Second-Floor Office
For Sale
$525,000
115-3909 E Bay Dr, Holmes Beach, FL 34217
Commercial condominium with elevator access, flexible office areas, storage, and kitchen improvements.
Property Size988 SF
Price / SF$531.38
Days on Market176
Property Features for 115-3909 E Bay Dr
General Information
Standard status
Active
Size
988 SF
Total Parking Spaces
1
Elevators
Yes
Additional Details
Floor
2
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,998
Amenities
public restroom
sign space
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
ISLAND REAL ESTATE-ANNA MARIA
(941) 465-0045
Listed By:
Jennifer Chatt · License #3423831
(941) 465-0045
Source:
Exprealty
Added: Mar 9
Changed: Aug 30
Last Checked: Aug 30 at 6:26PM
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 ISLAND REAL ESTATE-ANNA MARIA
Investment Insights
Based on property information with market context.
This second-floor office unit is part of a commercial condominium at 115-3909 E Bay Dr in Holmes Beach. The 988-square-foot layout includes a break room with a galley kitchen and updated cabinets, three work areas with desk counters, and a separate room with shelving for storage. Glass-paneled doors and coastal-style interior finishes add definition to the space, while elevator access and public restrooms serve the building’s second and third floors.
The property includes one parking space beneath the building, additional exterior parking, available sign space, and both street-facing and rear entrances. The building houses financial planning, medical, and construction-related occupants. Its position directly off the main north-south commercial route on Anna Maria Island places the office across from Publix, CVS, Walgreens, and the island’s largest shopping area.
The property includes one parking space beneath the building, additional exterior parking, available sign space, and both street-facing and rear entrances. The building houses financial planning, medical, and construction-related occupants. Its position directly off the main north-south commercial route on Anna Maria Island places the office across from Publix, CVS, Walgreens, and the island’s largest shopping area.
Key Highlights
- 988 square feet on the second floor of a commercial condominium
- Three work areas with desk counters plus a dedicated storage room
- Break room with galley kitchen and updated kitchen cabinets
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
$16,134
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
3.07%
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%
$322,680
$322.7K
Cap Rate 7%
$230,486
$230.5K
Cap Rate 9%
$179,267
$179.3K
Market Conditions
NOI Build-Up for 988 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
$22.8K $23.04/SF
− Vacancy
−$1.3K −$1.27/SF
EGI
$21.5K $21.77/SF
− OpEx
−$5.4K −$5.44/SF
NOI
$16.1K $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%
$322,680
Cap Rate 7%
$230,486
Cap Rate 9%
$179,267
Alternative Uses
Best Use
Office B
$230.5K
$201.7K – $268.9K
NOI $16,134 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$290.5K
$254.2K – $339.0K
NOI $20,338 @ 7.0% cap · market cap 3.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
404
Businesses Nearby
Explore this area
Business Placement
Demographics for 34217, FL
3,825
Population
5,940
Households
0.6
Avg Household Size
65
Median Age
61%
College-Educated
98%
High-School Grad
2.1 sq mi
ZIP Area
1,821
Density / Sq Mi
$90,278
Median Household Income
$44,044
Median Earnings
$1,657
Median Rent
$636,300
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?
Office units - Commercial condominium with elevator access, flexible office areas, storage, and kitchen improvements.
Where is this office units located?
The property is located at 115-3909 E Bay Dr Holmes Beach, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 988 square feet on the second floor of a commercial condominium; Three work areas with desk counters plus a dedicated storage room; Break room with galley kitchen and updated kitchen cabinets
