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Rhonda Gailey

rhonda@gaileyenterprises.com +1(352) 897-2018

$ 2,490,000

Est. payment -/mo

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New

128 E MAGNOLIA AVE Eustis, FL 32726

15,820 SqFt

UPDATED:

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 15,820 sqft

Price per Sqft $157

MLS Listing ID G5096179

Construction Status Completed

HOA Y/N No

Originating Board Stellar MLS

Year Built 1927

Annual Tax Amount $22,362

Lot Size 8,276 Sqft

Acres 0.19

Property Sub-Type Mixed Use

Property Description

GREAT OPPORTUNITY!! Discover an exceptional investment or owner-user opportunity in the heart of historic Downtown Eustis. This beautifully maintained building exudes classic architectural charm while offering a range of modern upgrades, making it both visually appealing and functionally ready. Improvements include a new roof within the past five years, several new A/C units, updated windows, electrical upgrades, and updated plumbing. The spacious ground floor features nearly 8,000 square feet of open-concept showroom or retail space, complete with a private office and storage area, two ADA-compliant restrooms, and even a basement storage area. A second storefront entrance on the main level provides flexibility—perfect for use alongside the primary space or as a separate rental for additional income.
Upstairs, you'll find approximately 3,000 square feet of fully renovated office space, including multiple offices, restrooms, and a breakroom, ideal for leasing or expanding business operations. Adding to the value, the building includes six income-producing, separately metered residential apartments— 5 one-bedroom/one-bath units and 1 two-bedroom/one-bath unit. Tenants enjoy the convenience of a shared laundry facility, while the property benefits from modern amenities such as a wired security system with surveillance cameras, keyless hall entry, and remote-controlled HVAC thermostats.
Parking is a breeze with ample street parking out front and a city-maintained lot directly beside the building. Located in a vibrant downtown district undergoing ongoing revitalization, this property is surrounded by flourishing retail, dining, and office establishments. With its brick-lined streets, nearby parks, and stunning views of Lake Eustis and Ferran Park, downtown Eustis—fondly known as "America's Hometown"—offers both charm and investment potential in one outstanding package.

Location

State FL

County Lake

Area 32726 - Eustis

Interior

Heating Central, Electric, Natural Gas, Zoned

Cooling Central Air, Zoned

Exterior

Parking Features Parking Spaces - 19 to 30, Curb Parking

Utilities Available BB/HS Internet Capable, Electricity Available, Natural Gas Available, Other, Public, Water Connected

View Y/N Yes

Water Access Yes

Water Access Desc Lake - Chain of Lakes

Building

Lot Description Central Business District, Historic District, City Limits

Story 2

Entry Level Two

Foundation Basement, Slab

Lot Size Range 0 to less than 1/4

Sewer Public Sewer

Water Public

Structure Type Block,Brick,Concrete

New Construction false

Construction Status Completed

Others

Ownership Corporation

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition None

Listed by MORRIS REALTY AND INVESTMENTS