Mixed-Use Property with
New
For Sale
$3,985,000
2160 GULF GATE, Sarasota, FL 34231
Commercial space with a recently completed two-bedroom apartment and flexible live-work configuration.
Property Size10,273 SF
Price / SF$387.91
Days on Market2
Property Features for 2160 GULF GATE
General Information
Standard status
Active
Size
10,273 SF
Property subtype
Commercial
Additional Details
Frontage
85 ft
Taxes and HOA fees
Annual Taxes
$19,176
Amenities
generator
Flood Zone X
Building Details
Building Size
10,273 SF
Year Built
1970
Units
5
Construction
concrete
Listing Agency:
GENEROUS PROPERTY
Listed By:
Mark Lyda · License #3400771
(941) 586-2670
Source:
Elliman
Added: Sep 14
Last Checked: Sep 14 at 2:35PM
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 GENEROUS PROPERTY
Investment Insights
Based on property information with market context.
This 10,273 SF mixed-use property combines substantial commercial space with a recently completed second-story apartment of nearly 2000sf. The residence includes 2 Bedrooms, 1 Full and 1 Half Bathrooms, a kitchen with quartz countertops and stainless-steel appliances, a dedicated laundry room, and additional living area. The commercial portion has concrete construction, multiple access doors, portions with two-story ceilings, and a generator. Flood Zone X is also identified.
Approximately 85 feet of frontage supports the property’s presence along Gulf Gate in South Sarasota, near the US 41 (Tamiami Trail) and CR72 (Clark Road) crossroads. The surrounding district includes walkable streets, independent shops, international restaurants, and neighborhood nightlife. The site was built in 1970 and previously housed an aquarium and pet center, providing a documented connection to specialty retail and related commercial uses.
Approximately 85 feet of frontage supports the property’s presence along Gulf Gate in South Sarasota, near the US 41 (Tamiami Trail) and CR72 (Clark Road) crossroads. The surrounding district includes walkable streets, independent shops, international restaurants, and neighborhood nightlife. The site was built in 1970 and previously housed an aquarium and pet center, providing a documented connection to specialty retail and related commercial uses.
Key Highlights
- 10,273 SF mixed‑use commercial property
- Recently completed second‑story apartment of nearly 2000sf
- Apartment includes 2 Bedrooms, 1 Full and 1 Half Bathrooms
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
$180,099
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
4.52%
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%
$3,601,980
$3.6M
Cap Rate 7%
$2,572,843
$2.6M
Cap Rate 9%
$2,001,100
$2.0M
Market Conditions
NOI Build-Up for 10,273 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
$308.2K $30.00/SF
− Vacancy
−$20.0K −$1.95/SF
EGI
$288.2K $28.05/SF
− OpEx
−$108.1K −$10.52/SF
NOI
$180.1K $17.53/SF
Area
Manatee County, FL
Vacancy
6.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,601,980
Cap Rate 7%
$2,572,843
Cap Rate 9%
$2,001,100
Alternative Uses
Best Use
Mixed Use
$2.57M
$2.25M – $3.00M
NOI $180,099 @ 7.0% cap · market cap 4.52%
Second Best
Office B
$2.40M
$2.10M – $2.80M
NOI $167,754 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$3.02M
$2.64M – $3.52M
NOI $211,468 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,537
Businesses Nearby
Explore this area
Business Placement
Demographics for 34231, FL
31,492
Population
19,017
Households
1.7
Avg Household Size
55
Median Age
38%
College-Educated
95%
High-School Grad
9.4 sq mi
ZIP Area
3,350
Density / Sq Mi
$69,721
Median Household Income
$40,608
Median Earnings
$1,707
Median Rent
$363,400
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?
Mixed-use property - Commercial space with a recently completed two-bedroom apartment and flexible live-work configuration.
Where is this mixed-use property located?
The property is located at 2160 GULF GATE Sarasota, FL.
What is the asking price?
The asking price for this property is $3,985,000.
What are key features of this property?
This property features: 10,273 SF mixed‑use commercial property; Recently completed second‑story apartment of nearly 2000sf; Apartment includes 2 Bedrooms, 1 Full and 1 Half Bathrooms
