Sarasota Office Condo For
For Sale
Contact for pricing
Pending
505 S Orange Ave., Sarasota, FL 34236
Two-story office condo in downtown Sarasota with secured parking.
Property Size3,863 SF
Days on Market891
Property Features for 505 S Orange Ave.
General Information
Standard status
Pending
Size
3,863 SF
Class
B
Property subtype
Office
Building Details
Year Built
2007
Listing Agency:
Michael Saunders & Company
Listed By:
Eric Massey · License #FL 604760
(941) 809-6351
Source:
Crexi
Added: May 16, 2024
Changed: Oct 16
Last Checked: Oct 23 at 6:03AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,323
Cap Rate
4.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,126,460
$1.1M
Cap Rate 7%
$804,614
$804.6K
Cap Rate 9%
$625,811
$625.8K
Market Conditions
NOI Build-Up for 3,863 SF
Gross rent
$83.4K $21.60/SF
− Vacancy
−$8.3K −$2.16/SF
EGI
$75.1K $19.44/SF
− OpEx
−$18.8K −$4.86/SF
NOI
$56.3K $14.58/SF
Area
Sarasota County, FL
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,126,460
Cap Rate 7%
$804,614
Cap Rate 9%
$625,811
Alternative Uses
Best Use
Office B
$804.6K
$704.0K – $938.7K
NOI $56,323 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$960.7K – $1.28M
NOI $76,853 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,284
Businesses Nearby
Explore this area
Business Placement
Demographics for 34236, FL
14,083
Population
11,661
Households
1.2
Avg Household Size
66
Median Age
62%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
3,912
Density / Sq Mi
$96,400
Median Household Income
$48,828
Median Earnings
$2,010
Median Rent
$917,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Two-story office condo in downtown Sarasota with secured parking.
Where is this office unit 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.
