North Tamiami Trail Redevelopment
For Sale
Contact for pricing
3808 N Tamiami Trail, Sarasota, FL 34234
2.14+ acre redevelopment site with high-density residential potential.
Property Size13,942 SF
Lot Size2.14 Acres
Price / SF$214.82
Days on Market876
Property Features for 3808 N Tamiami Trail
General Information
Standard status
Active
Size
13,942 SF
Lot size
2.14 Acres
Property subtype
Land, Mixed Use, Office, Retail
Zoning
CG
Listing Agency:
American Property Group of Sarasota Inc
(941) 923-0535
Listed By:
Adam Seidel · License #FL SL3213728
Source:
Crexi
Added: Apr 8, 2024
Changed: Aug 27
Last Checked: Aug 29 at 9:11AM
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.
This North Tamiami Trail redevelopment site offers an affordable price per unit and strong density opportunities. Formerly a school, office, medical facility, and restaurant, the property offers versatility for developers seeking value-add potential in an urban corridor. The property currently has 77 vested residential units. Under SB 102 and utilizing the Commercial Corridors and Commercial Centers Attainable Housing Density Bonus Program, the allowable residential units increase to a total of 231, with a possible height bonus of up to 2 stories. This location is positioned to take advantage of the density provisions offered by SB 102 and the City's updated regulations. It is suitable for apartments, mixed-use developments, student housing, and other high-density residential development opportunities. The parcel's location on the North Tamiami Trail places it near Downtown Sarasota and high-rise hotels, condominiums, and apartments along the gateway to St. Armands. Residents can access cultural attractions, entertainment venues, and dining options. It is located near SRQ Airport. The property is located with frontage along U.S. 41 (North Tamiami Trail) near Ringling Museum, University of South Florida, New College, and Ringling School of Art & Design. Neighborhood retail includes a neighborhood Walmart, CVS Drug Store, and gas and convenient stores. It is located just South of SRQ Airport and University Parkway. The 2.14+ acre parcel allows for development and outdoor amenities. The city's Commercial Corridors and Commercial Centers Attainable Housing Density Bonus Program requires that a minimum of 15% of bonus units above the base density for a development must be designated as attainable, and provided on-site, to households earning 120% of the Area Median Income (AMI) for the North Port-Sarasota-Bradenton Metropolitan Statistical Area (MSA) for a minimum of 30 years. The property size is 13942 square feet.
Key Highlights
- Significant density bonus potential: Increase from 77 to 231 units possible.
- Prime location on North Tamiami Trail: Close to downtown Sarasota and attractions.
- Unparalleled airport convenience: Steps away from SRQ Airport.
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
$244,421
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
8.16%
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%
$4,888,420
$4.9M
Cap Rate 7%
$3,491,729
$3.5M
Cap Rate 9%
$2,715,789
$2.7M
Market Conditions
NOI Build-Up for 13,942 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
$418.3K $30.00/SF
− Vacancy
−$27.2K −$1.95/SF
EGI
$391.1K $28.05/SF
− OpEx
−$146.7K −$10.52/SF
NOI
$244.4K $17.53/SF
Area
Manatee County, FL
Vacancy
6.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$4,888,420
Cap Rate 7%
$3,491,729
Cap Rate 9%
$2,715,789
Alternative Uses
Best Use
Mixed Use
$3.49M
$3.06M – $4.07M
NOI $244,421 @ 7.0% cap · market cap 8.16%
Second Best
Office B
$3.25M
$2.85M – $3.79M
NOI $227,667 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$4.10M
$3.59M – $4.78M
NOI $286,993 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 34234, FL
20,858
Population
10,257
Households
2
Avg Household Size
42
Median Age
28%
College-Educated
86%
High-School Grad
6.5 sq mi
ZIP Area
3,209
Density / Sq Mi
$56,607
Median Household Income
$33,536
Median Earnings
$1,352
Median Rent
$222,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - 2.14+ acre redevelopment site with high-density residential potential.
Where is this commercial land located?
The property is located at 3808 N Tamiami Trail Sarasota, FL.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Significant density bonus potential: Increase from 77 to 231 units possible.; Prime location on North Tamiami Trail: Close to downtown Sarasota and attractions.; Unparalleled airport convenience: Steps away from SRQ Airport.
