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    1 South School Ave Sarasota, FL 34237

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    Premier office and medical space in downtown Sarasota's Kane Plaza.

    Type:OFFICE
    Property size:
    8,976 SF
    Lot size:
    2.05 Acres
    Added:
    Sep 27, 2024
    Days on Market:
    585
    Last Refresh:
    Apr 5 at 8:19 pm

    Property Features for 1 South School Ave

    General Information

    Standard status
    Active
    Size
    8,976 SF
    Lot size
    2.05 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 1 South School Ave Contact us

    We can help!

    Listing Contact
    Derek Robbins
    Derek Robbins

    Listing agent Derek Robbins

    Listing office Harry Robbins Assoc Inc

    Listing date Sep 27, 2024

    Source Moodyscre

    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 Harry Robbins Assoc Inc

    Overview

    Downtown Sarasota Office/Medical Space

    Located in Downtown Sarasota at the roundabout at Main St. and S. School Ave, Kane Plaza Office Tower is a 10-story Class A building that offers office suites. The lobby has been updated with a modern design. The building provides natural light through numerous windows, brightening the common areas and private office suites. The location allows for easy access to the Downtown core and I-75. An adjacent 4-story parking garage and 3 surface lots provide parking for employees and clients. Monument signage on Main St and additional signage fronting Fruitville Rd offer excellent visibility. Suite 200 encompasses the entire second floor of Kane Plaza, offering an ideal layout for medical users, featuring a large waiting room, 16 exam rooms, numerous private bathrooms, and offices. The property is suitable for physicians, attorneys, and other professionals looking for prime office and medical space. Lush landscaping surrounds the building.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Coastal Medical Center Medical Clinic Fournier, Connolly, Shamsey, ... Law Firm Kreithen Joshua MD Physician The Gapin Institute: Erectile ... Physician Freeman Financial Financial Advisor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Manatee
    State
    Florida
    Longitude
    -82.5258
    Latitude
    27.3365

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    FAQs

    What type of property is this?
    Office units - Premier office and medical space in downtown Sarasota's Kane Plaza.
    Where is this office units located?
    The property is located at 1 South School Ave Sarasota, FL.
    What is the lease rate?
    The lease rate is $29 SF/Yr.
    What are key features of this property?
    This property features: Premier office suites in the prestigious Class A Kane Plaza Office Tower.; Prime Downtown Sarasota location with spectacular city views and easy access to I‑75.; Ample parking available in the adjacent garage and surface lots.
    (941) 356-4906 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Derek Robbins
    Derek Robbins
    Learn More
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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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    1 South School Ave, Sarasota, FL

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