Second-Floor Office Condominium
For Sale
$250,000
2831 RINGLING BOULEVARD #E214, Sarasota, FL 34237
Second-floor office suite with reception area, three private offices, private restroom, kitchenette, and two covered balconies.
Property Size635 SF
Price / SF$393.70
Days on Market55
Property Features for 2831 RINGLING BOULEVARD #E214
General Information
Standard status
Active
Size
635 SF
Property subtype
Office
Building Details
Year Built
1981
Listing Agency:
LOYD ROBBINS & CO. LLC
(941) 957-9300
Listed By:
Ali Marks · License #3560076
(941) 321-5147
Source:
Endlesssummerrealty
Added: Jul 21
Changed: Sep 12
Last Checked: Sep 12 at 5:32AM
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 LOYD ROBBINS & CO. LLC
Investment Insights
Based on property information with market context.
Ringling Professional Center offers a well-maintained second-floor office condominium suite with 635 SF of functional workspace. The layout begins with a reception or work area that opens into three private offices suitable for individual work, meetings, or administrative use. The suite also includes a private restroom and kitchenette, along with large windows and two private covered balconies that add natural light and outdoor space. An elevator provides building access for added convenience.
The professional center is described as centrally located with easy access from Ringling Boulevard or Fruitville Rd, placing the office near Downtown Sarasota and within minutes of the courthouse and Sarasota Memorial Hospital, as well as major transportation corridors.
The listing also notes that the CN zoning accommodates a wide variety of professional office users, and the property is supported by mature landscaping, ample parking, and attractive architecture.
The professional center is described as centrally located with easy access from Ringling Boulevard or Fruitville Rd, placing the office near Downtown Sarasota and within minutes of the courthouse and Sarasota Memorial Hospital, as well as major transportation corridors.
The listing also notes that the CN zoning accommodates a wide variety of professional office users, and the property is supported by mature landscaping, ample parking, and attractive architecture.
Key Highlights
- Second‑floor office condominium in Ringling Professional Center with 635 SF of office space (built 1981).
- Suite layout includes a reception/work area plus three private offices for flexible work, conference, or administrative use.
- Includes a private restroom and kitchenette within the unit.
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
$10,369
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
4.15%
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%
$207,380
$207.4K
Cap Rate 7%
$148,129
$148.1K
Cap Rate 9%
$115,211
$115.2K
Market Conditions
NOI Build-Up for 635 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
$14.6K $23.04/SF
− Vacancy
−$805 −$1.27/SF
EGI
$13.8K $21.77/SF
− OpEx
−$3.5K −$5.44/SF
NOI
$10.4K $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%
$207,380
Cap Rate 7%
$148,129
Cap Rate 9%
$115,211
Alternative Uses
Best Use
Office B
$148.1K
$129.6K – $172.8K
NOI $10,369 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$186.7K
$163.4K – $217.9K
NOI $13,071 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,215
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Second-floor office suite with reception area, three private offices, private restroom, kitchenette, and two covered balconies.
Where is this office units located?
The property is located at 2831 RINGLING BOULEVARD #E214 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: Second‑floor office condominium in Ringling Professional Center with 635 SF of office space (built 1981).; Suite layout includes a reception/work area plus three private offices for flexible work, conference, or administrative use.; Includes a private restroom and kitchenette within the unit.
