Upscale Waterfront Retail-Office
For Sale
$419,000
3976 DESTINATION DRIVE #102, Osprey, FL 34229
Turn-key retail-office condominium in a growing waterfront community.
Property Size1,050 SF
Price / SF$399.05
Days on Market205
Property Features for 3976 DESTINATION DRIVE #102
General Information
Standard status
Active
Size
1,050 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,586
Amenities
Central air
Pool
Public Pool
Accessible Approach with Ramp
Accessible Doors
Accessible Hallway(s)
Accessible Kitchen
Carpet Flooring
Central Air Cooling
Central Heating
Fire Hydrant
Laminate Flooring
Membrane Roof
Over 30 Spaces
Tile Roof
Building Details
Year Built
2008
Listing Agency:
AYERS AND ASSOCIATES REAL ESTATE
(941) 837-2778
Listed By:
KELLEY ANN AYERS · License #3014468
Source:
Corcoran
Added: Jan 17
Changed: Aug 8
Last Checked: Aug 8 at 6:08AM
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 AYERS AND ASSOCIATES REAL ESTATE
Investment Insights
Based on property information with market context.
This first-floor retail-office condominium is located in the Bay Street Commercial Condominium within Osprey’s Bayfront Village. The property is designed to accommodate various professional uses, including medical, professional services, retail, and boutique office operations. The location is expected to benefit from foot traffic due to approximately 252 luxury multifamily apartment residences developed directly behind the town center and proximity to affluent communities and luxury bayfront estates. The meticulously designed layout features soaring ceilings. The floor plan includes six private offices, two conference rooms, a bright lobby with a reception area, two bathrooms, and a kitchenette. Each office has soundproofed walls and solid hardwood doors. Features include upscale lighting, premium flooring, and modern finishes. A rear door provides direct access to employee parking. The property also features a front porch that may serve as a welcoming seating area. The property has a total size of 1050 square feet.
Key Highlights
- Located in a high‑growth, upscale Bayfront Village with significant foot traffic
- Turn‑key, beautifully built‑out space suitable for medical, professional services, retail, or boutique office use
- Features six private offices, two conference rooms, a reception area, two bathrooms, and a kitchenette
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
$19,277
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
4.60%
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%
$385,540
$385.5K
Cap Rate 7%
$275,386
$275.4K
Cap Rate 9%
$214,189
$214.2K
Market Conditions
NOI Build-Up for 1,050 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
$33.6K $32.04/SF
− Vacancy
−$1.5K −$1.44/SF
EGI
$32.1K $30.60/SF
− OpEx
−$12.9K −$12.24/SF
NOI
$19.3K $18.36/SF
Area
Sarasota County, FL
Vacancy
4.50%
Lease Rate
$32.04 /SF/Yr
Expense Ratio
40.00%
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%
$385,540
Cap Rate 7%
$275,386
Cap Rate 9%
$214,189
Alternative Uses
Best Use
Healthcare Medical
$275.4K
$241.0K – $321.3K
NOI $19,277 @ 7.0% cap · market cap 4.60%
Second Best
Retail
$234.4K
$205.1K – $273.4K
NOI $16,405 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$298.4K
$261.1K – $348.2K
NOI $20,889 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
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
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 - Turn-key retail-office condominium in a growing waterfront community.
Where is this office units located?
The property is located at 3976 DESTINATION DRIVE #102 Osprey, FL.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Located in a high‑growth, upscale Bayfront Village with significant foot traffic; Turn‑key, beautifully built‑out space suitable for medical, professional services, retail, or boutique office use; Features six private offices, two conference rooms, a reception area, two bathrooms, and a kitchenette
