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    Prime Land Near Sarasota Hospital Title is generated by Realmo AI

    PADGETTE STREET, North Port, FL 34291

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    For Sale
    $69,000

    Land - NORTH PORT, FL

    Lot size:
    0.23 Acres
    Added:
    Feb 14, 2026
    Days on Market:
    106
    Last Refresh:
    May 31 at 3:06 am

    Property Features for PADGETTE STREET

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    COR
    Standard status
    Active
    APN
    0954143202
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    666.1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Anthony Chabot

    Listing agent Anthony Chabot License #3626703

    Listing office MAPP REALTY & INVESTMENT CO 3120 Southgate Circle, Sarasota, FL

    Listing date Feb 14, 2026

    MLS# A4682634 Listing URL

    Copyright © 2026 Sarasota Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Rare double lot, just under half an acre, in a rapidly developing area.
    • Seller financing available.
    • COR zoning allows for a wide range of potential uses (medical, retail, residential, etc.).
    • Ideally located across from the new Sarasota Memorial Hospital (SMH).
    • Additional contiguous 3/4 acre lot available for a total of 1 1/4 acres with access on 2 roads.
    • Conveniently located just off Sumter Blvd with easy access to major roadways.

    Overview

    This property presents a rare opportunity with a double lot offering just under half an acre, specifically 20,000 square feet, in a rapidly developing area of North Port. Seller financing is available with favorable terms. An additional contiguous 3/4 acre lot is also available, creating a total of 1 1/4 acres and allowing access on two roads. The location is ideally situated across from the new Sarasota Memorial Hospital, currently under construction, which is expected to create strong demand and long-term upside. Zoned COR (Corridor), the property allows for a wide range of potential uses, including medical or professional offices, retail, mixed-use development, medium-density residential, multi-family, assisted living, daycare facilities, and bed & breakfast. The buyer is responsible for verifying specific uses. The site is surrounded by new construction and ongoing development, making it suitable for builders, owner-users, or investors seeking flexibility and visibility. It is conveniently located just off Sumter Boulevard, providing easy access to major roadways. The buyer is responsible for verifying zoning uses, utility availability, easements, and building requirements with the City or County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    North Port
    County
    Sarasota
    State
    Florida
    Longitude
    -82.20860176
    Latitude
    27.0971108

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    FAQs

    What type of property is this?
    Commercial land - Rare land opportunity in rapidly developing North Port area.
    Where is this commercial land located?
    The property is located at PADGETTE STREET North Port, FL.
    What is the asking price?
    The asking price for this property is $69,000.
    What are key features of this property?
    This property features: Rare double lot, just under half an acre, in a rapidly developing area.; Seller financing available.; COR zoning allows for a wide range of potential uses (medical, retail, residential, etc.).
    (508) 847-0902
    We can help!
    Listing Contact
    Anthony Chabot
    Real Estate License ID: 3626703
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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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    PADGETTE STREET, NORTH PORT, FL 34291
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