Sanford apartments sell for about $34,000 per unit

Part of the Tropicana Apartments complex in Sanford.
Part of the Tropicana Apartments complex in Sanford.

Commercial real estate brokerage Marcus & Millichap announced the $4.1 million sale of a 120-unit apartment building in Sanford.

Marcus & Millichap’s Tampa office had the exclusive listing to market the Tropicana Apartments on behalf of the seller, an Orlando-based investor, who sold for an average of about $34,000 per unit.

The brokerage firm said the buyer is a private investor based in South Florida and that a total of 18 offers were made for the rental property.

With some of the lowest rents in the submarket, the new owner of Tropicana Apartments has the potential to increase revenue substantially through renovations and higher rents, Marcus & Millichap said in a press release.

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Tropicana Apartments is a 12-building complex on 8.74 acres at 1505 West 25 Street in Sanford, a Central Florida city located north of Orlando along Interstate 4.

The property has four efficiency apartments (about 550 square feet each), 40 units with one bedroom and one bathroom (about 610 square feet) and 56 two-bedroom, one-bathroom units (about 970 square feet).

The largest units are four townhouse-style apartments mes (approximately 1,000 square feet) and 16 three-bedroom apartments (about 1,159 square feet).