Redevelopment Site with Residential
3808 N Tamiami Trail Sarasota, FL 34234
3808 N Tamiami Trail, Sarasota, FL, 34234
Contact for pricing
For Sale
Contact for pricing
Redevelopment parcel zoned NT - North Trail with 77 existing residential units and potential for higher allowable density.
Property Size13,942 SF
Lot Size2.14 Acres
Price / SF$276.14
Days on Market703
Property Features for 3808 N Tamiami Trail
General Information
- Standard status
- Active
- Size
- 13,942 SF
- Lot size
- 2.14 Acres
- Property subtype
- SPECIALTY
Properties For Sale
at 3808 N Tamiami Trail Contact us
Listing agency
American Property Group
(941) 544-0770
Listed by
Adam J Seidel · License #SL3213728
(941) 544-0770
Source
Moodyscre
Added: Aug 19, 2024 Updated: Jul 21 at 4:34PM Checked: Jul 21 at 4:34PM
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
Investment Insights
Based on property information with market context.
A redevelopment site at 3808 N Tamiami Trail in Sarasota, FL, currently with 77 vested residential units. The property has previously been used as a school, office, medical facility, and restaurant, supporting a flexible redevelopment approach. The site is described as a 2.14+ acre parcel with space that can accommodate development and outdoor amenities.
The property is positioned on North Tamiami Trail with frontage along U.S. 41. The location is noted as being near Downtown Sarasota and high-rise hotels, condominiums, and apartments along the gateway to St. Armands. The remarks also reference proximity to SRQ Airport, as well as nearby educational and cultural destinations including University of South Florida and New College.
Per the provided information, under SB 102 and the City’s Commercial Corridors and Commercial Centers Attainable Housing Density Bonus Program, allowable residential units are stated to increase to a total of 231, with a possible height bonus of up to 2 stories. The program requirements described include designating a minimum of 15% of bonus units above base density as attainable on-site for at least 30 years for households earning 120% of AMI.
The property is positioned on North Tamiami Trail with frontage along U.S. 41. The location is noted as being near Downtown Sarasota and high-rise hotels, condominiums, and apartments along the gateway to St. Armands. The remarks also reference proximity to SRQ Airport, as well as nearby educational and cultural destinations including University of South Florida and New College.
Per the provided information, under SB 102 and the City’s Commercial Corridors and Commercial Centers Attainable Housing Density Bonus Program, allowable residential units are stated to increase to a total of 231, with a possible height bonus of up to 2 stories. The program requirements described include designating a minimum of 15% of bonus units above base density as attainable on-site for at least 30 years for households earning 120% of AMI.
Key Highlights
- 2.14+ acre redevelopment parcel on U.S. 41 (North Tamiami Trail) in Sarasota
- Zoned NT - North Trail; formerly used as a school, office, medical facility, and restaurant
- Currently has 77 vested residential units, with potential to increase allowable residential units to 231 under SB 102
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $251.0k | $18.00 |
| − Vacancy | −$6.0k | −$0.43 |
| EGI | $244.9k | $17.57 |
| − OpEx | −$61.2k | −$4.39 |
| NOI | $183.7k | $13.18 |
13,942 SF · lease $18.00/SF/yr · vacancy 2.40% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.62M
$2.30M – $3.06M
NOI $183,700 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$2.41M
$2.11M – $2.81M
NOI $168,695 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$4.10M
$3.59M – $4.78M
NOI $286,993 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
East West College-Natural ...
Alternative Medicine Practice
Hernando A. Ortiz, OMD
Alternative Medicine Practice
Debao Ye
Alternative Medicine Practice
East West College ...
Alternative Medicine Practice
Partha Banerjee
Physician
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FAQs
What type of property is this?
Apartment building - Redevelopment parcel zoned NT - North Trail with 77 existing residential units and potential for higher allowable density.
Where is this apartment building located?
The property is located at 3808 N Tamiami Trail Sarasota, FL.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: 2.14+ acre redevelopment parcel on U.S. 41 (North Tamiami Trail) in Sarasota; Zoned NT - North Trail; formerly used as a school, office, medical facility, and restaurant; Currently has 77 vested residential units, with potential to increase allowable residential units to 231 under SB 102
