Two-Unit Remodeled Office
For Sale
$400,000
406 Indiana Avenue, Englewood, FL 34223
Recent improvements include updated plumbing, signage, and roof components with warranties.
Property Size2,000 SF
Price / SF$200
Days on Market581
Property Features for 406 Indiana Avenue
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$2,501
Amenities
Central Air
3
Building Details
Year Built
1984
Listing Agency:
MICHAEL SAUNDERS & COMPANY
(941) 957-3730
Listed By:
Tammy Shaw · License ##BK3336061
Source:
Xome
Added: Jan 29, 2025
Changed: Sep 2
Last Checked: Sep 1 at 3:38PM
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 MICHAEL SAUNDERS & COMPANY
Investment Insights
Based on property information with market context.
This offering includes two office condominium units, identified as Units 3 and 4, with 1,000 square feet in each unit. The property was built in 1984 and has undergone remodeling that includes updated plumbing, new signage, and roof work involving the roof covering, soffit, fascia, and gutters. Warranties are associated with the roof-related improvements.
The property is positioned on the north side of Englewood in Sarasota County along State Route 776. On-site parking is available, and the surrounding beachfront community includes restaurants, beach access, and a small shopping district concentrated primarily along Dearborn Street. The units are offered together or separately.
The property is positioned on the north side of Englewood in Sarasota County along State Route 776. On-site parking is available, and the surrounding beachfront community includes restaurants, beach access, and a small shopping district concentrated primarily along Dearborn Street. The units are offered together or separately.
Key Highlights
- Two office condominium units totaling 2,000 square feet
- Units 3 and 4, each measuring 1,000 square feet
- Remodeled property with updated plumbing and new signage
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
$24,754
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
6.19%
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%
$495,080
$495.1K
Cap Rate 7%
$353,629
$353.6K
Cap Rate 9%
$275,044
$275.0K
Market Conditions
NOI Build-Up for 2,000 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
$43.2K $21.60/SF
− Vacancy
−$10.2K −$5.10/SF
EGI
$33.0K $16.50/SF
− OpEx
−$8.3K −$4.13/SF
NOI
$24.8K $12.38/SF
Area
Charlotte County, FL
Vacancy
23.60%
Lease Rate
$21.60 /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%
$495,080
Cap Rate 7%
$353,629
Cap Rate 9%
$275,044
Alternative Uses
Best Use
Office B
$353.6K
$309.4K – $412.6K
NOI $24,754 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$654.9K
$573.0K – $764.0K
NOI $45,840 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
Explore this area
Business Placement
Demographics for 34223, FL
19,118
Population
14,484
Households
1.3
Avg Household Size
66
Median Age
39%
College-Educated
96%
High-School Grad
41.9 sq mi
ZIP Area
456
Density / Sq Mi
$70,155
Median Household Income
$39,486
Median Earnings
$1,288
Median Rent
$358,000
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 - Recent improvements include updated plumbing, signage, and roof components with warranties.
Where is this office units located?
The property is located at 406 Indiana Avenue Englewood, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two office condominium units totaling 2,000 square feet; Units 3 and 4, each measuring 1,000 square feet; Remodeled property with updated plumbing and new signage
