Move-In Ready End-Cap Office
For Sale
$365,000
234 Rhodes Avenue, Sarasota, FL 34237
End-cap professional office condominium with private offices, reception, waiting room, kitchenette, restroom, and front and rear entrances.
Property Size1,050 SF
Price / SF$347.62
Days on Market118
Property Features for 234 Rhodes Avenue
General Information
Standard status
Active
Size
1,050 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$3,685
Amenities
Central Air
3
Building Details
Year Built
2007
Listing Agency:
DOUGLAS ELLIMAN
(941) 867-6199
Listed By:
Rex Glasson · License #BK3067512
Source:
Xome
Added: Apr 22
Changed: Aug 14
Last Checked: Aug 17 at 4:40AM
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 DOUGLAS ELLIMAN
Investment Insights
Based on property information with market context.
Move-in-ready end-cap office condominium in a professional office complex. The suite includes three private offices, a welcoming reception area, waiting room, kitchenette, a private restroom, and a storage/IT room, along with both front and rear entrances for practical day-to-day access.
The condominium association requires buyer approval and maintains a first right of refusal. Quarterly HOA dues are stated at $1,227 per unit.
This unit is approximately 1,050 SF and is presented as suitable for a range of professional office uses, with additional windows that support natural light as described in the remarks.
The condominium association requires buyer approval and maintains a first right of refusal. Quarterly HOA dues are stated at $1,227 per unit.
This unit is approximately 1,050 SF and is presented as suitable for a range of professional office uses, with additional windows that support natural light as described in the remarks.
Key Highlights
- Move‑in‑ready 1,050± SF end‑cap professional office condo built in 2007, with both front and rear entrances.
- Interior includes three private offices, reception area, waiting room, kitchenette, private restroom, and storage/IT room.
- Central air conditioning and 3 guest facilities included.
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
$17,146
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
4.70%
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%
$342,920
$342.9K
Cap Rate 7%
$244,943
$244.9K
Cap Rate 9%
$190,511
$190.5K
Market Conditions
NOI Build-Up for 1,050 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
$24.2K $23.04/SF
− Vacancy
−$1.3K −$1.27/SF
EGI
$22.9K $21.77/SF
− OpEx
−$5.7K −$5.44/SF
NOI
$17.1K $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%
$342,920
Cap Rate 7%
$244,943
Cap Rate 9%
$190,511
Alternative Uses
Best Use
Office B
$244.9K
$214.3K – $285.8K
NOI $17,146 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$308.8K
$270.2K – $360.2K
NOI $21,614 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,034
Businesses Nearby
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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Frequently Asked Questions
What type of property is this?
Office units - End-cap professional office condominium with private offices, reception, waiting room, kitchenette, restroom, and front and rear entrances.
Where is this office units located?
The property is located at 234 Rhodes Avenue Sarasota, FL.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Move‑in‑ready 1,050± SF end‑cap professional office condo built in 2007, with both front and rear entrances.; Interior includes three private offices, reception area, waiting room, kitchenette, private restroom, and storage/IT room.; Central air conditioning and 3 guest facilities included.
