203 3Rd St Sanford, FL 32771

This exceptional two-story office building, located at 203 East 3rd Street in Sanford, Florida, presents a compelling investment opportunity. Boasting 4,930 square feet of net rentable space, the property currently enjoys a 75% occupancy rate, generating a strong net operating income (NOI) of $79,596. Built in 1974, the building sits on a 0.47-acre lot and is zoned SC-3, allowing for both commercial and multifamily uses. The property features ample surface parking and well-maintained interiors, including private in-suite restrooms in each unit. Its prime location offers easy access to the historic downtown Sanford corridor, a vibrant area experiencing significant redevelopment and growth, including large-scale multifamily projects along Lake Monroe. The land value is $329.61 per square foot. The asking price for this exceptional property is $1,625,000. The SC-3 zoning offers flexibility for future development, with a maximum floor area ratio of 2.0 east of US 17/92 and 0.35 west of US 17/92 for commercial development, and a maximum residential density of 50 units per acre. This presents a unique opportunity to capitalize on the continued revitalization of downtown Sanford. The property is move-in ready and offers short-term lease options.