Sanford Commercial Building on US
For Sale
$3,499,000
650 Lake Minnie Dr, Sanford, FL 32773
Former furniture store with showroom, warehouse, and office space.
Property Size21,240 SF
Price / SF$164.74
Days on Market203
Property Features for 650 Lake Minnie Dr
General Information
Standard status
Active
Size
21,240 SF
Property subtype
Retail
Building Details
Building Size
21,240 SF
Year Built
2006
Listing Agency:
First Capital Property Group
(407) 872-0177
Listed By:
Dan Van Nada · License #SL3507330
Source:
Corfac
Added: Jan 26
Changed: Aug 10
Last Checked: Aug 17 at 4:21AM
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 First Capital Property Group
Investment Insights
Based on property information with market context.
This commercial building, formerly a Badcock furniture store, is situated at a lighted intersection and features 170 feet of frontage on US 17-92, which sees an average annual daily traffic of 37,076 vehicles. The current layout includes a 15,000-square-foot showroom, a 3,000-square-foot warehouse, and 3,000 square feet of office and storage space. The primarily open layout allows for adaptive reuses. The rear warehouse includes one 10x10 dock-high loading door and clear heights ranging from 15 to 19 feet. The showroom space has 11-foot ceilings throughout. Located in the City of Sanford, the GC-2 zoning permits a variety of general commercial uses and highway-oriented sales and services. A cross-parking agreement with the neighboring Lake Minnie Village, which includes tenants such as Curaleaf, Pizza Hut, and Truly Nolen, provides expanded parking access for the building. The property size is 21,240 square feet.
Key Highlights
- Located at lighted intersection with 170’ of frontage on US 17‑92 (37,076 AADT)
- GC‑2 zoning allows for a variety of general commercial uses and highway‑oriented sales & services
- Primarily open 18,000 SF layout allows for variety of adaptive reuses
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
$317,326
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
9.07%
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%
$6,346,520
$6.3M
Cap Rate 7%
$4,533,229
$4.5M
Cap Rate 9%
$3,525,844
$3.5M
Market Conditions
NOI Build-Up for 21,240 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
$509.8K $24.00/SF
− Vacancy
−$86.7K −$4.08/SF
EGI
$423.1K $19.92/SF
− OpEx
−$105.8K −$4.98/SF
NOI
$317.3K $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%
$6,346,520
Cap Rate 7%
$4,533,229
Cap Rate 9%
$3,525,844
Alternative Uses
Best Use
Retail
$5.96M
$5.21M – $6.95M
NOI $417,087 @ 7.0% cap · market cap 11.92%
Second Best
Office B
$4.53M
$3.97M – $5.29M
NOI $317,326 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$6.04M
$5.29M – $7.05M
NOI $423,101 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32773, FL
33,990
Population
13,402
Households
2.5
Avg Household Size
36
Median Age
24%
College-Educated
88%
High-School Grad
27.6 sq mi
ZIP Area
1,232
Density / Sq Mi
$63,496
Median Household Income
$40,479
Median Earnings
$1,482
Median Rent
$259,600
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?
Showroom - Former furniture store with showroom, warehouse, and office space.
Where is this showroom located?
The property is located at 650 Lake Minnie Dr Sanford, FL.
What is the asking price?
The asking price for this property is $3,499,000.
What are key features of this property?
This property features: Located at lighted intersection with **170’ of frontage on US 17‑92 (37,076 AADT)**; GC‑2 zoning allows for a variety of general commercial uses and highway‑oriented sales & services; Primarily open 18,000 SF layout allows for variety of adaptive reuses
