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    1501 Griffin Rd Leesburg, FL 34748-3440
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    Property profile & analytics

    1501 Griffin Rd Leesburg, FL 34748-3440

    View on Map
    • Office buildings
    • 2,952 SF
    • 0.29 lot acres
    Off-Market
    Last Sale Sep 26, 2024
    $380,000
    Property ID
    US18-3004105
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Universal Engineering / Engineer
    • Restoration Outreach Community Center / Community Center

    Property Details for 1501 Griffin Rd

    Year built
    1951
    Construction
    CONCRETE
    Lot size
    0.29 lot acres
    Property size
    2,952 SF
    Property type
    Office buildings
    APN
    22-19-24-0001-000-00300
    APU
    221924000100000300

    Description

    This meticulously remodeled 2,952 square foot office building in Leesburg, Florida presents a compelling investment opportunity. Located on a high-visibility corner, just one block from US Highway 441-27 and less than 15 minutes from The Villages, this property boasts exceptional visibility and convenient access. Zoned C-2 by the City of Leesburg, it offers remarkable flexibility, suitable for a variety of uses including medical offices, retail spaces, or professional suites. The building can function as a single unit or be easily divided into three separate units, each with its own meter, maximizing rental income potential. Recent renovations are extensive, encompassing new flooring, fresh interior and exterior paint, and updated lighting fixtures throughout. Ample parking is available, enhancing the convenience for tenants and clients. This property is vacant and ready for immediate occupancy, making it an ideal choice for investors seeking a strong return or businesses looking for a modern, well-located space. All information is believed to be accurate but is not guaranteed and is subject to change without notice. Showings are by appointment only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Leesburg
    County
    Lake
    State
    Florida
    Longitude
    -81.8898
    Latitude
    28.8284
    CBSA code
    36740
    CBSA name
    ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,439
    $0.00
    $0.00
    $202,590
    -
    $58,688
    $143,902
    $202,590

    Comparable in this City

    • Value Estimation by Request
      1,898 SF

      1223 Commerce St

      OFFICE BUILDING • 1,898 SF
      1223 Commerce St, Leesburg, FL 34748-3638
      View Details
    • Value Estimation by Request
      2,929 SF

      112 Dixie Ave

      PROFESSIONAL BUILDING • 2,929 SF
      112 Dixie Ave, Leesburg, FL 34748-6350
      View Details
    • Value Estimation by Request
      2,026 SF

      611 Dixie Ave

      OFFICE BUILDING • 2,026 SF
      611 Dixie Ave, Leesburg, FL 34748-2602
      View Details
    • Value Estimation
      $655,000
      2,988 SF

      1107 Dixie Ave

      PROFESSIONAL BUILDING • 2,988 SF
      1107 Dixie Ave, Leesburg, FL 34748-6311
      View Details
    • Value Estimation
      $700,000
      3,202 SF

      914 Dixie Ave

      PROFESSIONAL BUILDING • 3,202 SF
      914 Dixie Ave, Leesburg, FL 34748-7647
      View Details
    • Value Estimation by Request
      2,630 SF

      1023 Dixie Ave

      OFFICE BUILDING • 2,630 SF
      1023 Dixie Ave, Leesburg, FL 34748-6309
      View Details

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      Medical/Professional Office Building on 441

      9,800 sq ft medical/professional office building for sale.
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    Similar Nearby for Lease

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      Leesburg Industrial/Warehouse Space Available

      Industrial/Warehouse space for lease in Leesburg, Florida.
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    Leesburg, FL 34748-3440
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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