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    318 S Palmetto Ave Sanford, FL 32771

    Sponsored
    For Sale
    $1,427,700

    Multi-Family 5+ - SANFORD, FL

    Property size:
    6,112 SF
    Lot size:
    0.34 Acres
    Days on Market:
    16
    Last Refresh:
    Feb 21 at 5:06 am

    Property Features for 318 S Palmetto Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Security features
    Fire Alarm, Fire Sprinkler System, Smoke Detector(s)
    Zoning
    SC3
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    18
    APN
    25-19-30-5AG-0502-0060
    Interior features
    Built-in Features, Ceiling Fans(s), High Ceilings, Solid Wood Cabinets, Window Treatments
    Exterior features
    Corner Lot, Balcony, Courtyard, Rain Gutters, Sidewalk
    Appliances
    Range, Refrigerator
    Size
    6,112 SF
    Lot size
    0.34 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air, Multi Units, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1901
    Number of units
    9
    Flooring type
    Tile, Vinyl, Wood
    Building materials
    Frame
    Roof type
    Metal, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Debbie Weaver

    Premium Properties Real Estate Services (407) 380-2800

    Listing agent Debbie Weaver (407) 380-2800 License #3057000

    Listing date Feb 6, 2026

    MLS# O6245237 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Sanford Multi-Family Investment

    The Sirrine House, a historic building in Sanford, originally a hotel and converted to apartments in 1929, is available for purchase. Located two blocks south of 1st Street and four blocks from Lake Monroe and the St Johns Riverwalk, this 9-unit apartment building sits on 0.34 acres in downtown. Eight units feature refinished original hardwood floors, some wood doors with glass knobs, 10-foot ceilings, picture rails, and natural light. Historic features include claw foot tubs, drain board kitchen sinks, and tin ceilings and walls, along with built-in cabinets and wardrobes. Porches and balconies offer treetop views, and a paver patio area is available for residents under an oak tree. The property is located in a walking community with shops, restaurants, live music venues, and microbreweries. Updates include re-piping, replaced metal roofs, refinished original hardwood floors, gutters, intellijack steal supports, fire alarm panel, cellular communicator, and a fire sprinkler system. The property has experienced excellent occupancy with long-term tenants. Four of the units are furnished with higher rental rates. Several rents are lower than market value because of long term tenants. There is an unfinished 10th unit. The property size is 6,112 square feet. Owner financing is available with qualified buyer.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sirrine House Apartment Apartment Building Secure Locksmith Sanford ... Locksmith

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sanford
    County
    Seminole
    State
    Florida
    Longitude
    -81.26626
    Latitude
    28.809271

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    FAQs

    What type of property is this?
    Apartment building - Historic 9-unit apartment building in downtown Sanford.
    Where is this apartment building located?
    The property is located at 318 S Palmetto Ave Sanford, FL.
    What is the asking price?
    The asking price for this property is $1,427,700.
    What are key features of this property?
    This property features: - Historic building in the heart of Downtown Sanford, offering unique charm and character.; - Income-producing property with a history of excellent occupancy and potential for increased rents.; - Prime location: **walking distance to 1st Street, Lake Monroe, St Johns Riverwalk, shops, restaurants, and entertainment.**
    (407) 380-2800
    Request Owner's contact information
    318 S Palmetto Ave Sanford, FL 32771
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    Sanford, FL 32771
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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
    318 S Palmetto Ave Sanford, FL 32771
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    We can help!
    Listing Contact
    Debbie Weaver
    Real Estate License ID: 3057000
    (407) 380-2800
    Learn more
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