Move-In Ready Office
For Sale
$850,000
3983 Destination Drive Units 204 & 205, Osprey, FL 34229
Move-in ready office suite with reception, conference room, multiple private offices, and breakroom.
Property Size16,405 SF
Price / SF$352.70
Days on Market122
Property Features for 3983 Destination Drive Units 204 & 205
General Information
Standard status
Active
Size
16,405 SF
Class
A
Property subtype
Multi Tenant Office
Building Details
Building Size
16,405 SF
Year Built
2008
Listing Agency:
Ian Black Real Estate
Listed By:
Jag Grewal · License #BK699811
(941) 906-8688
Source:
Thebrokerlist
Added: May 8
Changed: Sep 2
Last Checked: Sep 5 at 3:37AM
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 Ian Black Real Estate
Investment Insights
Based on property information with market context.
This move-in ready office suite totals 2,410 square feet and is presented as a turnkey option for an operating team. The space features a professional reception entrance, a spacious conference room, an expansive open office area, and several private offices. In addition, the suite includes a private office with a private restroom, a breakroom, and an additional restroom.
The suite is located within Bay Street Village & Towncenter at 3983 Destination Drive in Osprey, positioned between Sarasota and Venice. The center includes a coffee shop, restaurant, and varied retailers, providing on-site amenities for daily business needs.
Office furniture is available through a separate agreement, allowing flexibility for a tenant or buyer to tailor the workspace setup.
The suite is located within Bay Street Village & Towncenter at 3983 Destination Drive in Osprey, positioned between Sarasota and Venice. The center includes a coffee shop, restaurant, and varied retailers, providing on-site amenities for daily business needs.
Office furniture is available through a separate agreement, allowing flexibility for a tenant or buyer to tailor the workspace setup.
Key Highlights
- 2,410 SF office suite built in 2008 in Osprey, FL
- Move‑in ready suite with professional reception entrance and office furniture available through separate agreement
- Includes a spacious conference room plus an expansive open office area
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
$35,138
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
4.13%
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%
$702,760
$702.8K
Cap Rate 7%
$501,971
$502.0K
Cap Rate 9%
$390,422
$390.4K
Market Conditions
NOI Build-Up for 2,410 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
$52.1K $21.60/SF
− Vacancy
−$5.2K −$2.16/SF
EGI
$46.9K $19.44/SF
− OpEx
−$11.7K −$4.86/SF
NOI
$35.1K $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%
$702,760
Cap Rate 7%
$501,971
Cap Rate 9%
$390,422
Alternative Uses
Best Use
Office B
$502.0K
$439.2K – $585.6K
NOI $35,138 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$684.9K
$599.3K – $799.1K
NOI $47,946 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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Frequently Asked Questions
What type of property is this?
Office units - Move-in ready office suite with reception, conference room, multiple private offices, and breakroom.
Where is this office units located?
The property is located at 3983 Destination Drive Units 204 & 205 Osprey, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 2,410 SF office suite built in 2008 in Osprey, FL; Move‑in ready suite with professional reception entrance and office furniture available through separate agreement; Includes a spacious conference room plus an expansive open office area
