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    1701 Tamiami Trl Sarasota, FL 34234

    Sponsored
    For Sale
    $2,400,000

    Shovel-ready, 22-unit residential project in Sarasota, FL.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    Exceptional opportunity to acquire a 25,540-square-foot development site in Sarasota, Florida, located at 1701 N Tamiami Trail, zip code 34234. This land, priced at $2,400,000 ($80/SF), is zoned for residential development and has permits pending for a 22-unit apartment or condominium project. The proposed project includes eight 3-bedroom units, four 2-bedroom units, and ten 1-bedroom units, totaling 25,540 sellable square feet. The site benefits from a prime location, just minutes from downtown Sarasota, the new Bay Park, and numerous cultural attractions including the Sarasota Opera House, Van Wezel Performing Arts Center, and Ringling Museum. Its proximity to established businesses like Wicked Cantina and The Reserve, as well as Whitaker Park, further enhances its desirability. This is a highly sought-after Opportunity Zone location. The seller is offering financing options, including 50% LTV at a 4% interest rate, significantly reducing upfront capital requirements and accelerating project timelines. This represents a substantial time savings of over 16 months compared to starting from scratch. An adjacent parcel, separately listed, offers further expansion potential. Detailed plans and specifications are available upon request.

    Property Features for 1701 Tamiami Trl

    General Information

    Property type
    Land
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Sarasota
    State
    Florida
    Longitude
    -82.547034436183
    Latitude
    27.35204086448

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    FAQs

    What type of property is this?
    Land - Shovel-ready, 22-unit residential project in Sarasota, FL.
    Where is this land located?
    The property is located at 1701 Tamiami Trl Sarasota, FL.
    What is the asking price?
    The asking price for this property is $2,400,000.
    Request Owner's contact information
    1701 Tamiami Trl Sarasota, FL 34234
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    Sarasota, FL 34234
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    Realmo Value Estimation

    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.

    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.

    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
    1701 Tamiami Trl Sarasota, FL 34234
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