Regatta Village - Office & Retail Plaza Plus Excess Land

Office for Sale
Catylist Listing ID: 30034086
Property Subtypes: Medical, Mixed Use, Office Building
Building Size (RSF): 45,603 SF
Gross Building Area: See Agent
Gross Land Area: 5.97 Acres
Sale Price: $6,750,000
Unit Price: $148.02 PSF
Property Use Type: Investment
Building Name: Regatta Village
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 7.6%
Average Occupancy Rate: 88
Last Updated: 11/20/2017

Overview / Comments

Excellent Multi-Tenant Investment Opportunity with excess land that could be developed! This is your chance to own a remodeled, re-tenanted office/retail center in Sarasota's hot northeast sector near I-75, University Town Center Mall (UTC), Nathan Benderson Park International Rowing Facility, and Lakewood Ranch.

Several new long-term leases, several new tenants, extensive exterior renovations, some units rebuilt from the ground up, and still some upside available by the filling of vacant space! The Commercial Neighborhood zoning allows for retail and office uses. The excess land on the west side of the property allows for the potential of additional retail or office construction, or selling off to lower basis.

Recent renovations include: Landscaping including irrigation that services the new plantings, total remodel of Suites 105, 106 & 108, LED lighting in main parking lot, facade renovation including painting exterior, new mansard, new awnings & shutters, updated pylon signs, resealed the parking lot, and new flat roof in 2013 with warranty.

The current owner has taken this plaza from zero to 60 but has left some upside for the next owner to take it to cruising speed and then either keep for the long-term hold or sell for the upside. With 12% vacancy there is still tremendous upside available!

Nice mix of tenants with the strength of educational and medical tenants taking large percentage of the building.

Financials

Finance Data Year 2017
Potential Rental Income $610,000 (Annual)
Net Operating Income $415,513 (Annual)
Gross Operating Income $554,785 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota County
Tax ID/APN: 0040-01-0001
Zoning: NC - NEIGHBORHOOD COMMERCIAL
Property Located Between: Fruitville Road & University Parkway, Just West of I-75
Property Visibility: Excellent
Highway Access: Area has quick and easy access to I-75 via University Parkway and Fruitville Road, as well as downtown Sarasota.
Area Description: Located at the SW Corner of 17th Street and Honore Avenue in northeast Sarasota. Excellent location just south of the upscale Meadows Golf & Country Club and the new University Town Center Mall, and just north of Fruitville Road and all of the shopping and services located there. Area has quick and easy access to I-75 via University Parkway and Fruitville Road, as well as downtown Sarasota.
Total Number of Buildings: 2
Number of Stories: 2
Year Built: 1986
Year Renovated: 2015
Roof Type: Mansard
Construction/Siding: Block
Exterior Description: Recent renovations include: Landscaping including irrigation that services the new plantings, total remodel of Suites 105, 106 & 108, LED lighting in main parking lot, facade renovation including painting exterior, new mansard, new awnings & shutters, updated pylon signs, resealed the parking lot, and new flat roof in 2013 with warranty.
Parking Description: Excess Parking area on west side could be used for building expansion.
Total Parking Spaces: 317

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,874 62,031 173,160
Median Age: 51.8 47.44 47.45
Households: 4,384 27,715 76,925
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