Sarasota Office Condo For
505 S Orange Ave., Sarasota, FL 34236
Two-story office condo in downtown Sarasota with secured parking.
Type:Office
Property size:
3,863 SFPrice / SF:
$323/SF- Added:
- May 16, 2024
- Days on Market:
- 748
- Last Refresh:
- May 12 at 9:17 pm
Property Features for 505 S Orange Ave.
General Information
- Standard status
- Active
- Size
- 3,863 SF
- Property subtype
- Office
Building Details
- Year Built
- 2007
Listing agent Eric Massey License #FL 604760
Listing office Michael Saunders & Company
Listing date May 16, 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 Michael Saunders & Company
HighLights
- Strategic location in the heart of Sarasota, FL, zoned DTC (Downtown Core) offering high visibility and accessibility.
- Investment opportunity with existing NNN lease until June 30th, 2027, offering a 6% cap rate (can also be delivered vacant).
- 3,863 SF two‑story office condo suitable for any type of office use.
- Features 13 covered, secured parking spaces.
- Modern design and contemporary appeal.
- Built in 2007.
Overview
This 3,863 square foot, two-story office condo is located in Sarasota, Florida. The property is zoned DTC (Downtown Core), offering a strategic location in the heart of Sarasota. It is ideally suited for any type of office use. The suite also features 13 covered, secured parking spaces. The suite can be purchased as an investment or be delivered vacant. There is currently a NNN lease in place until June 30th, 2027, offering a 6% cap rate.
Local Financial Insights For Office B
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 | $89.0k | $23.04 |
| − Vacancy | −$4.9k | −$1.27 |
| EGI | $84.1k | $21.77 |
| − OpEx | −$21.0k | −$5.44 |
| NOI | $63.1k | $16.33 |
3,863 SF · lease $23.04/SF/yr · vacancy 5.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$901.2K
$788.5K – $1.05M
NOI $63,081 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$994.0K – $1.33M
NOI $79,519 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Mc Cormack Thomas
Medical Clinic
Cayuga Hospitality Consultants
Consultant
Quantum Consultancy, LLC
Engineering Consultant
Fyzical Offices
Business Service Center
Environmental Science Associates
Environmental Consultant
Location Insight
- Map
- Local Demand
- City
- Sarasota
- County
- Manatee
- State
- Florida
- Longitude
- -82.53827
- Latitude
- 27.3325142
Nearby Similar for Sale
FAQs
What type of property is this?
Office units - Two-story office condo in downtown Sarasota with secured parking.
Where is this office units located?
The property is located at 505 S Orange Ave. Sarasota, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Strategic location in the heart of Sarasota, FL, zoned DTC (Downtown Core) offering high visibility and accessibility.; Investment opportunity with existing NNN lease until June 30th, 2027, offering a 6% cap rate (can also be delivered vacant).; 3,863 SF two‑story office condo suitable for any type of office use.
