Renovated Medical Building Investment
For Sale
$3,350,000
1630 S Tuttle Ave, Sarasota, FL 34239
Turnkey medical building with high-end finishes and strong investment potential.
Property Size7,829 SF
Price / SF$427.90
Days on Market282
Property Features for 1630 S Tuttle Ave
General Information
Standard status
Active
Size
7,829 SF
Class
A
Property subtype
Office
Building Details
Building Size
7,829 SF
Year Built
1981
Listing Agency:
SVN | Commercial Partners
(773) 458-3282
Listed By:
David Carlson · License #BK3231913
(773) 458-3282
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 21
Last Checked: Aug 30 at 2:20PM
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 SVN | Commercial Partners
Investment Insights
Based on property information with market context.
This 7,829 square foot building, located in Sarasota, Florida, has been renovated and is presented as a turnkey investment opportunity. The property features high-end interior finishes and a versatile layout. It includes 14 fully-equipped exam rooms, an updated X-ray room, seven private staff offices, a spacious gym and physical therapy area, and a waiting area with dual reception desks. The building is of hurricane-proof construction. It is currently 100% occupied and leased by two medical professionals on a five-year triple net lease at a rate of $30 per square foot triple net. The property is near Sarasota Memorial Hospital and downtown Sarasota. The surrounding area offers access to cultural attractions, dining, and waterfront views, with the downtown district, Sarasota Bay, the Ringling Museum of Art, Marina Jack, and St. Armands Circle nearby. The property offers a 6.81% CAP rate with a yearly income of $234,870 with increases.
Key Highlights
- Turnkey investment property with 100% occupancy and strong investment potential.
- Leased by two medical professionals on a five‑year triple net lease at $30/ft, generating $234,870 yearly income with increases and a 6.81% CAP rate.
- Impeccably renovated 7,829 SF building with high‑end interior finishes and hurricane‑proof construction.
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
$127,844
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
3.82%
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%
$2,556,880
$2.6M
Cap Rate 7%
$1,826,343
$1.8M
Cap Rate 9%
$1,420,489
$1.4M
Market Conditions
NOI Build-Up for 7,829 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
$180.4K $23.04/SF
− Vacancy
−$9.9K −$1.27/SF
EGI
$170.5K $21.77/SF
− OpEx
−$42.6K −$5.44/SF
NOI
$127.8K $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%
$2,556,880
Cap Rate 7%
$1,826,343
Cap Rate 9%
$1,420,489
Alternative Uses
Best Use
Office B
$1.83M
$1.60M – $2.13M
NOI $127,844 @ 7.0% cap · market cap 3.82%
Second Best
Healthcare Medical
$1.73M
$1.51M – $2.01M
NOI $120,869 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$2.30M
$2.01M – $2.69M
NOI $161,158 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
648
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Turnkey medical building with high-end finishes and strong investment potential.
Where is this medical office space located?
The property is located at 1630 S Tuttle Ave Sarasota, FL.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: Turnkey investment property with 100% occupancy and strong investment potential.; Leased by two medical professionals on a five‑year triple net lease at $30/ft, generating $234,870 yearly income with increases and a 6.81% CAP rate.; Impeccably renovated **7,829 SF building** with high‑end interior finishes and hurricane‑proof construction.
