Neighborhood Retail Plaza with Beach
For Sale
$3,250,000
5610 Gulf Of Mexico Dr Longboat, Longboat Key, FL 34228
Multi-tenant neighborhood shopping plaza offered with NNN leases and deeded beach access.
Property Size9,611 SF
Lot Size1.30 Acres
Price / SF$338.15
Days on Market100
Property Features for 5610 Gulf Of Mexico Dr Longboat
General Information
Standard status
Active
Size
9,611 SF
Lot size
1.30 Acres
Property subtype
Neighborhood Center
Additional Details
Business Included
Yes
Road Access
Yes
Building Details
Building Size
9,611 SF
Year Built
1986
Tenancy
Multi
Listing Agency:
American Property Group of Sarasota, Inc.
(941) 923-0535
Listed By:
Adam Doak · License #3271713
(941) 923-0535
Source:
Thebrokerlist
Added: May 20
Changed: Aug 27
Last Checked: Aug 26 at 5:29AM
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 American Property Group of Sarasota, Inc.
Investment Insights
Based on property information with market context.
Paradise Isle Plaza is a multi-tenant neighborhood shopping plaza configured with six retail suites totaling approximately 9,611 SF of leasable space. The property is structured with NNN leases and is described as exceptionally maintained. The offering also includes deeded beach access.
The center is located at 5610 Gulf of Mexico Drive and is noted for strong frontage along one of the island’s primary corridors. The site includes on-site parking for customers and employees.
Set on approximately 1.3 acres, Paradise Isle Plaza is presented as a retail investment property with a long-standing tenant mix and an established operating history.
The center is located at 5610 Gulf of Mexico Drive and is noted for strong frontage along one of the island’s primary corridors. The site includes on-site parking for customers and employees.
Set on approximately 1.3 acres, Paradise Isle Plaza is presented as a retail investment property with a long-standing tenant mix and an established operating history.
Key Highlights
- Paradise Isle Plaza is a multi‑tenant neighborhood retail shopping plaza with 6 retail suites totaling approx. 9,611 SF.
- Year built: 1986; approx. 1.3 acres with strong frontage on Gulf of Mexico Drive in Longboat Key.
- Located at 5610 Gulf of Mexico Drive, offering on‑site parking for customers and employees.
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
$118,192
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
3.64%
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%
$2,363,840
$2.4M
Cap Rate 7%
$1,688,457
$1.7M
Cap Rate 9%
$1,313,244
$1.3M
Market Conditions
NOI Build-Up for 9,611 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
$173.0K $18.00/SF
− Vacancy
−$4.2K −$0.43/SF
EGI
$168.8K $17.57/SF
− OpEx
−$50.7K −$5.27/SF
NOI
$118.2K $12.30/SF
Area
Manatee County, FL
Vacancy
2.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,363,840
Cap Rate 7%
$1,688,457
Cap Rate 9%
$1,313,244
Alternative Uses
Best Use
Retail
$1.69M
$1.48M – $1.97M
NOI $118,192 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.83M
$2.47M – $3.30M
NOI $197,841 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 34228, FL
7,505
Population
9,865
Households
0.8
Avg Household Size
71
Median Age
69%
College-Educated
99%
High-School Grad
4.1 sq mi
ZIP Area
1,830
Density / Sq Mi
$143,365
Median Household Income
$78,438
Median Earnings
$2,969
Median Rent
$959,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Centre Shops of Longboat Key — 5370 Gulf of Mexico Dr, Longboat Key, FL 34228
Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant neighborhood shopping plaza offered with NNN leases and deeded beach access.
Where is this shopping center located?
The property is located at 5610 Gulf Of Mexico Dr Longboat Longboat Key, FL.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Paradise Isle Plaza is a multi‑tenant neighborhood retail shopping plaza with 6 retail suites totaling approx. 9,611 SF.; Year built: 1986; approx. 1.3 acres with strong frontage on Gulf of Mexico Drive in Longboat Key.; Located at 5610 Gulf of Mexico Drive, offering on‑site parking for customers and employees.
