Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1121 Lewis Ave Sarasota, FL 34237-2915

    • Warehouses
    • 8,928 SF
    • 1.48 lot acres
    OFF-MARKET
    Last Sale
    May 19, 2024
    $1,950,000
    Value Estimations
    $1,940,000
    Show details
    Cap Rate Potential
    7.2%
    Warehouses
    Location Intelligence
    Property ID
    US18-4620900
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • 941Tacos / Restaurant / Food Producer
    • SRQ Woodworks Co / Kitchen Remodeler / Cabinet Maker
    • engineered evolution / Research Institute
    • YWAM Sarasota / School

    Property Details for 1121 Lewis Ave

    Year built
    1963
    Lot size
    1.48 lot acres
    Property size
    8,928 SF
    Zone code
    IGD
    Property type
    Warehouses
    APN
    2023-10-0062
    APU
    2023100062

    Description

    This exceptional Sarasota, Florida industrial property presents a unique acquisition opportunity. The complex comprises two buildings totaling 21,400 square feet on a 1.48-acre lot, zoned IGD. Building 1 offers 16,140 square feet of space, while Building 2 provides an additional 5,260 square feet. The property features a large freezer/cooler unit within the warehouse, which is removable, offering flexibility for various uses. The high ceilings, measuring 23 feet, provide ample vertical space. The property boasts three ingress and egress points for convenient access and maneuverability. The entire lot is completely fenced and secured, enhancing security and potentially allowing for outdoor storage. An added benefit is the potential for additional revenue generation through leasing the adjacent 5,260 square foot warehouse. This property is located at 1121 Lewis Ave, Sarasota, FL 34237. This versatile property is ideal for a variety of industrial uses, offering significant potential for growth and return on investment. The combination of ample space, strategic location, and added features makes this a compelling opportunity in the thriving Sarasota market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,730,000
      ML approach
      $1,805,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,085,000
      6.5%
      $1,925,000
      7%
      $1,785,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,589,000
      Market price range: $1.25M - $2.59M
      AI Estimate
      $1,526,000
      Market price range: $525k - $1.53M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,980,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Sarasota
    State
    Florida
    Longitude
    -82.5201
    Latitude
    27.3473
    CBSA code
    35840
    CBSA name
    NORTH PORT-SARASOTA-BRADENTON, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $24,228
    $837,500
    $759,600
    $1,597,100
    -
    $837,500
    $759,600
    $1,597,100

    Comparable in this City

    • Value Estimation
      $320,000
      0.12 Acres

      2155 Princeton St

      STORAGE YARD (JUNK, SALVAGE) • 0.12 Acres
      2155 Princeton St, Sarasota, FL 34237
      View Details
    • Value Estimation
      $265,000
      5,515 SF

      2182 10th St

      STORAGE YARD (JUNK, SALVAGE) • 5,515 SF
      2182 10th St, Sarasota, FL 34237
      View Details
    • Value Estimation
      $1,215,000
      20,000 SF

      2525 12th St

      WAREHOUSE, STORAGE • 20,000 SF
      2525 12th St, Sarasota, FL 34237-2907
      View Details
    • Value Estimation
      $255,000
      1,500 SF

      2179 13th St

      WAREHOUSE, STORAGE • 1,500 SF
      2179 13th St, Sarasota, FL 34237-2727
      View Details
    • Value Estimation
      $3,270,000
      8,800 SF

      2277 2nd St

      WAREHOUSE, STORAGE • 8,800 SF
      2277 2nd St, Sarasota, FL 34237-6111
      View Details
    • Value Estimation
      $275,000
      2,400 SF

      1525 Lime Ave

      WAREHOUSE, STORAGE • 2,400 SF
      1525 Lime Ave, Sarasota, FL 34237-2813
      View Details

    Similar Nearby for Sale

    • $1,500,000
      5,884 SF

      Freestanding Warehouse Building Near Downtown

      5,884 SF warehouse with fenced lot near downtown Sarasota.
      1501 N Lime Ave, Sarasota, FL 34237
      View Details
    • $450,000
      9,882 SF

      Profitable Coastal Rental Business Opportunity

      Turnkey coastal rental business with immediate cash flow and growth potential.
      2239 15Th St, Sarasota, FL 34237
      View Details
    • $1,575,000

      Sarasota Office/Warehouse Investment Opportunity

      Two buildings totaling 9,011 SF on a 42,032 SF lot.
      2053 13Th St, Sarasota, FL 34237
      View Details
    • $695,000
      1,500 SF

      Versatile Sarasota Property For Sale

      1,500 SF building on 10,000 SF lot in Sarasota.
      2182 10Th St, Sarasota, FL 34237
      View Details
    • $799,900
      1,571 SF

      Downtown Sarasota Office Building

      Prime Medical Office, 15 Parking Spaces
      220 Tuttle Ave, Sarasota, FL 34237
      View Details
    • $80,000

      Residential Income Property For Sale

      Residential income property available for purchase.
      3402 Spanish Oak Ter, Sarasota, FL 34237
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      8,120 SF

      Prime Sarasota Showroom/Retail/Industrial Space

      High-visibility location near downtown Sarasota with dock doors.
      2022 12Th St, Sarasota, FL 34237
      View Details
    • $16 SF/Yr
      187,910 SF

      Center Pointe: Downtown Sarasota Office

      Prestigious Class A office suites, downtown Sarasota.
      2033 Main St, Sarasota, FL 34237
      View Details
    • $27 SF/Yr
      2,500 SF

      Downtown Sarasota Renovated Office Building

      Renovated 2500 SF office building in downtown Sarasota.
      2155 Main St, Sarasota, FL 34237
      View Details
    • $2,200 /Mo
      1,215 SF

      Luxury Solo Office Space

      Conveniently located luxury office space available for rent.
      2389 Ringling Blvd, Sarasota, FL 34237
      View Details
    • $18 SF/Yr
      2,500 SF

      Renovated Retail Space in Sarasota

      Retail space in Sarasota's Limelight District, renovated in 2023.
      923-929 Lime Ave, Sarasota, FL 34237
      View Details
    • $7,800 /Mo
      1,037 SF

      Professional Office Space For Lease

      Private office in professional suite near Downtown Sarasota available for lease.
      2831 Ringling Blvd, Sarasota, FL 34237
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1121 Lewis Ave
    Sarasota, FL 34237-2915
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.