Residential Development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30845720
Property Subtypes: Residential (Single Family), Other
Gross Land Area: 4.13 Acres
Sale Price: $5,500,000
Unit Price: $1,331,719 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/18/2023

Overview / Comments

Fantastic Single Family Development Opportunity. The property is a total of 2 parcels with 180,054 total square feet. This 4.13-acre parcel is located in directly on S Shade Avenue backing up to Phillippi Creek. The property has over 450 feet of frontage on Phillippi Creek. It is zoned Residential Single Family. A total of 9 single family residences are permitted for the site, with permits in hand for a 9 lot subdivision. Alternatively, the property can be divided into 4 estate sized lots of approximately 1 acre each.
The site is located near US-41, downtown Sarasota, Siesta Key, Siesta (Southgate) Mall, and other Bay Front communities. The surrounding area has seen a significant amount of new development including the recent sale of the bath and racquet club. This club will house approximately 270 residential units 13 tennis courts, and commercial/retail space. The continued development of residential single-family homes, and multi-family near the subject site, will increase the value significantly.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Public Records
Tax ID/APN: 0074150021
Property Located Between: S Shade Ave.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,420 86,845 161,685
Median Age: 47.87 49.96 49.05
Households: 5,967 41,076 75,407


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