Medical Office Space
For Sale
Contact for pricing
Pending
1800 S Tuttle Ave, Sarasota, FL 34239
2,444 SF medical office space for sale or lease.
Property Size2,444 SF
Days on Market650
Property Features for 1800 S Tuttle Ave
General Information
Standard status
Pending
Size
2,444 SF
Class
B
Property subtype
Office
Zoning
OPB
Lease Type
NNN
Building Details
Stories
1
Units
2
Listing Agency:
Ian Black Real Estate LLC
(941) 926-1141
Listed By:
Brie Tulp · License #FL SL3493495
Source:
Crexi
Added: Nov 19, 2024
Changed: Aug 8
Last Checked: Jul 24 at 4:06PM
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 Ian Black Real Estate LLC
Investment Insights
Based on property information with market context.
This 2,444 square foot space is available for sale or lease immediately. The property features a natural separation into two suites. Suite 1800, comprising 1,222 square feet, formerly operated as a physical therapy and cryotherapy office. It includes a large, open reception area, four private treatment rooms, a private office with a restroom, and a kitchen break area. Suite 1810, also 1,222 square feet, was previously a physical therapy office. It offers a large, open reception area, three former private treatment rooms, a kitchen and break room, a private office, and a bathroom. Estimated expenses are $13.66 per square foot.
Key Highlights
- 2,444 SF available for sale or lease ASAP.
- Natural separation into two 1,222 SF suites.
- Suite 1800: Includes reception area, 4 treatment rooms, office with restroom, and kitchen.
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
$39,910
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
5.33%
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%
$798,200
$798.2K
Cap Rate 7%
$570,143
$570.1K
Cap Rate 9%
$443,444
$443.4K
Market Conditions
NOI Build-Up for 2,444 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
$56.3K $23.04/SF
− Vacancy
−$3.1K −$1.27/SF
EGI
$53.2K $21.77/SF
− OpEx
−$13.3K −$5.44/SF
NOI
$39.9K $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%
$798,200
Cap Rate 7%
$570,143
Cap Rate 9%
$443,444
Alternative Uses
Best Use
Office B
$570.1K
$498.9K – $665.2K
NOI $39,910 @ 7.0% cap · market cap 5.33%
Second Best
Healthcare Medical
$539.0K
$471.7K – $628.9K
NOI $37,732 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$718.7K
$628.9K – $838.5K
NOI $50,309 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
648
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34239, FL
15,049
Population
8,044
Households
1.9
Avg Household Size
52
Median Age
45%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
3,420
Density / Sq Mi
$76,378
Median Household Income
$42,017
Median Earnings
$1,522
Median Rent
$418,300
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?
Medical Office Space - 2,444 SF medical office space for sale or lease.
Where is this medical office space located?
The property is located at 1800 S Tuttle Ave Sarasota, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 2,444 SF available for sale or lease ASAP.; Natural separation into two 1,222 SF suites.; Suite 1800: Includes reception area, 4 treatment rooms, office with restroom, and kitchen.
