Flex Space with Dock High
For Sale
Contact for pricing
650 Lake Minnie Dr, Sanford, FL 32773
Sanford GC-2 flex space with showroom, warehouse, and office/storage components, plus a dock-high loading door.
Property Size21,240 SF
Price / SF$164.74
Days on Market503
Property Features for 650 Lake Minnie Dr
General Information
Standard status
Active
Size
21,240 SF
Property subtype
RETAIL
Zoning
GC-2
Site & Location
Frontage
170 ft
Traffic Count
35,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
19 ft
Warehouse Space
3,000 SF
Dock-High Doors
1
Listing Agency:
First Capital Property Group
(407) 872-0209
Listed By:
Dan Van Nada · License #SL3507330
(407) 872-0209
Source:
Moodyscre
Added: Mar 26, 2025
Changed: Aug 8
Last Checked: Aug 8 at 8:33PM
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 former Badcock furniture big box has a flexible, primarily open layout designed to support a range of adaptive reuses. The building includes a 15,000 SF showroom, 3,000 SF warehouse, and 3,000 SF of office and storage space. The rear warehouse area features one dock high 10x10 loading door, with clear height ranging from 15’ to 19’. The showroom has 11’ ceilings throughout.
The property sits at a lighted intersection with 170’ of frontage along busy US 17-92 with 35,000 AADT. It is zoned City of Sanford GC-2, which allows for a variety of general commercial uses and highway-oriented sales & services.
A cross parking agreement with neighboring Lake Minnie Village provides expanded parking access for building tenants.
The property sits at a lighted intersection with 170’ of frontage along busy US 17-92 with 35,000 AADT. It is zoned City of Sanford GC-2, which allows for a variety of general commercial uses and highway-oriented sales & services.
A cross parking agreement with neighboring Lake Minnie Village provides expanded parking access for building tenants.
Key Highlights
- Former Badcock furniture big box with primarily open adaptive reuse layout
- 15,000 SF showroom plus 3,000 SF warehouse and 3,000 SF office/storage
- Rear warehouse includes one dock high 10x10 loading door; clear height 15’–19’
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
$144,077
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
4.12%
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%
$2,881,540
$2.9M
Cap Rate 7%
$2,058,243
$2.1M
Cap Rate 9%
$1,600,856
$1.6M
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
$186.1K $8.76/SF
− Vacancy
−$16.6K −$0.78/SF
EGI
$169.5K $7.98/SF
− OpEx
−$25.4K −$1.20/SF
NOI
$144.1K $6.78/SF
Area
Seminole County, FL
Vacancy
8.90%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$2,881,540
Cap Rate 7%
$2,058,243
Cap Rate 9%
$1,600,856
Alternative Uses
Best Use
Retail
$5.96M
$5.21M – $6.95M
NOI $417,087 @ 7.0% cap · market cap 11.92%
Second Best
Warehouse
$2.06M
$1.80M – $2.40M
NOI $144,077 @ 7.0% cap · market cap 4.12%
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
Current Use
Lease Details
19 ft
Clear height
1
Dock-high doors
35,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Under-served
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Sanford GC-2 flex space with showroom, warehouse, and office/storage components, plus a dock-high loading door.
Where is this flex space 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: Former Badcock furniture big box with primarily open adaptive reuse layout; 15,000 SF showroom plus 3,000 SF warehouse and 3,000 SF office/storage; Rear warehouse includes one dock high 10x10 loading door; clear height 15’–19’
