Sarasota Office Condo
505 S Orange Ave, Sarasota, FL 34236
Call to check price and availability
Two-story office condo in downtown Sarasota with secured parking.
Type:OFFICE
Property size:
3,863 SFLot size:
0.70 AcresPrice / SF:
$323/SF- Added:
- May 15, 2024
- Days on Market:
- 749
- Last Refresh:
- Apr 5 at 8:17 pm
Property Features for 505 S Orange Ave
General Information
- Standard status
- Active
- Size
- 3,863 SF
- Lot size
- 0.70 Acres
- Property subtype
- OFFICE
Listing agent Eric Massey License #604760 (941) 809-6351
Listing office MS&C Commercial (941) 809-6351
Listing date May 15, 2024
Source Moodyscre
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
HighLights
- Strategic location in the heart of Sarasota, FL with DTC (Downtown Core) zoning.
- 3,863 SF two‑story office condo suitable for various office uses.
- Benefit from 13 covered, secured parking spaces.
- Option to purchase as an investment with an existing NNN lease until June 30th, 2027, offering a 6% cap rate.
- Option to have the suite delivered vacant at closing.
- High visibility and accessibility.
Overview
This 3,863 square foot two-story office condo is located in Sarasota, FL, and is suitable for any type of office use. It is zoned DTC (Downtown Core), offering a central location with high visibility and accessibility. The suite includes 13 covered, secured parking spaces. The suite can be purchased as an investment or delivered vacant at closing. There is currently a NNN lease in place until June 30th, 2027, offering a 6% cap rate.
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 | $89.0k | $23.04 |
| − Vacancy | −$4.9k | −$1.27 |
| EGI | $84.1k | $21.77 |
| − OpEx | −$21.0k | −$5.44 |
| NOI | $63.1k | $16.33 |
3,863 SF · lease $23.04/SF/yr · vacancy 5.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$901.2K
$788.5K – $1.05M
NOI $63,081 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$994.0K – $1.33M
NOI $79,519 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Mc Cormack Thomas
Medical Clinic
Cayuga Hospitality Consultants
Consultant
Quantum Consultancy, LLC
Engineering Consultant
Fyzical Offices
Business Service Center
Environmental Science Associates
Environmental Consultant
Location Insight
- Map
- Local Demand
- City
- Sarasota
- County
- Manatee
- State
- Florida
- Longitude
- -82.5383
- Latitude
- 27.3325
Nearby Similar for Sale
FAQs
What type of property is this?
Office units - Two-story office condo in downtown Sarasota with secured parking.
Where is this office units located?
The property is located at 505 S Orange Ave Sarasota, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Strategic location in the heart of Sarasota, FL with DTC (Downtown Core) zoning.; 3,863 SF two‑story office condo suitable for various office uses.; Benefit from **13 covered, secured parking spaces.**
