2831 Ringling Blvd Unit 118, Sarasota, FL 34237

Listing Agency: American Property Group of Sarasota Inc

Listed By: Adam Seidel · License FL SL3213728 Show Phone

Source: Crexi

Added: Sep 28 Changed: Nov 8 Last Checked: Nov 8 at 4:30PM

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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 American Property Group of Sarasota Inc

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Investment Insights

Based on property information with market context.

This first-floor medical office condominium at 2831 Ringling Blvd, Unit 118, in Sarasota contains approximately 821 square feet. Its layout includes a reception area, a private office, a restroom, and additional flexible workspace.

Adjacent Unit 120 is also offered for purchase separately, providing an option to acquire another unit.

Key Highlights

• Approximately 821 SF on the first floor
• Layout includes reception, a private office, restroom, and flexible workspace
• Adjacent Unit 120 is available for separate purchase

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,073

Cap Rate

6.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$301,460 $301.5K

Cap Rate 7%

$215,329 $215.3K

Cap Rate 9%

$167,478 $167.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 821 SF

Gross rent

$26.3K $32.04/SF

− Vacancy

−$1.2K −$1.44/SF

EGI

$25.1K $30.60/SF

− OpEx

−$10.0K −$12.24/SF

NOI

$15.1K $18.36/SF

Area

Sarasota County, FL

Vacancy

4.50%

Lease Rate

$32.04 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$301,460

Cap Rate 7%

$215,329

Cap Rate 9%

$167,478

Alternative Uses

Best Use

Healthcare Medical

$215.3K

$188.4K – $251.2K (±1% cap)

NOI $15,073 @ 7.0% cap · market cap 6.03%

Second Best

Office B

$171.0K

$149.6K – $199.5K (±1% cap)

NOI $11,970 @ 7.0% cap · market cap 4.79%

Theoretical Best

Office A

$233.3K

$204.2K – $272.2K (±1% cap)

NOI $16,333 @ 7.0% cap · market cap 6.53%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Tia E. Jensen, ... Consultant Elite Permits of Sarasota Engineering Consultant Jacqueline S. Roller, ... Crisis Center Bruce A. Robertson, M.S., ... Psychotherapist Talk To A Florida Therapist Counselor

Suggested Use

Top Pick Hair Salon Auto Parts Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store HVAC Service Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,215

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

Properties on Market for Medical Office Space in Sarasota

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - A reception area, private office, restroom, and adaptable workspace support professional office operations.

Where is this medical office space located?

The property is located at 2831 Ringling Blvd Unit 118 Sarasota, FL.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: Approximately 821 SF on the first floor; Layout includes reception, a private office, restroom, and flexible workspace; Adjacent Unit 120 is available for separate purchase