Ground-Floor Storefront
For Sale
$562,900
3976 DESTINATION Drive, Osprey, FL 34229
Commercial Sale, OSPREY, FL
Property Size1,204 SF
Lot Size0.28 Acres
Price / SF$467.52
Days on Market9
Property Features for 3976 DESTINATION Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
CG
Subdivision
PHASE 2 OF BAY STREET
Directions
From I 75, Clark Rd Exit, West to Tamiami Trail, Sout on Tamiami Trail, to Destination on Left.
Standard status
Active
APN
0147023003
Size
1,204 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT A-4.13, PHASE 2 OF BAY STREET COMMERCIAL CONDOMINIUM CB 41 PG 39-39F
Tax Annual Amount
3711
Legal Description
UNIT A-4.13, PHASE 2 OF BAY STREET COMMERCIAL CONDOMINIUM CB 41 PG 39-39F
Utilities
Cooling system
Central Air
Building Details
Year built
2008
Floors in Building
1
Building materials
Block
Listing Agency:
CENTURY 21 ROSEBAY
(941) 366-7673
Listed By:
Charles Leduc
(941) 320-5736
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 26 at 3:06PM
MLS# A4700371
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.
Investment Insights
Based on property information with market context.
This 1,204-square-foot ground-floor commercial condominium is currently configured as a cafe/bistro within Bay Street Village & Town Center. The suite includes an open interior, storefront windows, a private restroom, central air, wheelchair accessibility, and block construction. Built in 2008, the property is zoned CG and offers a configuration that can support retail, cafe, medical, legal, financial, insurance, real estate, wellness, or other professional office uses identified for the space.
The condominium fronts US Highway 41 in Osprey, with approximately 70 shared parking spaces and opportunities for monument and storefront signage. Additional property features include 24-hour access, fiber optic internet, and an attractive courtyard setting. The location is near Interstate 75, Casey Key beaches, Sarasota, and Venice, with professional offices, retail shops, restaurants, and residential communities in the surrounding Bay Street Village setting.
The condominium fronts US Highway 41 in Osprey, with approximately 70 shared parking spaces and opportunities for monument and storefront signage. Additional property features include 24-hour access, fiber optic internet, and an attractive courtyard setting. The location is near Interstate 75, Casey Key beaches, Sarasota, and Venice, with professional offices, retail shops, restaurants, and residential communities in the surrounding Bay Street Village setting.
Key Highlights
- 1,204‑square‑foot ground‑floor commercial condominium
- Currently configured as a cafe/bistro with an open interior and storefront windows
- Approximately 70 shared parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,299
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$425,980
$426.0K
Cap Rate 7%
$304,271
$304.3K
Cap Rate 9%
$236,656
$236.7K
Market Conditions
NOI Build-Up for 1,204 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.1K $24.96/SF
− Vacancy
−$1.7K −$1.37/SF
EGI
$28.4K $23.59/SF
− OpEx
−$7.1K −$5.90/SF
NOI
$21.3K $17.69/SF
Area
Sarasota County, FL
Vacancy
5.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$425,980
Cap Rate 7%
$304,271
Cap Rate 9%
$236,656
Alternative Uses
Best Use
Specialty Retail
$304.3K
$266.2K – $355.0K
NOI $21,299 @ 7.0% cap · market cap 3.78%
Second Best
Retail
$268.7K
$235.1K – $313.5K
NOI $18,811 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$342.2K
$299.4K – $399.2K
NOI $23,953 @ 7.0% cap · market cap 4.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34229, FL
7,780
Population
4,662
Households
1.7
Avg Household Size
63
Median Age
58%
College-Educated
97%
High-School Grad
6.0 sq mi
ZIP Area
1,297
Density / Sq Mi
$93,949
Median Household Income
$56,047
Median Earnings
$2,008
Median Rent
$635,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial condominium with storefront glazing, private restroom, shared parking, and flexible space for retail or professional office use.
Where is this storefront property located?
The property is located at 3976 DESTINATION Drive Osprey, FL.
What is the asking price?
The asking price for this property is $562,900.
What are key features of this property?
This property features: 1,204‑square‑foot ground‑floor commercial condominium; Currently configured as a cafe/bistro with an open interior and storefront windows; Approximately 70 shared parking spaces
