$504,000

2921 S Orlando Drive #138, 140

SANFORD FL, 32773

Description

Spectacular Opportunity! 10%+ Cap Rate. Buy these 2 units or buy all 6 units for sale. These 2 units must be sold together. Pipe Dreams has been in the plaza since 1998, their lease runs through 8-31-25.They will sign a longer lease if needed. Sanford Plaza centrally located & close to everything. It is anchored by Bravo Foods, DCF (DCF subcontractor-CBC) & Citi Trends. CBC generates traffic from thousands of family-oriented customers weekly as it is the largest family services in central Florida, servicing 3 counties. Pipe Dreams & the Beauty Salon have been in the plaza since it was remodeled around 1997. The Ambassador Church has been there for over 10 years. They also had a contract to purchase the building for 1 million plus. Most tenants would like a longer lease but the rents are low & will increase so we will only negotiate longer leases if a buyer has a contract subject to said longer leases. The only expenses not covered by the condo association dues which have been consistent at $1.15 per square foot for years with well over a $100,000 reserve, are the roof & HVAC. The leases typically require the tenants to cover the majority of the HVAC expenses.The entire plaza is approx 155,000 Sqft, located on 14 +/- acres. The Sanford Plaza has good traffic & great visibility to the Greenway (417). The roof is mostly foam covered with small river rock, which protects from UV rays & adds a tremendous amount of insulation with high ceilings. Unit 180, 240 & 250 have a sprinkler system.

Details

MLS#O5717845
StyleIndustrial
Sub-TypeResale
StatusPending
Year1965
Days On Site448

Features

SQ Feet4,500
Story(s)1
ZoningGC2

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Area Information

StateFL
CountySeminole
CitySANFORD
Zip Code32773
Area32773 - Sanford
Listing VS Median (in 32773)
Price:
$504,000
low | high
Med:
$204,950
100% of Average
SqFt:
4,500
low | high
Med:
1,354
100% of Average
$ / SqFt:
$112
low | high
Med:
$159
8.45462931798% of Average
On Site:
448
low | high
Med:
114
100% of Average
Listing Updated: 09/18/2019
MLS Number: O5717845
Listing Provided By:
Freddie Crespo  of  INVESTORS REAL ESTATE LLC

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