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

    2409 2nd E Ave, Unit 1 Palmetto, FL 34221-2719

    • Office buildings
    • 1,992 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    Mar 01, 2024
    $170,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3970249
    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

    • Office buildings

    Property Details for 2409 2nd E Ave

    Year built
    1950
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.29 lot acres
    Property size
    1,992 SF
    Zone code
    NC-M
    Property type
    Office buildings
    APN
    25309.0000-6
    APU
    2530900006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Palmetto
    County
    Manatee
    State
    Florida
    Longitude
    -82.5629
    Latitude
    27.5354
    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
    $5,562
    $61,200
    $261,644
    $322,844
    -
    $61,200
    $261,644
    $322,844

    Comparable in this City

    • Value Estimation
      $1,390,000
      8,914 SF

      1415 10th W St

      OFFICE BUILDING • 8,914 SF
      1415 10th W St, Palmetto, FL 34221-3601
      View Details
    • Value Estimation by Request
      1,200 SF

      4104 61st E St

      OFFICE BUILDING • 1,200 SF
      4104 61st E St, Palmetto, FL 34221-9332
      View Details
    • Value Estimation by Request
      1,884 SF

      5206 Us Hwy 41st N

      OFFICE BUILDING • 1,884 SF
      5206 Us Hwy 41st N, Palmetto, FL 34221-2007
      View Details
    • Value Estimation by Request
      952 SF

      116 17th E St

      OFFICE BUILDING • 952 SF
      116 17th E St, Palmetto, FL 34221-3246
      View Details
    • Value Estimation by Request
      1,250 SF

      829 8th W Ave

      OFFICE BUILDING • 1,250 SF
      829 8th W Ave, Palmetto, FL 34221-4709
      View Details
    • Value Estimation
      $515,000
      3,005 SF

      620 8th W Ave

      OFFICE BUILDING • 3,005 SF
      620 8th W Ave, Palmetto, FL 34221-5124
      View Details

    Similar Nearby for Sale

    • $6,000,000
      63,188 SF

      Palmetto Tower with Redevelopment Potential

      Multi-story office building with vacant lots in downtown Palmetto.
      600 W 8Th Ave, Palmetto, FL 34221
      View Details
    • $1,400,000

      Renovated Building on US41/US19 Interchange

      Modernized freestanding building suitable for retail, restaurant, or offices.
      3966 S 41St St, Palmetto, FL 34221
      View Details
    • $699,000
      4,600 SF

      Downtown Palmetto Commercial Property

      Two-story commercial property with retail and office space.
      435 10Th Ave W, Palmetto, FL 34221
      View Details
    • $1,250,000

      7.13 Acres Commercial Land

      7.13 +/- acres of commercial land for sale.
      3945 Us Highway 41 N, Palmetto, FL 34221
      View Details
    • $695,000

      East Palmetto Development Opportunity

      10-acre parcel for low-density residential development in East Palmetto.
      3002 16Th Avenue Cir, Palmetto, FL 34221
      View Details
    • Contact for pricing

      Prime Development Site on US-41

      1.73 AC development site on US-41 with high visibility.
      1850 Us Highway 41 N, Palmetto, FL 34221
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      2,640 SF

      Stand Alone Building For Lease

      Stand-alone building suitable for office, medical, or retail use.
      1331 10Th St E, Palmetto, FL 34221
      View Details
    • $48 SF/Yr
      16,822 SF

      Palmetto Waterfront Office Space

      Prestigious riverfront office, stunning views.
      1001 Riverside Dr, Palmetto, FL 34221
      View Details
    • $18 SF/Yr
      3,450 SF

      Palmetto Office Space Sublease Available

      Modern Office Suite, 3450 sq ft, Immediate Occupancy
      2510 51St Ave, Palmetto, FL 34221
      View Details
    • $4,000 /Mo
      1,206 SF

      Modern Office Suite on US-41

      Turnkey 1,206 sq ft office suite in Palmetto, Florida.
      10305 Us Highway 41 N, Palmetto, FL 34221
      View Details
    • $2,250,000
      1,700 SF

      Versatile Retail and Office Center

      Retail and office center in downtown Palmetto, near Manatee River.
      701 8Th Ave W, Palmetto, FL 34221
      View Details
    • Contact for pricing
      2,035 SF

      Resort Retail Space Available

      Retail spaces and pads for lease in Marriott Resort Hotel.
      650 Us Highway 41 N, Palmetto, FL 34221
      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.
    2409 2nd E Ave, Unit 1
    Palmetto, FL 34221-2719
    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.