Ground-Level Medical
For Sale
$779,000
220 N Tuttle Avenue, Sarasota, FL 34237
Patient-focused layout with examination rooms, reception, updated restrooms, and convenient ground-floor access.
Property Size1,571 SF
Price / SF$495.86
Days on Market609
Property Features for 220 N Tuttle Avenue
General Information
Standard status
Active
Size
1,571 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$5,446
Amenities
Central Air
3
Building Details
Year Built
1958
Buildings
1
Construction
brick
Listing Agency:
PRIME TIME REAL ESTATE INC
(941) 323-8685
Listed By:
Dan Novak · License #3509685
Source:
Xome
Added: Dec 31, 2024
Changed: Aug 31
Last Checked: Mar 27 at 7:47AM
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 PRIME TIME REAL ESTATE INC
Investment Insights
Based on property information with market context.
This 1,571 SF medical office building provides a ground-level layout with six private examination rooms, reception space, a common area, utility room, and two updated restrooms. The solid brick structure was built in 1958 and has undergone extensive improvements, including work to the roof, electrical and plumbing systems, sewer line, windows, lighting, paint, sheetrock, and bathrooms. Custom tile finishes are installed throughout the interior.
The property includes a large on-site parking lot with 15+ spaces, including covered parking. Fruitville Road signage supports prominent exposure, and the building is within view of the heavily traveled Fruitville Road and Tuttle Avenue intersection. The property also includes room for future expansion and is configured for medical or professional office use.
The property includes a large on-site parking lot with 15+ spaces, including covered parking. Fruitville Road signage supports prominent exposure, and the building is within view of the heavily traveled Fruitville Road and Tuttle Avenue intersection. The property also includes room for future expansion and is configured for medical or professional office use.
Key Highlights
- 1,571 SF ground‑level medical office building
- Six private examination rooms with reception, common area, and utility room
- Two updated restrooms and custom tiled interior walls and floors
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
$25,654
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
3.29%
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%
$513,080
$513.1K
Cap Rate 7%
$366,486
$366.5K
Cap Rate 9%
$285,044
$285.0K
Market Conditions
NOI Build-Up for 1,571 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
$36.2K $23.04/SF
− Vacancy
−$2.0K −$1.27/SF
EGI
$34.2K $21.77/SF
− OpEx
−$8.6K −$5.44/SF
NOI
$25.7K $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%
$513,080
Cap Rate 7%
$366,486
Cap Rate 9%
$285,044
Alternative Uses
Best Use
Office B
$366.5K
$320.7K – $427.6K
NOI $25,654 @ 7.0% cap · market cap 3.29%
Second Best
Healthcare Medical
$346.5K
$303.2K – $404.2K
NOI $24,254 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$462.0K
$404.2K – $539.0K
NOI $32,339 @ 7.0% cap · market cap 4.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,240
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34237, FL
16,740
Population
9,194
Households
1.8
Avg Household Size
42
Median Age
26%
College-Educated
89%
High-School Grad
3.9 sq mi
ZIP Area
4,292
Density / Sq Mi
$63,133
Median Household Income
$35,044
Median Earnings
$1,524
Median Rent
$234,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Dr. Nina's Animal Hospital Sarasota — 2959 Fruitville Rd, Sarasota, FL 34237
- Dr Nina's animal hospital — 202 N Rhodes Ave, Sarasota, FL 34237
- Sarasota Veterinary Services — 1090 N Tuttle Ave, Sarasota, FL 34237
Frequently Asked Questions
What type of property is this?
Medical Office Space - Patient-focused layout with examination rooms, reception, updated restrooms, and convenient ground-floor access.
Where is this medical office space located?
The property is located at 220 N Tuttle Avenue Sarasota, FL.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 1,571 SF ground‑level medical office building; Six private examination rooms with reception, common area, and utility room; Two updated restrooms and custom tiled interior walls and floors
