Historic Sanford PICO Building
For Sale
$950,000
209 N OAK AVENUE, Sanford, FL 32771
Mixed-use building in Downtown Sanford, near Lake Monroe.
Property Size6,032 SF
Price / SF$157.49
Days on Market869
Property Features for 209 N OAK AVENUE
General Information
Standard status
Active
Size
6,032 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$4,768
Building Details
Year Built
1887
Listing Agency:
SLOANE REALTY, LLC
(407) 758-3166
Listed By:
Matt White · License #3106449
(407) 758-3166
Source:
Exitrealty
Added: Apr 12, 2024
Changed: Aug 25
Last Checked: Aug 28 at 8:33AM
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 SLOANE REALTY, LLC
Investment Insights
Based on property information with market context.
The PICO building, a historic landmark in Sanford since 1887, is available for purchase. Located in the Downtown Sanford Community Redevelopment Area and less than two blocks from Lake Monroe, the property is zoned SC-3, allowing for retail, restaurant, office, and multifamily residential uses. The seller is in the planning process to construct 3 apartments upstairs, with a bar/restaurant in the lower level. This property is not in a flood zone.
Key Highlights
- Prime location in Downtown Sanford Community Redevelopment Area, less than 2 blocks from Lake Monroe.
- Zoned SC‑3, allowing for retail, restaurant, office, and multifamily residential uses.
- Seller plans to construct 3 apartments upstairs and a bar/restaurant in the lower level.
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
$79,622
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
8.38%
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%
$1,592,440
$1.6M
Cap Rate 7%
$1,137,457
$1.1M
Cap Rate 9%
$884,689
$884.7K
Market Conditions
NOI Build-Up for 6,032 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
$144.8K $24.00/SF
− Vacancy
−$17.4K −$2.88/SF
EGI
$127.4K $21.12/SF
− OpEx
−$47.8K −$7.92/SF
NOI
$79.6K $13.20/SF
Area
Seminole County, FL
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,592,440
Cap Rate 7%
$1,137,457
Cap Rate 9%
$884,689
Alternative Uses
Best Use
Mixed Use
$1.14M
$995.3K – $1.33M
NOI $79,622 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,157 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,151
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building in Downtown Sanford, near Lake Monroe.
Where is this mixed-use property located?
The property is located at 209 N OAK AVENUE Sanford, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Prime location in Downtown Sanford Community Redevelopment Area, less than 2 blocks from Lake Monroe.; Zoned SC‑3, allowing for retail, restaurant, office, and multifamily residential uses.; Seller plans to construct 3 apartments upstairs and a bar/restaurant in the lower level.
