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    Gulf Front Building Lots Title is generated by Realmo AI

    113 & 125 BIG PASS LANE, Sarasota, FL 34242

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    Claim this Listing
    For Sale
    $16,100,000

    Two side-by-side Gulf front lots near Siesta Key Village.

    Type:Land or Vacant Lot
    Lot size:
    1.34 Acres
    Added:
    Mar 6, 2025
    Days on Market:
    458
    Last Refresh:
    May 10 at 9:02 pm

    Property Features for 113 & 125 BIG PASS LANE

    General Information

    Standard status
    Active
    Lot size
    1.34 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    ANDREW MARTELL
    ANDREW MARTELL

    Listing agent ANDREW MARTELL License #3446314

    Listing office KELLER WILLIAMS ON THE WATER S

    Listing date Mar 6, 2025

    Source Corcoran

    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 KELLER WILLIAMS ON THE WATER S

    HighLights

    • 1.4 acres of Gulf Front property with 215 feet of seawall offering panoramic views where Sarasota’s Big Pass meets the Gulf of Mexico.
    • Two side‑by‑side building lots allowing for one large estate or two separate grand estates.
    • Located on a private gated lane.
    • Includes a home with 4 separate living units, each with its own entrance.
    • Walking distance to Siesta Key Village's shopping, dining, and entertainment.
    • Close proximity to Siesta Key Beach, downtown Sarasota, and Sarasota Airport.

    Overview

    Two side-by-side Gulf Front building lots are available for purchase, situated where Sarasota’s Big Pass meets the Gulf of Mexico. Located on a private gated lane, the parcels offer panoramic views. The combined lots total close to 1.4 acres with approximately 215 feet of seawall. The property includes a home with 4 separate living units, each with its own entrance. The location provides access to Siesta Key Village, offering shopping, dining, and entertainment options. Siesta Key Beach, known for its clear waters and fine sands, is nearby. Downtown Sarasota, Sarasota Airport, and various shopping, dining, and cultural venues are accessible via a short drive over the North Bridge.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Manatee
    State
    Florida
    Longitude
    -82.5661
    Latitude
    27.2822

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    FAQs

    What type of property is this?
    Waterfront Land - Two side-by-side Gulf front lots near Siesta Key Village.
    Where is this waterfront land located?
    The property is located at 113 & 125 BIG PASS LANE Sarasota, FL.
    What is the asking price?
    The asking price for this property is $16,100,000.
    What are key features of this property?
    This property features: 1.4 acres of Gulf Front property with **215 feet of seawall offering panoramic views** where Sarasota’s Big Pass meets the Gulf of Mexico.; Two side‑by‑side building lots allowing for one large estate or two separate grand estates.; Located on a private gated lane.
    (941) 803-7522
    We can help!
    Listing Contact
    ANDREW MARTELL
    ANDREW MARTELL
    Real Estate License ID: 3446314
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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.

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