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    1991 Main St Sarasota, FL 34236

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    Premier retail spaces in a vibrant downtown mixed-use development.

    Type:Retail
    Property size:
    4,791 SF
    Added:
    Oct 28, 2021
    Days on Market:
    1648
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 1991 Main St

    General Information

    Standard status
    Active
    Size
    4,791 SF
    Property subtype
    Retail

    Spaces For Lease

    at 1991 Main St Contact us

    1983 Main Street Retail Unit D $50 /Mo

    Size
    2,164 SF
    Type
    Retail
    A prime opportunity for an upscale restaurant in Downtown Sarasota's premier mixed-use...
    show more
    Contact us

    1987 Main street Retail Unit B $45 /Mo

    Size
    1,546 SF
    Type
    Retail
    Introducing prime retail space for lease in the heart of Downtown Sarasota's premier...
    show more
    Contact us

    1981 Main Street Retail Unit E $55 /Mo

    Size
    4,791 SF
    Type
    Retail
    A prime opportunity for an upscale restaurant in Downtown Sarasota's premier mixed-use...
    show more
    Contact us

    We can help!

    Listing Contact
    Kevin Robbins

    Listing agent Kevin Robbins License #SL3042951

    Listing office Harry E Robbins Associate

    Listing date Oct 28, 2021

    Source Crexi

    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 Harry E Robbins Associate

    Overview

    Downtown Sarasota Mixed-Use Retail Space

    Located in Downtown Sarasota, this mixed-use development at 1991 Main Street features two 10-story buildings with 424 luxury apartment residences above ground-floor retail spaces. The location offers high visibility with strong vehicular and pedestrian traffic. Retail spaces range from approximately 1,546 to 4,791 square feet, suitable for restaurant, retail, medical, fitness, or professional service users. The property benefits from access to four signalized intersections. Sidewalks are 20-foot-wide along Main Street, with the option for outdoor sidewalk seating. The location is surrounded by residential, office, hospitality, and cultural destinations, offering retailers visibility and consistent foot traffic in Sarasota’s urban core.
    Location Intelligence

    Current Use by Public Records

    Sarasota Main Plaza Department Store Aster & Links Real Estate Agency EMC Insurance Co Insurance Agency 1 Main Plaza Condominium Complex Jessica Wright Law Firm

    Suggested Use

    Restaurant Dental Office Spa & Massage Center Hair Salon Law Firm Nail Salon Real Estate Agency Daycare Center Building Supply Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Manatee
    State
    Florida
    Longitude
    -82.5325161
    Latitude
    27.3381114

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    FAQs

    What type of property is this?
    Retail space - Premier retail spaces in a vibrant downtown mixed-use development.
    Where is this retail space located?
    The property is located at 1991 Main St Sarasota, FL.
    What are key features of this property?
    This property features: Premier mixed‑use development in the heart of Downtown Sarasota.; 424 luxury apartment residences above ground‑floor retail provide a built‑in customer base.; Exceptional visibility and strong vehicular/pedestrian traffic on Main Street.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Kevin Robbins
    Real Estate License ID: SL3042951
    Learn More
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    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
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    1991 Main St, Sarasota, FL 34236

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