New Retail and Office
For Sale
Contact for pricing
124 Houle Ave, Sarasota, FL 34232
Under construction retail and office center near Fruitville Rd.
Property Size7,500 SF
Lot Size0.85 Acres
Price / SF$300
Days on Market816
Property Features for 124 Houle Ave
General Information
Standard status
Active
Size
7,500 SF
Class
A
Lot size
0.85 Acres
Property subtype
Retail
Zoning
CG
Building Details
Year Built
2024
Listing Agency:
Loyd Robbins & Co
(941) 957-9300
Listed By:
Loyd Robbins · License #FL 3577625
Source:
Crexi
Added: May 17, 2024
Changed: Aug 9
Last Checked: May 12 at 9:32PM
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 Loyd Robbins & Co
Investment Insights
Based on property information with market context.
Under construction is a new retail and office center situated on 0.85 acres. The center is located just off Fruitville Road, west of Interstate 75, and minutes from Downtown Sarasota. Constructed by Mako Homes, LLC, both buildings feature block construction. The anticipated completion date is the fourth quarter of 2024. Located one building north of Fruitville, between Houle Avenue and Avant Avenue, the property includes two free-standing structures: a 4,500 square foot building off Houle Avenue and a 3,000 square foot building off Avant Avenue, totaling 7,500 square feet. Each building will feature a modern storefront entry. The buildings offer an 18-foot eave height, suitable for signage and branding. There is an abundance of dedicated parking spaces available for customers and tenants. The property is suitable for retail or office use. This property presents an opportunity for an investor to occupy a portion of the property while leasing out the remainder, or to lease out the entire property.
Key Highlights
- Brand new retail/office center in a prime Sarasota location, minutes from Downtown and I‑75.
- Two free‑standing buildings offering flexible space options: 4,500 SF and 3,000 SF.
- Durable block construction by Mako Homes, LLC, ensuring quality.
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
$122,472
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
5.44%
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%
$2,449,440
$2.4M
Cap Rate 7%
$1,749,600
$1.7M
Cap Rate 9%
$1,360,800
$1.4M
Market Conditions
NOI Build-Up for 7,500 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
$172.8K $23.04/SF
− Vacancy
−$9.5K −$1.27/SF
EGI
$163.3K $21.77/SF
− OpEx
−$40.8K −$5.44/SF
NOI
$122.5K $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%
$2,449,440
Cap Rate 7%
$1,749,600
Cap Rate 9%
$1,360,800
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.04M
NOI $122,472 @ 7.0% cap · market cap 5.44%
Second Best
Retail
$1.32M
$1.15M – $1.54M
NOI $92,232 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$2.21M
$1.93M – $2.57M
NOI $154,386 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
Explore this area
Business Placement
Demographics for 34232, FL
34,671
Population
17,248
Households
2
Avg Household Size
47
Median Age
34%
College-Educated
93%
High-School Grad
11.0 sq mi
ZIP Area
3,152
Density / Sq Mi
$81,041
Median Household Income
$44,166
Median Earnings
$1,836
Median Rent
$332,600
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?
Retail property - Under construction retail and office center near Fruitville Rd.
Where is this retail property located?
The property is located at 124 Houle Ave Sarasota, FL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Brand new retail/office center in a prime Sarasota location, minutes from Downtown and I‑75.; Two free‑standing buildings offering flexible space options: **4,500 SF and 3,000 SF**.; Durable block construction by Mako Homes, LLC, ensuring quality.
