Second-Floor Office
For Sale
$450,000
3909 BAY DRIVE, Holmes Beach, FL 34217
Second-floor office suite includes break room, desk counter work areas, and storage within a condominium building with elevator.
Property Size988 SF
Price / SF$455.47
Days on Market183
Property Features for 3909 BAY DRIVE
General Information
Standard status
Active
Size
988 SF
Total Parking Spaces
1
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$2,998
Amenities
elevator
public restroom
break room
galley kitchen
sign space
Central Air
3
City Road, Asphalt.
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
ISLAND REAL ESTATE-ANNA MARIA
(941) 778-6066
Listed By:
Jennifer Chatt · License #3423831
Source:
Xome
Added: Feb 16
Changed: Aug 12
Last Checked: Aug 17 at 3:44AM
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 ISLAND REAL ESTATE-ANNA MARIA
Investment Insights
Based on property information with market context.
This second-floor office suite is located within a commercial condominium and accessed via an elevator. The interior layout includes a break room with a galley kitchen featuring updated kitchen cabinets, along with multiple desk counter areas designed for office workstations. Additional space includes a shelving area for miscellaneous storage.
The building includes public restrooms for men and women on the second and third floors, and the suite is served by exterior parking with both a street and rear door entrance. Sign space is available, and the offering includes one parking spot under the building.
A glass door and large interior openings are part of the suite’s existing finishes, which are described as coastal with ship lap walls. The space is positioned directly off the main north-south commercial thoroughfare on Anna Maria Island.
The building includes public restrooms for men and women on the second and third floors, and the suite is served by exterior parking with both a street and rear door entrance. Sign space is available, and the offering includes one parking spot under the building.
A glass door and large interior openings are part of the suite’s existing finishes, which are described as coastal with ship lap walls. The space is positioned directly off the main north-south commercial thoroughfare on Anna Maria Island.
Key Highlights
- Second‑floor office suite in a commercial condominium; 988 SF with a break room and galley kitchen with updated cabinetry
- Central air conditioning
- Building includes an elevator and shared public restrooms for men and women on the 2nd and 3rd floors
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
$16,134
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
3.59%
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%
$322,680
$322.7K
Cap Rate 7%
$230,486
$230.5K
Cap Rate 9%
$179,267
$179.3K
Market Conditions
NOI Build-Up for 988 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
$22.8K $23.04/SF
− Vacancy
−$1.3K −$1.27/SF
EGI
$21.5K $21.77/SF
− OpEx
−$5.4K −$5.44/SF
NOI
$16.1K $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%
$322,680
Cap Rate 7%
$230,486
Cap Rate 9%
$179,267
Alternative Uses
Best Use
Office B
$230.5K
$201.7K – $268.9K
NOI $16,134 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$290.5K
$254.2K – $339.0K
NOI $20,338 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Explore this area
Business Placement
Demographics for 34217, FL
3,825
Population
5,940
Households
0.6
Avg Household Size
65
Median Age
61%
College-Educated
98%
High-School Grad
2.1 sq mi
ZIP Area
1,821
Density / Sq Mi
$90,278
Median Household Income
$44,044
Median Earnings
$1,657
Median Rent
$636,300
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 - Second-floor office suite includes break room, desk counter work areas, and storage within a condominium building with elevator.
Where is this office units located?
The property is located at 3909 BAY DRIVE Holmes Beach, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Second‑floor office suite in a commercial condominium; 988 SF with a break room and galley kitchen with updated cabinetry; Central air conditioning; Building includes an elevator and shared public restrooms for men and women on the 2nd and 3rd floors
