North Tamiami Trail Redevelopment
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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$236.34
Days on Market921
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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
Listed By:
Adam Seidel · License #FL SL3213728
(941) 923-0535
Source:
Crexi
Added: Apr 8, 2024
Changed: Oct 12
Last Checked: Oct 14 at 8:07PM
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 / Yr
$248,342
Cap Rate
7.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,966,840
$5.0M
Cap Rate 7%
$3,547,743
$3.5M
Cap Rate 9%
$2,759,356
$2.8M
Market Conditions
NOI Build-Up for 13,942 SF
Gross rent
$418.3K $30.00/SF
− Vacancy
−$20.9K −$1.50/SF
EGI
$397.3K $28.50/SF
− OpEx
−$149.0K −$10.69/SF
NOI
$248.3K $17.81/SF
Area
Sarasota County, FL
Vacancy
5.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,966,840
Cap Rate 7%
$3,547,743
Cap Rate 9%
$2,759,356
Alternative Uses
Best Use
Mixed Use
$3.55M
$3.10M – $4.14M
NOI $248,342 @ 7.0% cap · market cap 7.54%
Second Best
Retail
$3.11M
$2.72M – $3.63M
NOI $217,830 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$3.96M
$3.47M – $4.62M
NOI $277,370 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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 $3,295,000.
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.
