For-Sale Office
For Sale
$2,500,000
423 North Lemon Avenue, Sarasota, FL 34236
Office building offered for sale at 423 North Lemon Avenue in Sarasota, Florida.
Property Size4,483 SF
Days on Market28
Property Features for 423 North Lemon Avenue
General Information
Standard status
Active
Size
4,483 SF
Property subtype
Office
Building Details
Building Size
4,483 SF
Year Built
1946
Year Renovated
2022
Stories
1
Listing Agency:
MSC Commercial
(941) 809-6351
Listed By:
Eric Barnes · License #604760
Source:
Commercialcafe
Added: Jul 26
Changed: Aug 14
Last Checked: Aug 18 at 6:40AM
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.
This property is being offered for sale as an office building, with a commercial real estate focus on office use. The listing information reflects a ForSale transaction for an office asset.
The property is located at 423 North Lemon Avenue in Sarasota, Florida (34236). The available details do not specify building configuration, size, amenities, or unit mix.
Additional property characteristics such as interior layout, condition, parking, and any tenant occupancy are not provided in the supplied information, so prospective buyers should request a full offering package for verification.
The property is located at 423 North Lemon Avenue in Sarasota, Florida (34236). The available details do not specify building configuration, size, amenities, or unit mix.
Additional property characteristics such as interior layout, condition, parking, and any tenant occupancy are not provided in the supplied information, so prospective buyers should request a full offering package for verification.
Key Highlights
- Office building for sale at 423 North Lemon Avenue in Sarasota, Florida
- Built in 1946
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
$73,206
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
2.93%
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%
$1,464,120
$1.5M
Cap Rate 7%
$1,045,800
$1.0M
Cap Rate 9%
$813,400
$813.4K
Market Conditions
NOI Build-Up for 4,483 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
$103.3K $23.04/SF
− Vacancy
−$5.7K −$1.27/SF
EGI
$97.6K $21.77/SF
− OpEx
−$24.4K −$5.44/SF
NOI
$73.2K $16.33/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.04 /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%
$1,464,120
Cap Rate 7%
$1,045,800
Cap Rate 9%
$813,400
Alternative Uses
Best Use
Office B
$1.05M
$915.1K – $1.22M
NOI $73,206 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,274
Businesses Nearby
Explore this area
Business Placement
Demographics for 34236, FL
14,083
Population
11,661
Households
1.2
Avg Household Size
66
Median Age
62%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
3,912
Density / Sq Mi
$96,400
Median Household Income
$48,828
Median Earnings
$2,010
Median Rent
$917,100
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 building - Office building offered for sale at 423 North Lemon Avenue in Sarasota, Florida.
Where is this office building located?
The property is located at 423 North Lemon Avenue 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: Office building for sale at 423 North Lemon Avenue in Sarasota, Florida; Built in 1946
