Remodeled Historic Mixed-Use
New
For Sale
$1,500,000
Pending
121 E 1ST 101, Sanford, FL 32771
Two-level layout combines open commercial space with private offices and support areas.
Property Size7,987 SF
Days on Market4
Property Features for 121 E 1ST 101
General Information
Standard status
Pending
Size
7,987 SF
Property subtype
Commercial
Zoning
SC3
Taxes and HOA fees
Annual Taxes
$14,367
Amenities
three bathrooms
kitchenette
break room
soundproofed front-facing windows
Building Details
Building Size
7,987 SF
Year Built
1920
Buildings
1
Stories
2
Construction
brick
Listing Agency:
KROLL REALTY GROUP
Listed By:
Holly Kroll · License #3282595
(407) 716-7429
Source:
Elliman
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 18 at 9:51AM
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 KROLL REALTY GROUP
Investment Insights
Based on property information with market context.
Built in 1920, this remodeled historic commercial building offers a two-level configuration in downtown Sanford’s First Street business district. The ground floor provides an expansive open area with exposed brick, open-air ceilings, three bathrooms, and a kitchenette. Its flexible arrangement supports retail, restaurant, office, and event uses. The upper level includes eight private offices, a break room, a restroom, two-story ceilings, and soundproofed front windows.
Recent improvements include fresh interior paint, new LVP flooring on the first floor, new carpet upstairs, and an A/C system installed in 2023. The property is positioned at 121 E 1ST 101 between 1st Street and Magnolia, within the surrounding shops, restaurants, and entertainment venues of downtown Sanford. Zoning is SC3.
Recent improvements include fresh interior paint, new LVP flooring on the first floor, new carpet upstairs, and an A/C system installed in 2023. The property is positioned at 121 E 1ST 101 between 1st Street and Magnolia, within the surrounding shops, restaurants, and entertainment venues of downtown Sanford. Zoning is SC3.
Key Highlights
- Historic commercial building constructed in 1920
- Eight private offices on the second floor
- Open first‑floor area with exposed brick and open‑air ceilings
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
$119,326
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
7.96%
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%
$2,386,520
$2.4M
Cap Rate 7%
$1,704,657
$1.7M
Cap Rate 9%
$1,325,844
$1.3M
Market Conditions
NOI Build-Up for 7,987 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
$191.7K $24.00/SF
− Vacancy
−$32.6K −$4.08/SF
EGI
$159.1K $19.92/SF
− OpEx
−$39.8K −$4.98/SF
NOI
$119.3K $14.94/SF
Area
Seminole 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%
$2,386,520
Cap Rate 7%
$1,704,657
Cap Rate 9%
$1,325,844
Alternative Uses
Best Use
Retail
$2.24M
$1.96M – $2.61M
NOI $156,840 @ 7.0% cap · market cap 10.46%
Second Best
Office B
$1.70M
$1.49M – $1.99M
NOI $119,326 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $159,101 @ 7.0% cap · market cap 10.61%
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
1,215
Businesses Nearby
Explore this area
Business Placement
Demographics for 32771, FL
57,178
Population
24,062
Households
2.4
Avg Household Size
37
Median Age
35%
College-Educated
91%
High-School Grad
37.5 sq mi
ZIP Area
1,525
Density / Sq Mi
$74,520
Median Household Income
$43,321
Median Earnings
$1,584
Median Rent
$332,500
Median Home Value
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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?
Mixed-use property - Two-level layout combines open commercial space with private offices and support areas.
Where is this mixed-use property located?
The property is located at 121 E 1ST 101 Sanford, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Historic commercial building constructed in 1920; Eight private offices on the second floor; Open first‑floor area with exposed brick and open‑air ceilings
