Ground-Floor Medical Office
New
For Sale
$835,000
1617 South Tuttle Avenue, Sarasota, FL 34239
Medical build-out includes reception, a lab, exam rooms, and water, sinks, and plumbing.
Property Size2,841 SF
Price / SF$293.91
Days on Market4
Property Features for 1617 South Tuttle Avenue
General Information
Standard status
Active
Size
2,841 SF
Total Parking Spaces
41
Property subtype
OFC, OFC-MED
Zoning
OPB
Additional Details
Floor
Ground Floor
HOA Fee
$1,416
Building Details
Building Size
2,841 SF
Year Built
1986
Buildings
1
Tenancy
Multi
Listing Agency:
MS&C Commercial
(941) 207-9707
Listed By:
Eric Barnes · License #604760
(941) 207-9707
Source:
Realnex
Added: Aug 9
Changed: Aug 12
Last Checked: Aug 12 at 3:08AM
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 MS&C Commercial
Investment Insights
Based on property information with market context.
This ground-floor medical office condominium combines Unit 1A and Unit 1B into 2,841 square feet of contiguous space. The suites measure 1,408 and 1,433 square feet, with an existing medical layout that includes reception areas, a lab, exam rooms, and water, sink, and plumbing connections. The property was constructed in 1986 and carries an effective year built of 2000.
Located at 1617 South Tuttle Avenue in Sarasota, the property is zoned OPB (Office, Professional and Business) and includes a private parking lot with 41 spaces. Sarasota Memorial Hospital is 1 mile away, and the building includes physician practices, a clinical research group, and professional offices. A replacement roof was completed in 2025, and new HVAC units have been installed. The property is in Flood Zone X, with a new marquee sign pending on S Tuttle Avenue.
Located at 1617 South Tuttle Avenue in Sarasota, the property is zoned OPB (Office, Professional and Business) and includes a private parking lot with 41 spaces. Sarasota Memorial Hospital is 1 mile away, and the building includes physician practices, a clinical research group, and professional offices. A replacement roof was completed in 2025, and new HVAC units have been installed. The property is in Flood Zone X, with a new marquee sign pending on S Tuttle Avenue.
Key Highlights
- 2,841 square feet of contiguous ground‑floor medical office space
- Unit 1A measures 1,408 square feet; Unit 1B measures 1,433 square feet
- OPB (Office, Professional and Business) zoning
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
$46,392
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
5.56%
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%
$927,840
$927.8K
Cap Rate 7%
$662,743
$662.7K
Cap Rate 9%
$515,467
$515.5K
Market Conditions
NOI Build-Up for 2,841 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
$65.5K $23.04/SF
− Vacancy
−$3.6K −$1.27/SF
EGI
$61.9K $21.77/SF
− OpEx
−$15.5K −$5.44/SF
NOI
$46.4K $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%
$927,840
Cap Rate 7%
$662,743
Cap Rate 9%
$515,467
Alternative Uses
Best Use
Office B
$662.7K
$579.9K – $773.2K
NOI $46,392 @ 7.0% cap · market cap 5.56%
Second Best
Healthcare Medical
$626.6K
$548.3K – $731.0K
NOI $43,861 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$835.4K
$731.0K – $974.7K
NOI $58,481 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,215
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34239, FL
15,049
Population
8,044
Households
1.9
Avg Household Size
52
Median Age
45%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
3,420
Density / Sq Mi
$76,378
Median Household Income
$42,017
Median Earnings
$1,522
Median Rent
$418,300
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?
Medical Office Space - Medical build-out includes reception, a lab, exam rooms, and water, sinks, and plumbing.
Where is this medical office space located?
The property is located at 1617 South Tuttle Avenue Sarasota, FL.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: 2,841 square feet of contiguous ground‑floor medical office space; Unit 1A measures 1,408 square feet; Unit 1B measures 1,433 square feet; OPB (Office, Professional and Business) zoning
