North Tamiami Trail Redevelopment
3808 N Tamiami Trail, Sarasota, FL 34234
2.14+ acre redevelopment site with high-density residential potential.
Type:Land, Mixed Use, Office, Retail
Property size:
13,942 SFLot size:
2.14 AcresPrice / SF:
$276/SF- Added:
- Apr 8, 2024
- Days on Market:
- 785
- Last Refresh:
- May 12 at 8:01 pm
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
Listing agent Adam Seidel License #FL SL3213728
Listing office American Property Group of Sarasota Inc
Listing date Apr 8, 2024
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 American Property Group of Sarasota Inc
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.
- Value‑add redevelopment site: Versatile property formerly used as a school, office, and restaurant.
- Strategic location near key institutions: Convenient to Ringling Museum and area colleges.
- Generous 2.14+ acre parcel: Allows for diverse development and amenities.
Overview
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.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $418.3k | $30.00 |
| − Vacancy | −$27.2k | −$1.95 |
| EGI | $391.1k | $28.05 |
| − OpEx | −$146.7k | −$10.52 |
| NOI | $244.4k | $17.53 |
13,942 SF · lease $30.00/SF/yr · vacancy 6.50% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$3.49M
$3.06M – $4.07M
NOI $244,421 @ 7.0% cap · market cap 6.35%
Second Best
Office B
$3.25M
$2.85M – $3.79M
NOI $227,667 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$4.10M
$3.59M – $4.78M
NOI $286,993 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
East West College-Natural ...
Alternative Medicine Practice
Hernando A. Ortiz, OMD
Alternative Medicine Practice
Debao Ye
Alternative Medicine Practice
East West College ...
Alternative Medicine Practice
Partha Banerjee
Physician
Location Insight
- Map
- Local Demand
- City
- Sarasota
- County
- Manatee
- State
- Florida
- Longitude
- -82.5515714
- Latitude
- 27.3684525
Nearby Similar for Sale
FAQs
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 $3,849,000.
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.
