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    370 North Pine St Englewood, FL 34223

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    For Sale
    $1,850,000

    7.5-acre residential development site in central Englewood.

    Lot size:
    7.50 Acres

    Property Features for 370 North Pine St

    General Information

    Lot size
    7.50 Acres
    Source: Moodyscre

    Listing Agent: Tony Veldkamp, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Englewood Residential Development Opportunity

    This 7.5 +/- acre residential development site is located in central Englewood, near the downtown village area of Dearborn Street. Pine Street serves as a connector road between Dearborn Street and South McCall Road, which experience traffic counts of 16,800 and 34,500 respectively. Zoned Residential Multifamily 2 (RMF-2), the site is suitable for developing up to 67 residential units or a 270-bed Assisted Living Facility. There is potential to rezone to RMF-3 for up to 97 multifamily units, with the possibility of utilizing Sarasota County's "Half Unit" calculation of 750 SF maximum to allow for additional units. The location is near amenities, including Publix shopping centers along Highway 776, Gulf beaches, golf courses, HCA Englewood Hospital, Englewood YMCA, and Cool Today Park, the Spring Training Home of the Atlanta Braves. Several residential neighborhoods are coming soon to the surrounding area, including Generations Englewood, a 306-unit apartment community by Kaplan Residential; Shores at Stillwater, a 255-lot single-family subdivision by Pulte Homes; and Sandpiper Pointe, an 85-lot Single-Family Subdivision by M/I Homes.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Englewood
    County
    Charlotte
    State
    Florida
    Longitude
    -82.3380983
    Latitude
    26.9544698

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    FAQs

    What type of property is this?
    Land - 7.5-acre residential development site in central Englewood.
    Where is this land located?
    The property is located at 370 North Pine St Englewood, FL.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: - Zoned RMF-2: Immediate development for up to 67 residential units or a 270-bed Assisted Living Facility.; - Rezoning potential to RMF-3: Could allow up to 97 multifamily units.; - Prime 7.5 +/- acre residential development site: Centrally located in Englewood, near Dearborn Street.
    (941) 487-6990
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    370 North Pine St Englewood, FL 34223
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    Englewood, FL 34223
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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.

    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
    370 North Pine St Englewood, FL 34223
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