119 Tamiami N Trl Nokomis, FL 34275-2120

Property Details for 119 Tamiami N Trl

Year built

1952

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.21 lot acres

Property size

2,240 SF

Zone code

CG

Property type

Hotels

Property subtype

Motels

APN

0171-10-0024

APU

171100024

Description

This exceptional value-add opportunity presents the Nokomis Inn & Suites, a 23-unit motel situated on 1.21 acres in Sarasota County, Florida. Located just three minutes from Nokomis Beach and directly on Route 41 (Tamiami Trail) with 46,000 AADT, this property boasts a prime location in a non-flood zone (Zone X). The motel comprises five single-story buildings constructed in 1952 and 1957, with significant interior and exterior improvements completed in 2016 and 2019, including updated PVC plumbing throughout. The solid masonry construction provides a strong foundation for future development. Currently operating as a limited-service boutique motel, the property is zoned CG, allowing for a diverse range of redevelopment options, including potential conversion to apartments, given the existing kitchenettes in some units and a full kitchen in one unit. The property also features a sizable in-ground pool, lush landscaping, a sandy beach area, hammocks, and a tiki hut. The asking price is $3,250,000, representing a price per key of $141,304, with a current cap rate of 9.20% and a pro-forma cap rate of 10.27%. Surrounding new developments include a Hilton Home2 Suites, a Holiday Inn Express, a Wawa, and a Woodies Wash Shack, further highlighting the area's growth potential. The large northwest portion of the parcel offers ample space for additional parking or common area amenities. This is a rare opportunity to acquire a well-located property with significant upside potential.

Location Insight

City

Nokomis

County

Sarasota

State

Florida

Longitude

-82.4544

Latitude

27.1263

CBSA code

35840

CBSA name

NORTH PORT-SARASOTA-BRADENTON, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments