Remodeled Historic Commercial
For Sale
$1,500,000
121 E 1ST STREET #101, Sanford, FL 32771
Remodeled historic commercial building in Downtown Sanford's vibrant district.
Property Size7,987 SF
Lot Size0.10 Acres
Price / SF$187.81
Days on Market286
Property Features for 121 E 1ST STREET #101
General Information
Standard status
Active
Size
7,987 SF
Lot size
0.10 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$14,368
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Central Heating
Ceramic Tile Flooring
Luxury Vinyl Flooring
Building Details
Year Built
1920
Listing Agency:
KROLL REALTY GROUP
(407) 339-6930
Listed By:
HOLLY KROLL · License #3282595
Source:
Corcoran
Added: Oct 28, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:07AM
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.
This remodeled historic commercial building is located in Downtown Sanford's First Street business district. The property is positioned between 1st Street and Magnolia, among shops, restaurants, and entertainment venues. The building has been updated and combines modern functionality with character and craftsmanship. The first floor features an open-concept layout suitable for mixed-use applications such as retail, restaurant, office, or event space. It includes original exposed brick walls, open-air ceilings, three bathrooms, and a kitchenette. The second floor features two-story ceilings, eight private offices, a break room, and a restroom. Front-facing windows have been soundproofed. Recent upgrades include fresh interior paint, new LVP flooring on the first floor, new carpet on the second floor, and a new A/C system installed in 2023. The building is located in a walkable and rapidly growing downtown corridor and is zoned SC3. The property size is 7987 square feet.
Key Highlights
- Prime location in Downtown Sanford's First Street business district
- Remodeled historic commercial building
- Versatile first floor with open‑concept layout, exposed brick, high ceilings, three bathrooms, and kitchenette
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
Specialty Retail
$2.20M
$1.93M – $2.57M
NOI $154,037 @ 7.0% cap · market cap 10.27%
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 - Remodeled historic commercial building in Downtown Sanford's vibrant district.
Where is this mixed-use property located?
The property is located at 121 E 1ST STREET #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: Prime location in Downtown Sanford's First Street business district; Remodeled historic commercial building; Versatile first floor with open‑concept layout, exposed brick, high ceilings, three bathrooms, and kitchenette
