Office Unit with Existing
New
For Sale
$525,000
3976 Destination Drive, Osprey, FL 34229
The 2008 suite includes 1,313 square feet and receives natural light.
Property Size1,313 SF
Price / SF$399.85
Days on Market6
Property Features for 3976 Destination Drive
General Information
Standard status
Active
Size
1,313 SF
Property subtype
Commercial
Building Details
Year Built
2008
Listing Agency:
MSC Commercial
Listed By:
Eric Barnes
(404) 542-0364
Source:
Msccommercial
Added: Sep 20
Changed: Sep 24
Last Checked: Sep 24 at 2:39PM
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 MSC Commercial
Investment Insights
Based on property information with market context.
Suite 204 is a 1,313-square-foot office condo at 3976 Destination Drive in Osprey. Built in 2008, the space has an existing office build-out, contemporary finishes, and natural light. The described configuration can accommodate private offices, a conference area, and reception space; those areas are not stated as existing rooms.
The property has frontage along the U.S. 41 corridor in Osprey’s Bay Street district, between Sarasota and Venice. It is 2.8 miles south of the Sarasota Square Mall redevelopment, which is described as featuring Whole Foods, Costco, Target, and Trader Joe’s.
The property has frontage along the U.S. 41 corridor in Osprey’s Bay Street district, between Sarasota and Venice. It is 2.8 miles south of the Sarasota Square Mall redevelopment, which is described as featuring Whole Foods, Costco, Target, and Trader Joe’s.
Key Highlights
- 1,313 square feet in Suite 204
- Office condo built in 2008
- Frontage along the U.S. 41 corridor
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
$19,144
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
3.65%
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%
$382,880
$382.9K
Cap Rate 7%
$273,486
$273.5K
Cap Rate 9%
$212,711
$212.7K
Market Conditions
NOI Build-Up for 1,313 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
$28.4K $21.60/SF
− Vacancy
−$2.8K −$2.16/SF
EGI
$25.5K $19.44/SF
− OpEx
−$6.4K −$4.86/SF
NOI
$19.1K $14.58/SF
Area
Sarasota County, FL
Vacancy
10.00%
Lease Rate
$21.60 /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%
$382,880
Cap Rate 7%
$273,486
Cap Rate 9%
$212,711
Alternative Uses
Best Use
Office B
$273.5K
$239.3K – $319.1K
NOI $19,144 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$373.2K
$326.5K – $435.4K
NOI $26,122 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
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Business Placement
Demographics for 34229, FL
7,780
Population
4,662
Households
1.7
Avg Household Size
63
Median Age
58%
College-Educated
97%
High-School Grad
6.0 sq mi
ZIP Area
1,297
Density / Sq Mi
$93,949
Median Household Income
$56,047
Median Earnings
$2,008
Median Rent
$635,800
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - The 2008 suite includes 1,313 square feet and receives natural light.
Where is this office units located?
The property is located at 3976 Destination Drive Osprey, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1,313 square feet in Suite 204; Office condo built in 2008; Frontage along the U.S. 41 corridor
