Flex Space with
For Sale
$575,000
103-1882 Porter Lake Dr, Sarasota, FL 34240
Front office and rear warehouse areas support a combined administrative and operational layout.
Property Size1,896 SF
Price / SF$303.27
Days on Market154
Property Features for 103-1882 Porter Lake Dr
General Information
Standard status
Active
Size
1,896 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,776
Building Details
Year Built
1998
Listing Agency:
REALTY ONE GROUP MVP
(941) 307-5489
Listed By:
Michelle Morin
(941) 307-5489
Source:
Exprealty
Added: Mar 31
Changed: Aug 31
Last Checked: Aug 31 at 8:03PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REALTY ONE GROUP MVP
Investment Insights
Based on property information with market context.
Unit 103 is a flex commercial space comprising approximately 1, 896 square feet, with separate areas for office work and warehouse functions. The front portion is configured as professional office space, while the rear provides warehouse area for storage, handling, or other operational needs. A roll-up overhead door supports access to the warehouse section.
Constructed in 1998, the property is located at 1882 Porter Lake Drive in Sarasota, Florida. The unit is positioned near I-75 and the Fruitville area, with access to major transportation routes. Its office-and-warehouse configuration accommodates businesses requiring both administrative space and functional commercial work areas.
Constructed in 1998, the property is located at 1882 Porter Lake Drive in Sarasota, Florida. The unit is positioned near I-75 and the Fruitville area, with access to major transportation routes. Its office-and-warehouse configuration accommodates businesses requiring both administrative space and functional commercial work areas.
Key Highlights
- Approximately 1, 896 square feet of flex office/warehouse space
- Front office area paired with a rear warehouse
- Roll‑up overhead door for warehouse access
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
$30,961
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
5.38%
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%
$619,220
$619.2K
Cap Rate 7%
$442,300
$442.3K
Cap Rate 9%
$344,011
$344.0K
Market Conditions
NOI Build-Up for 1,896 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
$43.7K $23.04/SF
− Vacancy
−$2.4K −$1.27/SF
EGI
$41.3K $21.77/SF
− OpEx
−$10.3K −$5.44/SF
NOI
$31.0K $16.33/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.04 /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%
$619,220
Cap Rate 7%
$442,300
Cap Rate 9%
$344,011
Alternative Uses
Best Use
Office B
$442.3K
$387.0K – $516.0K
NOI $30,961 @ 7.0% cap · market cap 5.38%
Second Best
Warehouse
$276.7K
$242.1K – $322.8K
NOI $19,369 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$557.6K
$487.9K – $650.5K
NOI $39,029 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
891
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34240, FL
14,428
Population
7,570
Households
1.9
Avg Household Size
49
Median Age
52%
College-Educated
98%
High-School Grad
66.5 sq mi
ZIP Area
217
Density / Sq Mi
$126,048
Median Household Income
$53,284
Median Earnings
$2,306
Median Rent
$622,100
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?
Flex space - Front office and rear warehouse areas support a combined administrative and operational layout.
Where is this flex space located?
The property is located at 103-1882 Porter Lake Dr Sarasota, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Approximately 1, 896 square feet of flex office/warehouse space; Front office area paired with a rear warehouse; Roll‑up overhead door for warehouse access
