Freestanding Corner Retail/Office
423 N Lemon Ave. Sarasota, FL 34236
423 N Lemon Ave., Sarasota, FL, 34236
Contact for pricing
For Sale
Contact for pricing
Two renovated freestanding buildings on a fully fenced corner lot, including an outdoor courtyard and rear office/storage space.
Property Size4,483 SF
Lot Size0.26 Acres
Price / SF$557.66
Days on Market31
Property Features for 423 N Lemon Ave.
General Information
- Standard status
- Active
- Size
- 4,483 SF
- Lot size
- 0.26 Acres
- Property subtype
- RETAIL
Listing agency
MS&C Commercial
(404) 542-0364
Listed by
Eric Barnes · License #604760
(404) 542-0364
Source
Moodyscre
Added: Jun 22 Updated: Jul 21 at 5:00PM Checked: Jul 21 at 5:00PM
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 MS&C Commercial
Investment Insights
Based on property information with market context.
423 N Lemon Avenue offers two freestanding retail/office buildings totaling 5,059 SF GBA (4,483 SF leasable) on a fully fenced 11,300 SF corner lot at N Lemon Avenue and 5th Street. The main building is 3,704 SF and includes high ceilings with a small mezzanine. A rear building of 779 SF is currently used for office and storage.
The property underwent a gut renovation in 2022 with more than $500,000 spent on extensive structural support, HVAC, full electrical, updated systems, and modern upgrades. There is a fully fenced and secured outdoor courtyard designed for tenant or visitor use.
Downtown Edge (DTE) zoning is described as one of the more permissive districts in the city, welcoming retail, office, medical and professional, restaurant, personal services, and residential mixed-use.
The property underwent a gut renovation in 2022 with more than $500,000 spent on extensive structural support, HVAC, full electrical, updated systems, and modern upgrades. There is a fully fenced and secured outdoor courtyard designed for tenant or visitor use.
Downtown Edge (DTE) zoning is described as one of the more permissive districts in the city, welcoming retail, office, medical and professional, restaurant, personal services, and residential mixed-use.
Key Highlights
- Two freestanding retail/office buildings totaling 5,059 SF GBA (4,483 SF leasable) on a fully fenced 11,300 SF corner lot.
- Gut renovated in 2022 with $500,000+ spent on structural support, HVAC, full electrical, updated systems, and modern upgrades.
- Main building features 3,704 SF with high ceilings and a small mezzanine.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $103.3k | $23.04 |
| − Vacancy | −$5.7k | −$1.27 |
| EGI | $97.6k | $21.77 |
| − OpEx | −$24.4k | −$5.44 |
| NOI | $73.2k | $16.33 |
4,483 SF · lease $23.04/SF/yr · vacancy 5.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.05M
$915.1K – $1.22M
NOI $73,206 @ 7.0% cap · market cap 2.93%
Second Best
Retail
$787.6K
$689.1K – $918.8K
NOI $55,130 @ 7.0% cap · market cap 2.21%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,282 @ 7.0% cap · market cap 3.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Seaward CrossFit
Gym & Fitness Center
Balance Yoga
Gym & Fitness Center
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FAQs
What type of property is this?
Retail space - Two renovated freestanding buildings on a fully fenced corner lot, including an outdoor courtyard and rear office/storage space.
Where is this retail space located?
The property is located at 423 N Lemon Ave. Sarasota, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Two freestanding retail/office buildings totaling 5,059 SF GBA (4,483 SF leasable) on a fully fenced 11,300 SF corner lot.; Gut renovated in 2022 with $500,000+ spent on structural support, HVAC, full electrical, updated systems, and modern upgrades.; Main building features 3,704 SF with high ceilings and a small mezzanine.
