Versatile Flex Office/Warehouse
For Sale
$575,000
1882 PORTER LAKE DRIVE #106, Sarasota, FL 34240
1896 sq ft flex space in prime Sarasota location.
Property Size1,896 SF
Price / SF$303.27
Days on Market154
Property Features for 1882 PORTER LAKE DRIVE #106
General Information
Standard status
Active
Size
1,896 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,137
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Building Details
Year Built
1998
Listing Agency:
REALTY ONE GROUP MVP
(800) 896-8790
Listed By:
MICHELLE MORIN
Source:
Corcoran
Added: Mar 31
Changed: Aug 25
Last Checked: Aug 30 at 7:54PM
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 REALTY ONE GROUP MVP
Investment Insights
Based on property information with market context.
Located at 1882 Porter Lake Drive, Unit 106, in Sarasota, this commercial space offers an opportunity for investors and owner-users. The property provides access to major transportation routes. Unit 106 features approximately 1,896 square feet of flex office/warehouse space. The layout includes a front office area and a rear warehouse, allowing for a blend of administrative and operational use. Built in 1998, this unit is suited for uses including light industrial, storage, distribution, service-based businesses, or office/warehouse combinations. Its layout and location make it an option for businesses seeking flexibility and accessibility. The warehouse includes a roll-up overhead door, providing access for loading, deliveries, and storage needs. Positioned in a growing commercial corridor near I-75 and the Fruitville area, Unit 106 offers functionality and long-term value.
Key Highlights
- Prime location near I‑75 and Fruitville area in a growing commercial corridor.
- Versatile flex office/warehouse space suitable for investors or owner‑users.
- Approximately 1,896 square feet of well‑designed space.
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
$18,686
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
3.25%
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%
$373,720
$373.7K
Cap Rate 7%
$266,943
$266.9K
Cap Rate 9%
$207,622
$207.6K
Market Conditions
NOI Build-Up for 1,896 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
$30.3K $15.96/SF
− Vacancy
−$1.5K −$0.80/SF
EGI
$28.7K $15.16/SF
− OpEx
−$10.1K −$5.31/SF
NOI
$18.7K $9.86/SF
Area
Manatee County, FL
Vacancy
5.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
35.00%
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%
$373,720
Cap Rate 7%
$266,943
Cap Rate 9%
$207,622
Alternative Uses
Best Use
Flex RnD
$266.9K
$233.6K – $311.4K
NOI $18,686 @ 7.0% cap · market cap 3.25%
Second Best
Industrial
$227.9K
$199.4K – $265.9K
NOI $15,951 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$557.6K
$487.9K – $650.5K
NOI $39,029 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
935
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34240, FL
14,428
Population
7,570
Households
1.9
Avg Household Size
49
Median Age
52%
College-Educated
98%
High-School Grad
66.5 sq mi
ZIP Area
217
Density / Sq Mi
$126,048
Median Household Income
$53,284
Median Earnings
$2,306
Median Rent
$622,100
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - 1896 sq ft flex space in prime Sarasota location.
Where is this flex space located?
The property is located at 1882 PORTER LAKE DRIVE #106 Sarasota, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Prime location near I‑75 and Fruitville area in a growing commercial corridor.; Versatile flex office/warehouse space suitable for investors or owner‑users.; Approximately 1,896 square feet of well‑designed space.
