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    Downtown Sarasota Mixed-Use Redevelopment Opportunity Title is generated by Realmo AI

    1565 STATE STREET, Sarasota, FL 34236

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    For Sale
    $5,900,000

    Mixed Use - SARASOTA, FL

    Type:Mixed Use
    Property size:
    12,626 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $467/SF
    Added:
    Feb 23, 2026
    Days on Market:
    82
    Last Refresh:
    May 16 at 8:06 pm

    Property Features for 1565 STATE STREET

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Zoning
    DTC
    Standard status
    Active
    APN
    2027030104
    Size
    12,626 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    42149.19

    Building Details

    Year built
    1921
    Building materials
    Block, Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Tom Cail, PA

    Listing agent Tom Cail, PA License #0586337

    Listing office RE/MAX ALLIANCE GROUP 2000 Webber Street, Sarasota, FL

    Listing date Feb 23, 2026

    MLS# A4683759 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown location with 15 on‑site parking spaces and adjacent city parking.
    • DTC zoning allows for significant development potential: up to 10 stories.
    • Potential for up to 72 residential units with Attainable Housing Density Bonus.
    • 13,000 SF building is gutted and ready for redevelopment or finishing.
    • Base residential density of 18 units.
    • Construction materials include block and brick, built in 1921.

    Overview

    Located in downtown Sarasota, this mixed-use property offers redevelopment potential. The 0.36-acre parcel includes a 12,626-square-foot building that has been gutted, making it ready for completion or redevelopment. A rare feature is the 15 on-site parking spaces, supplemented by a city parking garage directly across the street. The DTC (Downtown Core) zoning allows for 10 stories at 50 units per acre, or 18 residential units. A Density Bonus is available to encourage Attainable Housing, offering up to 4 times the entitled residential density, provided 15% of the bonus units are attainable. Under the AHDB, the property is entitled to 72 units, provided 8 units are attainable and 64 may be market rate. Attainable is defined as rent or sales price not exceeding 30% of the AMI (area medium income). Currently, the AMI for the City of Sarasota is approximately $80,000 per year.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Oliva Mario C ... Physician Coastal Behavioral Healthcare ... Medical Clinic Laflame Cheryl Physician Kamnik R S ... Physician Jeffrey Hoffman Physician

    Suggested Use

    Restaurant Law Firm Dental Office Real Estate Agency Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Manatee
    State
    Florida
    Longitude
    -82.539266
    Latitude
    27.335875

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    FAQs

    What type of property is this?
    Mixed-use property - Large downtown parcel with redevelopment potential and rare on-site parking.
    Where is this mixed-use property located?
    The property is located at 1565 STATE STREET Sarasota, FL.
    What is the asking price?
    The asking price for this property is $5,900,000.
    What are key features of this property?
    This property features: Prime downtown location with **15 on‑site parking spaces** and adjacent city parking.; DTC zoning allows for significant development potential: up to 10 stories.; Potential for up to **72 residential units** with Attainable Housing Density Bonus.
    (941) 780-2245
    We can help!
    Listing Contact
    Tom Cail, PA
    Real Estate License ID: 0586337
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    1565 STATE STREET, SARASOTA, FL 34236
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