Winter Park Iconic Mixed-Use Property Hits Market After 50 Years

Winter Park’s Premier Commercial Property for Sale After Nearly 50 Years

In Winter Park, a prized mixed-use property located at 216 S. Park Ave. is now available for sale, following a 50-year hold by the same family. This two-story building, which measures a total of 4,953 square feet, has attracted significant interest from both local and international buyers since it hit the market in late November.

Property Details

The listing price for this well-positioned property is set at $5.5 million. It is currently fully leased, with key tenants including Pannullo’s Italian Restaurant on the ground floor and Dykes Everett Co. and Goosehead Insurance occupying the second floor. Broker Sean McConnell of McConnell Capital describes this listing as one of the most exciting in his 20-year career in Orlando, noting that Winter Park is a highly sought-after market for real estate investments.

Growing Interest from Diverse Buyers

McConnell reported that a wide array of potential buyers are showing interest, including individuals from different parts of the country as well as international prospects from regions such as South America and Europe. He highlighted that “Winter Park is a high barrier-to-entry market,” making 216 S. Park an attractive investment opportunity. This level of interest is attributed to the potential for solid returns in a desirable locale.

Historical Context

Building history adds a layer of intrigue to the property. Originally constructed in 1920 and renovated in 2000, the property last changed hands for just $115,000 back in 1976. It has been in the possession of the Stringer Family Properties since then. McConnell explained that the timing felt right for the family to consider a sale, indicating a strategic decision rather than a forced move.

Future Plans for the Property

Despite the change in ownership, McConnell assures that all current tenants “will be staying pursuant to their respective leases.” He emphasized the hope that the new owner will maintain the legacy of 216 S. Park and continue to be a part of its rich history along Park Avenue.

Recent Transactions in Winter Park

This property listing follows a series of noteworthy transactions in the area. For instance, in September, a significant property that includes the 28-room Park Plaza Hotel along with ground-floor retail space was purchased for $16.25 million by Benderson Development. This acquisition is noted as one of the largest property sales on Park Avenue in recent years. Additionally, a 5,546-square-foot retail building at 339 S. Park Ave. also sold for $6.4 million in February, highlighting the active market in this trendy district.

Conclusion

As the interest in Winter Park continues to thrive, the property at 216 S. Park Ave. stands as a notable opportunity for investors. With a long history and reliable income from established tenants, it presents a case for both lucrative returns and a commitment to maintaining the area’s cultural heritage.