Rate 7%
$1,280,571
Cap Rate 9%
$996,000
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.49M
NOI $89,640 @ 7.0% cap · market cap 5.07%
Second Best
Healthcare Medical
$1.22M
$1.07M – $1.43M
NOI $85,536 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,520 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
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?
NNN property - Community Commercial-zoned healthcare property occupied by an Optum Health business with annual rent increases.
Where is this nnn property located?
The property is located at 803 E Dixie Ave Leesburg, FL.
What is the asking price?
The asking price for this property is $1,769,000.
What are key features of this property?
This property features: 6,000 SF medical property on 0.89 acres; Community Commercial zoning; Corporate guarantee from UnitedHealth Group
