Fully Leased Office
For Sale
$6,000,000
151 - 197 Center Rd, Venice, FL 34285
Six-building commercial office property with recent roof replacements, on-site parking, and separate condominium units available for sale.
Property Size23,336 SF
Price / SF$257.11
Days on Market41
Property Features for 151 - 197 Center Rd
General Information
Standard status
Active
Size
23,336 SF
Class
B
Property subtype
Multi Tenant Office
Occupancy
100%
Additional Details
Road Access
Yes
Building Details
Building Size
23,336 SF
Year Built
1991
Buildings
6
Tenancy
Multi
Listing Agency:
Ian Black Real Estate
(941) 906-8688
Listed By:
Jag Grewal · License #BK699811
Source:
Thebrokerlist
Added: Jul 22
Changed: Aug 29
Last Checked: Aug 30 at 12:55PM
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 Ian Black Real Estate
Investment Insights
Based on property information with market context.
This office complex contains 23,336 square feet across six buildings and is fully occupied by established tenants. Recent roof replacements have been completed across all buildings, while on-site parking supports the multi-tenant configuration. The property is zoned for commercial office use and includes individual condominium units that may be sold separately.
The site is located at 151–197 Center Rd in Venice, with road frontage on Center Rd and proximity to US 41. Downtown Venice is minutes away, and Sarasota is approximately 20 minutes from the property. Its location along a high-traffic corridor provides direct exposure from Center Rd and access to the surrounding road network.
The site is located at 151–197 Center Rd in Venice, with road frontage on Center Rd and proximity to US 41. Downtown Venice is minutes away, and Sarasota is approximately 20 minutes from the property. Its location along a high-traffic corridor provides direct exposure from Center Rd and access to the surrounding road network.
Key Highlights
- 23,336 square feet across 6 office buildings
- Fully occupied by established tenants
- Recent roof replacements across all buildings
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
$340,239
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
5.67%
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%
$6,804,780
$6.8M
Cap Rate 7%
$4,860,557
$4.9M
Cap Rate 9%
$3,780,433
$3.8M
Market Conditions
NOI Build-Up for 23,336 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
$504.1K $21.60/SF
− Vacancy
−$50.4K −$2.16/SF
EGI
$453.7K $19.44/SF
− OpEx
−$113.4K −$4.86/SF
NOI
$340.2K $14.58/SF
Area
Sarasota County, FL
Vacancy
10.00%
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%
$6,804,780
Cap Rate 7%
$4,860,557
Cap Rate 9%
$3,780,433
Alternative Uses
Best Use
Office B
$4.86M
$4.25M – $5.67M
NOI $340,239 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.63M
$5.80M – $7.74M
NOI $464,259 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
905
Businesses Nearby
Explore this area
Business Placement
Demographics for 34285, FL
18,971
Population
16,081
Households
1.2
Avg Household Size
70
Median Age
40%
College-Educated
95%
High-School Grad
8.3 sq mi
ZIP Area
2,286
Density / Sq Mi
$67,712
Median Household Income
$37,959
Median Earnings
$1,485
Median Rent
$295,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Six-building commercial office property with recent roof replacements, on-site parking, and separate condominium units available for sale.
Where is this office building located?
The property is located at 151 - 197 Center Rd Venice, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 23,336 square feet across 6 office buildings; Fully occupied by established tenants; Recent roof replacements across all buildings
