Two-Building Flex Space
For Sale
Contact for pricing
1701 Biotech Way, Sarasota, FL 34243
Two buildings combine contiguous office and warehouse areas with substantial parking and Light Manufacturing zoning.
Property Size30,660 SF
Lot Size4.00 Acres
Price / SF$199.77
Days on Market8
Property Features for 1701 Biotech Way
General Information
Standard status
Active
Size
30,660 SF
Lot size
4.00 Acres
Property subtype
Industrial
Zoning
Light Manufacturing District - (LM)
Lease Type
NNN
Building Details
Year Built
1999
Year Renovated
2011
Buildings
2
Stories
2
Listing Agency:
Ian Black Real Estate LLC
(407) 650-3615
Listed By:
Kevin McQuaid · License #SL3200475
Source:
Crexi
Added: Jul 30
Changed: Aug 5
Last Checked: Aug 5 at 4:54AM
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 LLC
Investment Insights
Based on property information with market context.
This flex space property includes two buildings with a combined 30,660 square feet on roughly four acres. The improvements provide contiguous office space, warehouse space, and substantial parking. The two-story office building at 1701 Biotech Way is fully air-conditioned and may be modified for flex-space use. Constructed in 1999, the property offers both office and industrial functionality within the same campus-style setting.
The site is positioned just off 15th Street East near Sarasota-Bradenton International Airport. Its Light Manufacturing District (LM) zoning supports the property’s existing mix of office and warehouse components. The second building at 1711 Biotech Way expands the overall configuration for an owner-user seeking multiple commercial spaces within one property.
The site is positioned just off 15th Street East near Sarasota-Bradenton International Airport. Its Light Manufacturing District (LM) zoning supports the property’s existing mix of office and warehouse components. The second building at 1711 Biotech Way expands the overall configuration for an owner-user seeking multiple commercial spaces within one property.
Key Highlights
- 30,660 square feet across two buildings
- Roughly four‑acre property with substantial parking
- Two‑story, fully air‑conditioned office building
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
$500,666
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
8.17%
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%
$10,013,320
$10.0M
Cap Rate 7%
$7,152,371
$7.2M
Cap Rate 9%
$5,562,956
$5.6M
Market Conditions
NOI Build-Up for 30,660 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
$706.4K $23.04/SF
− Vacancy
−$38.9K −$1.27/SF
EGI
$667.6K $21.77/SF
− OpEx
−$166.9K −$5.44/SF
NOI
$500.7K $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%
$10,013,320
Cap Rate 7%
$7,152,371
Cap Rate 9%
$5,562,956
Alternative Uses
Best Use
Office B
$7.15M
$6.26M – $8.34M
NOI $500,666 @ 7.0% cap · market cap 8.17%
Second Best
Warehouse
$4.47M
$3.92M – $5.22M
NOI $313,207 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$9.02M
$7.89M – $10.52M
NOI $631,130 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
846
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34243, FL
30,107
Population
16,287
Households
1.8
Avg Household Size
54
Median Age
43%
College-Educated
95%
High-School Grad
18.0 sq mi
ZIP Area
1,673
Density / Sq Mi
$79,799
Median Household Income
$42,586
Median Earnings
$1,960
Median Rent
$395,000
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?
Flex space - Two buildings combine contiguous office and warehouse areas with substantial parking and Light Manufacturing zoning.
Where is this flex space located?
The property is located at 1701 Biotech Way Sarasota, FL.
What is the asking price?
The asking price for this property is $6,125,000.
What are key features of this property?
This property features: 30,660 square feet across two buildings; Roughly four‑acre property with substantial parking; Two‑story, fully air‑conditioned office building
