Remodeled Historic Mixed-Use
For Sale
Under Contract
$1,500,000
121 E 1ST Street, Sanford, FL 32771
Commercial Sale, SANFORD, FL
Property Size7,987 SF
Lot Size0.10 Acres
Price / SF$187.81
Days on Market303
Property Features for 121 E 1ST Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
SC3
Subdivision
SANFORD TOWN OF
Directions
From I-4 go east on 46 and continue on 1st St, located next to clock in Magnolia Square.
Standard status
Active Under Contract
APN
25-19-30-5AG-0303-0010
Size
7,987 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 1 (LESS S 37.65 FT) & E 2.97 FT OF LOT 2 (LESS S 37.65 FT) BLK 3 TR 3 TOWN OF SANFORD PB 1 PG 58
Tax Annual Amount
14368
Legal Description
LOT 1 (LESS S 37.65 FT) & E 2.97 FT OF LOT 2 (LESS S 37.65 FT) BLK 3 TR 3 TOWN OF SANFORD PB 1 PG 58
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Flooring type
Vinyl, Tile - Ceramic
Building materials
Brick, Stucco
Listing Agency:
KROLL REALTY GROUP
(407) 339-6930
Listed By:
Holly Kroll · License #3282595
(407) 716-7429
Added: Oct 27, 2025
Changed: Aug 24
Last Checked: Aug 25 at 4:06PM
MLS# O6355722
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.
Investment Insights
Based on property information with market context.
This 7987-square-foot mixed-use building combines historic construction with substantial recent improvements. Built in 1920 with brick and stucco construction, the property includes an open first-floor layout with exposed brick, open ceilings, three bathrooms, and a kitchenette. The upper level contains eight private offices, a break room, and a restroom, creating a separate professional workspace within the building. Updates include first-floor LVP flooring, second-floor carpet, fresh interior paint, and a new A/C system installed in 2023.
Located in Downtown Sanford's First Street business district, the building sits between 1st Street and Magnolia near shops, restaurants, and entertainment venues. SC3 zoning supports a range of commercial applications. Public water and public sewer serve the property, which occupies 0.1 acres.
Located in Downtown Sanford's First Street business district, the building sits between 1st Street and Magnolia near shops, restaurants, and entertainment venues. SC3 zoning supports a range of commercial applications. Public water and public sewer serve the property, which occupies 0.1 acres.
Key Highlights
- 7987 square feet across two levels
- First floor offers open layout, exposed brick, open ceilings, three bathrooms, and a kitchenette
- Second floor includes eight private offices, a break room, and a restroom
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,245
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible two-level commercial layout with open retail, office, restaurant, or event-space potential and updated interiors.
Where is this mixed-use property located?
The property is located at 121 E 1ST Street 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: 7987 square feet across two levels; First floor offers open layout, exposed brick, open ceilings, three bathrooms, and a kitchenette; Second floor includes eight private offices, a break room, and a restroom
