Turnkey Restaurant Space in
For Sale
$1,049,000
3983 Destination Dr unit A223 & A224, Osprey, FL 34229
Restaurant space in Bay Street Village and Towncenter.
Property Size2,410 SF
Price / SF$516.75
Days on Market152
Property Features for 3983 Destination Dr unit A223 & A224
General Information
Standard status
Active
Size
2,410 SF
Class
A
Property subtype
Office
Building Details
Building Size
2,410 SF
Year Built
2008
Listing Agency:
SVN | Commercial Advisory Group Sarasota
Listed By:
Ben Graham · License #3335799
(941) 928-1546
Source:
Suncoastsvn
Added: Apr 15
Changed: Sep 10
Last Checked: Sep 13 at 5:34AM
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 SVN | Commercial Advisory Group Sarasota
Investment Insights
Based on property information with market context.
Located in Bay Street Village and Towncenter at 3983 Destination Drive, Osprey, this 2,030 square-foot ground-floor space is suitable for a restaurant or other retail concept. The space is fully built out with seating for approximately 150 guests, including indoor and outdoor dining areas. The interior features a dining room and a central bar. Restaurant equipment conveys, and furniture is available. The property has exposure and signage visibility with an entrance tower facing US-41. The location is a walkable destination with businesses such as a breakfast and lunch bistro, art galleries, jewelry shops, a spa, a florist, a dentist, and coworking spaces. Over 270 new luxury residential units have been completed next to the property. The unit is located along US-41 in Sarasota County. The property is zoned CG, offering commercial use options. Second-floor space is available separately and includes a balcony, additional kitchen and prep areas, storage, a walk-in cooler, and an extra dining or coffee bar area. Both units are easy to split, providing flexible space options depending on the operator's needs. The bike score is 47, and the walk score is 35.
Key Highlights
- Turnkey 2,030 SF ground‑floor restaurant space with seating for 150, ready for immediate operation.
- Located in Bay Street Village and Towncenter on US‑41, offering excellent exposure and signage visibility.
- Thriving, walkable location surrounded by complementary businesses and 270+ new luxury residential units.
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
$35,912
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
3.42%
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%
$718,240
$718.2K
Cap Rate 7%
$513,029
$513.0K
Cap Rate 9%
$399,022
$399.0K
Market Conditions
NOI Build-Up for 2,030 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
$50.7K $24.96/SF
− Vacancy
−$2.8K −$1.37/SF
EGI
$47.9K $23.59/SF
− OpEx
−$12.0K −$5.90/SF
NOI
$35.9K $17.69/SF
Area
Sarasota County, FL
Vacancy
5.50%
Lease Rate
$24.96 /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%
$718,240
Cap Rate 7%
$513,029
Cap Rate 9%
$399,022
Alternative Uses
Best Use
Specialty Retail
$513.0K
$448.9K – $598.5K
NOI $35,912 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$576.9K
$504.8K – $673.1K
NOI $40,386 @ 7.0% cap · market cap 3.85%
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
100k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 81%
Shops & Services 19%
Walmart
Superstores
80,599 visits/mo
0.2 miles
Murphy USA
Shops & Services
11,555 visits/mo
0.0 miles
BP
Shops & Services
7,450 visits/mo
0.2 miles
Extra Space Storage
Shops & Services
412 visits/mo
0.5 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Restaurant - Restaurant space in Bay Street Village and Towncenter.
Where is this restaurant located?
The property is located at 3983 Destination Dr unit A223 & A224 Osprey, FL.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: Turnkey 2,030 SF ground‑floor restaurant space with seating for 150, ready for immediate operation.; Located in Bay Street Village and Towncenter on US‑41, offering excellent exposure and signage visibility.; Thriving, walkable location surrounded by complementary businesses and 270+ new luxury residential units.
