Building Details

Year Built 1985

Year Renovated 1990

Buildings 2

Listing Agency: Hembree & Associates Inc

Listed By: Joe Hembree · License #FL Show Phone

Source: Crexi

Added: Oct 9, 2023 Changed: Oct 17 Last Checked: Oct 16 at 7:22AM

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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 Hembree & Associates Inc

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Investment Insights

Based on property information with market context.

This landmark mixed-use property is located in the heart of downtown Venice, Florida. The property, currently home to the Sun newspaper for Sarasota County, consists of two buildings: a 25,062 square foot office building and a 12,370 square foot light industrial building. The buildings sit on a 1.88 acre lot just off N Tamiami Trail and E Venice Avenue in the business district. Venice is situated between Fort Myers and Tampa Bay and is known for its Italian-inspired architecture and Gulf beaches. The city is also known as “The Shark Tooth Capital of the World” and features the Venetian Waterway Park. The city's historic downtown offers unique shops, restaurants, and attractions, along with a new branch of Sarasota Memorial Hospital, making it a desirable destination.

Key Highlights

• Large 1.88 acre lot in the heart of downtown Venice business district.
• Two buildings: 25,062 SF offices and 12,370 SF light industrial.
• Located just off N Tamiami Trail and E Venice Avenue.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$666,758

Cap Rate

7.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$13,335,160 $13.3M

Cap Rate 7%

$9,525,114 $9.5M

Cap Rate 9%

$7,408,422 $7.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 37,432 SF

Gross rent

$1.12M $30.00/SF

− Vacancy

−$56.1K −$1.50/SF

EGI

$1.07M $28.50/SF

− OpEx

−$400.1K −$10.69/SF

NOI

$666.8K $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%

$13,335,160

Cap Rate 7%

$9,525,114

Cap Rate 9%

$7,408,422

Alternative Uses

Best Use

Mixed Use

$9.53M

$8.33M – $11.11M (±1% cap)

NOI $666,758 @ 7.0% cap · market cap 7.49%

Second Best

Office B

$7.80M

$6.82M – $9.10M (±1% cap)

NOI $545,759 @ 7.0% cap · market cap 6.13%

Theoretical Best

Office A

$10.64M

$9.31M – $12.41M (±1% cap)

NOI $744,693 @ 7.0% cap · market cap 8.37%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Welcome Home Magazine Real Estate Agency Sun Coast Press ... Publishing House Coastal Insurance Associates Insurance Agency Discover Venice Visitor ... Travel Agency Centennial Park Resort

Suggested Use

Top Pick Daycare Center Grocery & Convenience Store (Bike/Boat/Book/etc) Store Parking Lot & Garage Fish Market Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,327

Businesses Nearby

Explore this area Business Placement

Demographics for 34285, FL

18,971

Population

16,081

Households

1.2

Avg Household Size

70

Median Age

40%

College-Educated

95%

High-School Grad

8.3 sq mi

ZIP Area

2,286

Density / Sq Mi

$67,712

Median Household Income

$37,959

Median Earnings

$1,485

Median Rent

$295,400

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Landmark mixed-use property in downtown Venice, Florida for sale.

Where is this mixed-use property located?

The property is located at 200 E Venice Ave Venice, FL.

What is the asking price?

The asking price for this property is $8,900,000.

What are key features of this property?

This property features: Large 1.88 acre lot in the heart of downtown Venice business district.; Two buildings: **25,062 SF offices and 12,370 SF light industrial**.; Located just off N Tamiami Trail and E Venice Avenue.