Medical Building For
For Sale
$2,400,000
344 E Royal Palm St, Lake Placid, FL 33852
Two medical buildings totaling 12,496 SF in Lake Placid.
Property Size12,496 SF
Price / SF$192.06
Days on Market198
Property Features for 344 E Royal Palm St
General Information
Standard status
Active
Size
12,496 SF
Building Details
Year Built
1996
Listing Agency:
Advantage Realty #1
Listed By:
Gregory S Karlson · License #3229372
(863) 386-1111
Source:
Chenoregroup
Added: Mar 26
Changed: Oct 3
Last Checked: Oct 7 at 2:28PM
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 Advantage Realty #1
Investment Insights
Based on property information with market context.
Two finished medical buildings, each approximately 6,247 square feet, are available for purchase at a median turn corner location in Lake Placid, Florida. The total space is approximately 12,496 square feet. One building was previously occupied by Cora Physical Therapy. The other building is divided into three spaces: the front was previously used by RJB Physical Therapy, and the remaining rear space is occupied by the owner's partner as a Pediatric Physician, who will lease back the space at fair market value. Approximately 8,000 square feet is currently vacant. The seller will lease back the remaining 4,000 square feet. The sale is confidential, and potential buyers must sign a confidentiality agreement before requesting showings of the occupied space.
Key Highlights
- Two medical buildings totaling 12,496 SF in Lake Placid, FL.
- Opportunity to occupy 8,000 SF while generating income from seller leaseback of 4,000 SF.
- Located on a full median turn corner.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,197
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,543,940
$2.5M
Cap Rate 7%
$1,817,100
$1.8M
Cap Rate 9%
$1,413,300
$1.4M
Market Conditions
NOI Build-Up for 12,496 SF
Gross rent
$217.4K $17.40/SF
− Vacancy
−$47.8K −$3.83/SF
EGI
$169.6K $13.57/SF
− OpEx
−$42.4K −$3.39/SF
NOI
$127.2K $10.18/SF
Area
Highlands County, FL
Vacancy
22.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,543,940
Cap Rate 7%
$1,817,100
Cap Rate 9%
$1,413,300
Alternative Uses
Best Use
Office B
$1.82M
$1.59M – $2.12M
NOI $127,197 @ 7.0% cap · market cap 5.30%
Second Best
Healthcare Medical
$1.55M
$1.36M – $1.81M
NOI $108,708 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$2.60M
$2.27M – $3.03M
NOI $181,982 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33852, FL
21,635
Population
12,991
Households
1.7
Avg Household Size
55
Median Age
20%
College-Educated
85%
High-School Grad
293.4 sq mi
ZIP Area
74
Density / Sq Mi
$54,841
Median Household Income
$39,658
Median Earnings
$1,063
Median Rent
$205,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two medical buildings totaling 12,496 SF in Lake Placid.
Where is this medical office space located?
The property is located at 344 E Royal Palm St Lake Placid, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Two medical buildings totaling 12,496 SF in Lake Placid, FL.; Opportunity to occupy 8,000 SF while generating income from seller leaseback of 4,000 SF.; Located on a full median turn corner.
