Leesburg Medical/Office Building For
For Sale
Contact for pricing
170 North Blvd E, Leesburg, FL 34748
5,415 SF medical/office building on a signalized corner.
Property Size5,415 SF
Price / SF$184.49
Days on Market955
Property Features for 170 North Blvd E
General Information
Standard status
Active
Size
5,415 SF
Class
B
Property subtype
Office
Zoning
C-3
Building Details
Year Built
2001
Buildings
1
Stories
1
Listing Agency:
Grizzard Commercial Real Estate Group
(352) 396-9136
Listed By:
Dan Tatro · License #FL 3190991
Source:
Crexi
Added: Jan 10, 2024
Changed: Aug 22
Last Checked: Jul 31 at 12:41PM
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 Real Estate Group
Investment Insights
Based on property information with market context.
This is a 5,415+/- SF medical/office building, formerly a blood donation facility. The building is located on a signalized corner at E North Blvd / US Hwy 441 & N Canal Street, offering 250+/- FT of highway frontage and excellent visibility. Situated within the City of Leesburg, the property benefits from city utilities and C-3 Highway Commercial zoning. The FDOT reports an average of 33,000 trips per day. The site's location is near the University of Florida's Leesburg North Campus and a short drive from UF Health's Leesburg Hospital. This Central Florida location is just over an hour to Orlando or Ocala and 15 minutes to The Villages, I-75 and Florida's Turnpike. The building includes multiple offices, classrooms / conference room, and a large walk-in cooler. There is even bus parking available for 2 buses. The former blood bank has potential for a lab, medical office, classrooms, urgent care, and professional offices.
Key Highlights
- High‑traffic location on a signalized corner with 250+\/- FT of Hwy frontage and excellent visibility (33,000 FDOT avg trips per day).
- Zoned C‑3 Highway Commercial with city utilities, offering versatile usage possibilities.
- Located near University of Florida's Leesburg North Campus and UF Health's Leesburg Hospital.
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
$80,900
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
8.10%
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%
$1,618,000
$1.6M
Cap Rate 7%
$1,155,714
$1.2M
Cap Rate 9%
$898,889
$898.9K
Market Conditions
NOI Build-Up for 5,415 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
$130.0K $24.00/SF
− Vacancy
−$22.1K −$4.08/SF
EGI
$107.9K $19.92/SF
− OpEx
−$27.0K −$4.98/SF
NOI
$80.9K $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%
$1,618,000
Cap Rate 7%
$1,155,714
Cap Rate 9%
$898,889
Alternative Uses
Best Use
Office B
$1.16M
$1.01M – $1.35M
NOI $80,900 @ 7.0% cap · market cap 8.10%
Second Best
Healthcare Medical
$1.10M
$965.0K – $1.29M
NOI $77,196 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,867 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,196
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 - 5,415 SF medical/office building on a signalized corner.
Where is this medical office space located?
The property is located at 170 North Blvd E Leesburg, FL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: High‑traffic location on a signalized corner with 250+\/- FT of Hwy frontage and excellent visibility (33,000 FDOT avg trips per day).; Zoned C‑3 Highway Commercial with city utilities, offering versatile usage possibilities.; Located near University of Florida's Leesburg North Campus and UF Health's Leesburg Hospital.
