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The Westerfield Building 203 E 3rd St 4,930 SF 100% Leased Office Building Sanford, FL 32771 $1,495,000 ($303.25/SF) 4.61% Cap Rate
Investment Highlights
- Prime Downtown Sanford location within the Waterfront Business District
- Each suite has private entry, restroom facilities, interior office buildout, and 3rd St frontage
- 100% occupied by a diversified rent roll of office / retail tenants
- Sanford has experienced tremendous population growth and is one of the Orlando MSA’s most sought after markets
Executive Summary
The Westerfield Building is a 4,930 SF mixed-use building located in Downtown Sanford, Florida, the submarket's most sought after retail and dining neighborhood. Currently 100% leased to a diverse retail and office tenant base (six tenants), the property represents one of the most unique investment opportunities in the Sanford / Lake Mary market. The property includes prized SC-3 zoning (2.0 FAR), a special Waterfront Downtown Business District (WDBD) intended to facilitate higher density commercial development in Sanford's downtown core. Each of the eight office / retail suites includes private exterior entries (no internal common hallways), individual restrooms including some units with full shower facilities, direct frontage onto East 3rd Street, and ample on-site parking, a distinct leasing advantage over comparable mixed-use properties. This rare combination of on-site amenities in Downtown Sanford has generated significant tenant demand and led to 100% property occupancy.
Property Facts
Sale Type
Investment
Property Type
Building Size
4,930 SF
Building Class
B
Year Built
1974
Price
$1,495,000
Price Per SF
$303.25
Cap Rate
4.61%
NOI
$68,947
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
2,465 SF
Building FAR
0.40
Lot Size
0.28 AC
Zoning
SC-3, Sanford - The SC-3 district is intended, in part, to implement the Comprehensive Plan Waterfront Downtown Business District (WDBD) future land use.
Parking
22 Spaces (4.46 Spaces per 1,000 SF Leased)
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Walk Score®
Very Walkable (89)
Property Taxes
| Parcel Number | 25-19-30-5AG-0502-0090 | Improvements Assessment | $229,147 |
| Land Assessment | $542,925 | Total Assessment | $772,072 |
Property Taxes
Parcel Number
25-19-30-5AG-0502-0090
Land Assessment
$542,925
Improvements Assessment
$229,147
Total Assessment
$772,072
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The Westerfield Building | 203 E 3rd St
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