Two-Unit Flex
For Sale
$995,000
2924 Hyde Park St, Sarasota, FL 34239
CI-zoned commercial property combines customer-facing areas with rear warehouse functionality and overhead loading doors.
Property Size5,760 SF
Lot Size0.46 Acres
Price / SF$172.74
Days on Market193
Property Features for 2924 Hyde Park St
General Information
Standard status
Active
Size
5,760 SF
Class
C
Lot size
0.46 Acres
Property subtype
Other Special Purpose
Zoning
CI
Additional Details
Office Units
2
Building Details
Building Size
5,760 SF
Year Built
1970
Buildings
1
Tenancy
Multi
Listing Agency:
American Property Group of Sarasota, Inc.
(941) 923-0535
Listed By:
Brian Seidel · License #3123085
(941) 923-0535
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 5:50AM
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.
Investment Insights
Based on property information with market context.
This 5,760 SF flex property contains two separate 2,880 SF units, each combining office or retail space with warehouse functionality at the rear. Every unit has two overhead doors, supporting loading, storage, and business operations. The building dates to 1970 and sits on 0.46 acres of CI-zoned land.
One unit is leased with 1 year remaining, while the second is vacant. The available space was most recently used as a dance studio and can accommodate office, showroom, retail, studio, or service-oriented operations, subject to applicable requirements. The property is located at 2924 Hyde Park St in Sarasota, east of S Tuttle Ave and between Bahia Vista St and Webber St, north of Southgate.
One unit is leased with 1 year remaining, while the second is vacant. The available space was most recently used as a dance studio and can accommodate office, showroom, retail, studio, or service-oriented operations, subject to applicable requirements. The property is located at 2924 Hyde Park St in Sarasota, east of S Tuttle Ave and between Bahia Vista St and Webber St, north of Southgate.
Key Highlights
- 5,760 SF building divided into two 2,880 SF units
- 0.46 acres of CI‑zoned land
- Two overhead doors per 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
$70,834
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
7.12%
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%
$1,416,680
$1.4M
Cap Rate 7%
$1,011,914
$1.0M
Cap Rate 9%
$787,044
$787.0K
Market Conditions
NOI Build-Up for 5,760 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
$103.7K $18.00/SF
− Vacancy
−$2.5K −$0.43/SF
EGI
$101.2K $17.57/SF
− OpEx
−$30.4K −$5.27/SF
NOI
$70.8K $12.30/SF
Area
Manatee County, FL
Vacancy
2.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,416,680
Cap Rate 7%
$1,011,914
Cap Rate 9%
$787,044
Alternative Uses
Best Use
Office B
$1.34M
$1.18M – $1.57M
NOI $94,058 @ 7.0% cap · market cap 9.45%
Second Best
Retail
$1.01M
$885.4K – $1.18M
NOI $70,834 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$1.69M
$1.48M – $1.98M
NOI $118,568 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34239, FL
15,049
Population
8,044
Households
1.9
Avg Household Size
52
Median Age
45%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
3,420
Density / Sq Mi
$76,378
Median Household Income
$42,017
Median Earnings
$1,522
Median Rent
$418,300
Median Home Value
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - CI-zoned commercial property combines customer-facing areas with rear warehouse functionality and overhead loading doors.
Where is this flex space located?
The property is located at 2924 Hyde Park St Sarasota, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 5,760 SF building divided into two 2,880 SF units; 0.46 acres of CI‑zoned land; Two overhead doors per unit
