Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1923 5Th St Sarasota, FL 34236
    Back to Search
    Property profile & analytics

    1923 5Th St, Sarasota, FL 34236

    View on Map
    • Mixed-use properties
    • 20,629 SF
    • 0.24 lot acres
    For Sale
    $1,250,000
    View Listing →
    Shovel-Ready Sarasota Condo Development For Sale
    $1,250,000
    0.24 Acres

    Shovel-Ready Sarasota Condo Development

    Turnkey luxury condominium development opportunity in Gillespie Park.

    1923 5TH STREET, Sarasota, FL 34236
    View Listing
    Property ID
    US18-5205168
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mixed-use properties

    Property Details for 1923 5Th St

    Year built
    2025
    Lot size
    0.24 lot acres
    Property type
    Mixed-use properties

    Description

    This exceptional opportunity presents a fully entitled and shovel-ready pre-construction project for a six-unit luxury condo development in Sarasota's thriving Gillespie Park neighborhood. Situated on a 0.24-acre lot zoned Downtown Edge (DTE), this turnkey investment boasts complete Development Review Committee (DRC) approvals, with permits estimated to be secured within six weeks of submission. The project includes comprehensive architectural plans, detailed studies, a thorough construction cost analysis, and all supporting documentation, allowing for immediate ground-breaking. Designed by the award-winning Solstice Architecture Firm, the project's coastal Spanish and Portuguese-inspired design seamlessly blends luxury with Sarasota's unique charm. The six spacious, high-end residences offer premium features and exceptional livability. Located blocks from downtown, Gillespie Park offers an eclectic mix of boutiques, cafes, and restaurants, experiencing unprecedented demand for high-end living spaces. This project is poised to deliver strong returns, making it an ideal investment in one of Sarasota's fastest-growing areas. Financial projections and detailed plans are available upon request, along with a site tour. This is a rare chance to own a piece of Sarasota's future. The property encompasses 20,629 square feet and is priced at $1,650,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Sarasota
    State
    Florida
    Longitude
    -82.53162
    Latitude
    27.34059

    Comparable in this City

    • $2,740,000
      4,376 SF

      Downtown Sarasota Mixed-Use Gem

      Historic building, high-income potential, prime location.
      1322 Tamiami Trl, Sarasota, FL 34236
      View Details
    • Contact for pricing
      799 SF

      Mixed-Use Development Retail Space

      799 SF retail spaces in downtown Sarasota's Rosemary District.
      410 N Orange Ave, Sarasota, FL 34236
      View Details
    • $5,900,000
      12,626 SF

      Downtown Sarasota Mixed-Use Redevelopment Opportunity

      Large downtown parcel with redevelopment potential and rare on-site parking.
      1565 State St, Sarasota, FL 34236
      View Details
    • Contact for pricing

      Historic Sarasota Building with Bayfront Zoning

      Iconic 1926 building in downtown Sarasota with versatile development potential.
      601 Quay Cmns, Sarasota, FL 34236
      View Details
    • Contact for pricing
      1,112 SF

      Sarasota Mixed-Use Redevelopment Opportunity

      Mixed-use property in Towles Court Arts District, Sarasota.
      1958 Adams Ln, Sarasota, FL 34236
      View Details
    • Contact for pricing
      Pending

      Downtown Sarasota Retail/Office Condominium

      Retail/commercial condominium in downtown Sarasota's Rosemary District.
      430 Kumquat Ct, Sarasota, FL 34236
      View Details

    Similar Nearby for Sale

    • $2,740,000
      4,376 SF

      Downtown Sarasota Mixed-Use Gem

      Historic building, high-income potential, prime location.
      1322 Tamiami Trl, Sarasota, FL 34236
      View Details
    • Contact for pricing
      799 SF

      Mixed-Use Development Retail Space

      799 SF retail spaces in downtown Sarasota's Rosemary District.
      410 N Orange Ave, Sarasota, FL 34236
      View Details
    • $5,900,000
      12,626 SF

      Downtown Sarasota Mixed-Use Redevelopment Opportunity

      Large downtown parcel with redevelopment potential and rare on-site parking.
      1565 State St, Sarasota, FL 34236
      View Details
    • Contact for pricing

      Historic Sarasota Building with Bayfront Zoning

      Iconic 1926 building in downtown Sarasota with versatile development potential.
      601 Quay Cmns, Sarasota, FL 34236
      View Details
    • Contact for pricing
      1,112 SF

      Sarasota Mixed-Use Redevelopment Opportunity

      Mixed-use property in Towles Court Arts District, Sarasota.
      1958 Adams Ln, Sarasota, FL 34236
      View Details
    • Contact for pricing
      Pending

      Downtown Sarasota Retail/Office Condominium

      Retail/commercial condominium in downtown Sarasota's Rosemary District.
      430 Kumquat Ct, Sarasota, FL 34236
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Downtown Sarasota Mixed-Use Retail Space

      Premier retail spaces in a vibrant downtown mixed-use development.
      1991 Main St, Sarasota, FL 34236
      View Details
    • Contact for pricing

      Premier Mixed-Use Destination on Ringling

      Upscale mixed-use property in the heart of St. Armands Circle.
      478 John Ringling Blvd, Sarasota, FL 34236
      View Details
    • Contact for pricing

      Downtown Sarasota Mixed-Use Building

      Mixed-use building in downtown Sarasota with flexible leasing options.
      1990 Main St, Sarasota, FL 34236
      View Details
    • Contact for pricing
      120 SF

      Rosemary District Med Spa Space

      Newly finished med spa space in the Rosemary District.
      1542 4Th St, Sarasota, FL 34236
      View Details
    • $20 SF/Yr

      Prime Office Space in Sarasota

      Office space for lease in the heart of Sarasota, FL.
      50 Central Ave, Sarasota, FL 34236
      View Details
    • $20 SF/Yr

      Downtown Sarasota Office Space

      Office space for lease in downtown Sarasota with panoramic views.
      50 Central Ave, Sarasota, FL 34236
      View Details
    View Listing
    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.
    1923 5Th St
    Sarasota, FL 34236
    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

    Thank You for Inquiry
    1923 5Th St, Sarasota, FL, 34236
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!