Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Bay Island Waterfront Land Opportunity Title is generated by Realmo AI

    679 NORSOTA WAY, Sarasota, FL 34242

    View on Map
    Claim this Listing
    For Sale
    $7,500,000

    Rare 2/3-acre waterfront land on Bay Island.

    Type:Land or Vacant Lot
    Property size:
    3,788 SF
    Lot size:
    0.67 Acres
    Price / SF:
    $1,979/SF
    Added:
    Mar 30, 2026
    Days on Market:
    69
    Last Refresh:
    Mar 30 at 8:21 pm

    Property Features for 679 NORSOTA WAY

    General Information

    Standard status
    Active
    Size
    3,788 SF
    Lot size
    0.67 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    NICK GARD

    Listing agent NICK GARD License #3473079

    Listing office COLDWELL BANKER REALTY

    Listing date Mar 30, 2026

    Source Corcoran

    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 COLDWELL BANKER REALTY

    HighLights

    • Expansive 2/3‑acre lot with 150 feet of deep water bayfront and coveted views.
    • Prime location on highly sought‑after Bay Island, just over the North Siesta Key Bridge.
    • No HOA or significant building restrictions, offering flexibility for new construction.
    • The property is not historically designated, providing a high level of flexibility.
    • Existing 3,788 sqft two‑story Mediterranean Revival Spanish Colonial residence built in 1926.
    • Conveniently located 10 minutes to downtown Sarasota and 5 minutes to the beach.

    Overview

    Located on Bay Island, just over the North Siesta Key Bridge, the property at 679 Norsota Way offers an opportunity to own a piece of Sarasota’s architectural history or create a new construction. Built in 1926, this Mediterranean Revival Spanish Colonial estate sits on a 2/3-acre lot. The property is one of the largest parcels on Bay Island with 150 feet of deep water bayfront. The existing 3,788 sqft two-story residence overlooks Sarasota Bay, the Ringling Bridge, and the downtown skyline. The property is not historically designated. This 2/3-acre homesite offers the opportunity to start fresh without the constraints of an HOA or significant building restrictions. There are no deed restrictions or grand oaks that constrain future construction. Positioned 10 minutes from downtown Sarasota and 5 minutes from the beach, this property blends privacy, proximity, and prestige.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Law Firm Building Supply Pharmacy Big Box & Wholesale Store Hotel & Motel Kitchen & Bath Showroom Electronics & Wireless Store Computer & Electronic Repair Tech Support Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Manatee
    State
    Florida
    Longitude
    -82.5510255
    Latitude
    27.3038891

    Nearby Similar for Sale

    • $974,000
      3,562 SF

      Sarasota Flex Space Opportunity

      2,842 SF office/warehouse with mezzanine, ideal for various uses.
      4430 MCASHTON STREET, SARASOTA, FL 34233
      View Details
    • $974,000
      3,562 SF

      Sarasota Flex Space Opportunity

      2,842 SF office/warehouse with mezzanine near I-75.
      4430 MCASHTON STREET, SARASOTA, FL 34233
      View Details
    • $1,500,000
      4,291 SF

      Five-Unit Multifamily with Heated Pool

      Five 2-bedroom, 1-bath units with individually metered utilities and a heated, cooled pool, suited to flexible rental use.
      4001 GROVELAND AVENUE, SARASOTA, FL 34231
      View Details
    • $798,000
      3,000 SF

      Sarasota Office Units For Sale

      Two office units ideal for various commercial uses.
      8245-8249 VICELA DRIVE, SARASOTA, FL 34240
      View Details
    • $449,000
      1,350 SF

      Commercial Condo on Bee Ridge

      1,350 SF office/retail condo with excellent visibility and parking.
      4509 BEE RIDGE ROAD, SARASOTA, FL 34233
      View Details
    • $5,900,000
      12,626 SF

      Downtown Sarasota Mixed-Use Redevelopment Opportunity

      Large downtown parcel with redevelopment potential and rare on-site parking.
      1565 STATE STREET, SARASOTA, FL 34236
      View Details
    • $450,000
      9,882 SF

      Profitable Coastal Rental Business Opportunity

      Turnkey coastal rental business with immediate cash flow and growth potential.
      2239 15TH STREET, SARASOTA, FL 34237
      View Details
    • $399,000
      1,500 SF

      Sarasota Office/Medical/Daycare Opportunity

      Corner units ideal for office, medical, or daycare use.
      8249 VICELA DRIVE, SARASOTA, FL 34240
      View Details
    • $399,000
      1,500 SF

      Corner Office Space Available

      Versatile office space suitable for various businesses.
      8245 VICELA DRIVE, SARASOTA, FL 34240
      View Details
    • $399,000
      1,500 SF

      Corner Office Units For Sale

      Two office units suitable for various commercial uses.
      8245 VICELA DRIVE, SARASOTA, FL 34240
      View Details
    • $399,000
      1,500 SF

      Sarasota Office/Medical/Day Care Opportunity

      Versatile commercial space suitable for office, medical, or day care.
      8249 VICELA DRIVE, SARASOTA, FL 34240
      View Details
    • $629,000
      1,605 SF

      Sarasota Duplex: Investment Opportunity

      Well-maintained Sarasota duplex, ideal for short-term rental or personal retreat.
      4925 REMINGTON DRIVE, SARASOTA, FL 34234
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Rare 2/3-acre waterfront land on Bay Island.
    Where is this waterfront land located?
    The property is located at 679 NORSOTA WAY Sarasota, FL.
    What is the asking price?
    The asking price for this property is $7,500,000.
    What are key features of this property?
    This property features: Expansive 2/3‑acre lot with **150 feet of deep water bayfront** and coveted views.; Prime location on highly sought‑after Bay Island, just over the North Siesta Key Bridge.; **No HOA** or significant building restrictions, offering flexibility for new construction.
    (941) 388-3966
    We can help!
    Listing Contact
    NICK GARD
    Real Estate License ID: 3473079
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    679 NORSOTA WAY, SARASOTA, FL 34242
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!