Income Producing Property on 301 with Development Potential

Retail-Commercial for Sale
Catylist Listing ID: 30620639
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Street Retail
Building Size (RSF): 6,272 SF
Gross Building Area: See Agent
Gross Land Area: 19,682 SF
Sale Price: $1,100,000
Unit Price: $175.38 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 8.6%
Average Occupancy Rate: 100
Last Updated: 12/1/2020

Overview / Comments

Property includes retail stores directly on US-301/N. Washington Blvd. Also includes free standing building that could be used as an office or retail on 4th street and a vacant parcel that connects everything together. Five Unit Neighborhood Strip Center located on N. Washington Blvd. (US 301) near the intersection of Fruitville Rd. N. Washington Blvd. is one of the busiest North/South thoroughfares in Sarasota with an AADT count of over 42,000 in this area. This plaza is located directly off of US 301 and has plenty of frontage and signage. Currently there are some small neighborhood businesses in place, including the popular new restaurant, The Colombian Point. All units are leased at this time, but tenants are on month-to-month leases to allow for quicker development, if desired. Tenants generally take care of their own space, not a lot of maintenance involved. Also included is the 1,036 SF free-standing building behind the plaza at 2011 4th St and additional parking with the address of 2017 4th St. Downtown Edge (DTE) zoning allows for up to five-story building.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $11,965 (Annual)
Gross Operating Income $114,405 (Annual)
Net Operating Income $98,440 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: SARASOTA COUNTY
Tax ID/APN: 2026090135
Zoning: DTE
Feet of Frontage: 105
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Average
Year Built: 1957
Year Renovated: 2007
Construction/Siding: Concrete
Parking Type: Surface
Zoning Description: DTE with Opportunity zone 1.02 overlay. The Downtown Edge (DTE) district is a densely mixed-use area typically located along a pedestrian way or a thoroughfare road within a neighborhood. Residential dwellings may be single-family or multiple-family and may include mixed-use structures that provide for live-work opportunities. Residential dwellings may be built to a maximum density of 25 dwelling units per acre. A variety of nonresidential uses are allowed everywhere with ground floor retail mandatory on certain designated frontages. Building heights shall be limited to a maximum of five stories. Building frontages include stoops, forecourts and storefronts.
Lot Frontage: 105
Lot Depth: 186
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,658 84,077 169,936
Median Age: 41.1 44.98 47.86
Households: 5,865 37,259 77,605

Contact

Photograph of Listing Agent

Michael S Gallatin

SARABAY REAL ESTATE INC MFCRE Member
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