Downtown Sanford Mixed-Use
For Sale
Contact for pricing
203 E 3rd St, Sanford, FL 32771
4,930 SF mixed-use building in Downtown Sanford, Florida.
Property Size4,930 SF
Price / SF$303.25
Days on Market195
Property Features for 203 E 3rd St
General Information
Standard status
Active
Size
4,930 SF
Total Parking Spaces
22
Property subtype
Mixed Use
Zoning
SC-3
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1974
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Collison Capital
Listed By:
Carter Collison · License #BK3199690
Source:
Crexi
Added: Feb 17
Changed: Aug 24
Last Checked: Aug 29 at 11:25PM
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 Collison Capital
Investment Insights
Based on property information with market context.
The Westerfield Building is a 4,930 SF mixed-use building located in Downtown Sanford, Florida, situated in the submarket's most desirable retail and dining area. The property is currently 100% leased to a diverse mix of six retail and office tenants, presenting a unique investment opportunity in the Sanford / Lake Mary market. It features SC-3 zoning (2.0 FAR) within the special Waterfront Downtown Business District (WDBD), designed to encourage higher density commercial development in Sanford's downtown core. Each of the eight office / retail suites offers private exterior entries, eliminating internal common hallways. Individual restrooms, with some units including full shower facilities, are available. The suites also feature direct frontage onto East 3rd Street and ample on-site parking, providing a leasing advantage over comparable mixed-use properties. This combination of on-site amenities in Downtown Sanford has resulted in significant tenant demand and 100% property occupancy.
Key Highlights
- Located in the highly desirable Downtown Sanford retail and dining neighborhood.
- 100% leased to a diverse mix of retail and office tenants.
- Unique investment opportunity in the Sanford / Lake Mary market.
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
$65,076
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
4.35%
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%
$1,301,520
$1.3M
Cap Rate 7%
$929,657
$929.7K
Cap Rate 9%
$723,067
$723.1K
Market Conditions
NOI Build-Up for 4,930 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
$118.3K $24.00/SF
− Vacancy
−$14.2K −$2.88/SF
EGI
$104.1K $21.12/SF
− OpEx
−$39.0K −$7.92/SF
NOI
$65.1K $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%
$1,301,520
Cap Rate 7%
$929,657
Cap Rate 9%
$723,067
Alternative Uses
Best Use
Mixed Use
$929.7K
$813.5K – $1.08M
NOI $65,076 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,206 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,427
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 - 4,930 SF mixed-use building in Downtown Sanford, Florida.
Where is this mixed-use property located?
The property is located at 203 E 3rd St Sanford, FL.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Located in the highly desirable Downtown Sanford retail and dining neighborhood.; 100% leased to a diverse mix of retail and office tenants.; Unique investment opportunity in the Sanford / Lake Mary market.
