Property Description

Flamingo Real Estate & Management is pleased to present Tri-County Podiatry, a fully occupied, purpose-built medical-office investment located at 340 Heald Way in The Villages, Florida. The property is offered at $2,950,000 and is leased to Upperline Health, Inc. under a new six-year lease beginning at $252,000 in annual base rent. Contractual 5% annual increases grow annual base rent to approximately $321,623 by Lease Year 6, while four additional two-year renewal periods provide the potential for a substantially longer tenant relationship. The approximately 10,750-square-foot building contains 10,000 rentable square feet and was constructed in 2016. Its medical buildout includes 21 exam rooms, two nurse stations, an X-ray suite and waiting area, physical-therapy space, separate check-in and check-out areas, a substantial patient lobby, administrative and business offices, conference and employee break rooms, laundry, storage and support areas. This specialized configuration would be costly and time-consuming to reproduce, providing an important occupancy advantage for a medical user. The investment is offered as a leasehold interest rather than fee-simple ownership of the land. The underlying ground lease is with The Villages Operating Company and includes an initial 20-year term measured from the Rent Commencement Date, followed by three 20-year extension options and one 19-year extension option. If properly exercised and all lease conditions are satisfied, the total potential ground-lease period is 99 years. Most importantly, the Upperline Health lease treats Ground Lease Expenses, real estate taxes and landlord insurance as reimbursable operating expenses. The approximate $147,711 ground-rent estimate contained in the 2026 appraisal is therefore not simply deducted from the $252,000 annual base-rent stream. The tenant pays base rent and separately reimburses the identified operating expenses, subject to the lease terms and annual reconciliation. At the $2,950,000 offering price, the stated Year 1 NOI produces an 8.54% capitalization rate and a price of approximately $295 per rentable square foot. The higher going-in yield relative to typical medical-office pricing recognizes the leasehold ownership structure while giving an investor the benefit of a new medical lease, 5% annual rent growth, a modern facility and a location supported by The Villages healthcare economy. The property is located within Colony Professional Plaza near County Road 466A and the Colony Plaza area. Sumter County has an estimated population of 157,772, and 57.6% of residents are age 65 or older, creating sustained demand for podiatry, chronic-care and outpatient healthcare services. Prospective purchasers should review the complete Upperline lease, ground lease, all amendments and approvals, the ground-lessor estoppel, transfer consent, current ground-rent ledger and applicable title and property materials. The offering is subject to verification and may be modified or withdrawn without notice.