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

    352 Somerset Ave Sarasota, FL 34243-1925

    • Investment properties
    • 5,105 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    May 12, 2022
    Value Estimations
    $1,030,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2079629
    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

    • Center for Reiki Wellness and Past Life Regression Hypnosis / Alternative Medicine Practice
    • Welch Specialties / Construction Company / General Contractor
    • Alchemy Beauty & Wellness / Alternative Medicine Practice / Spa & Massage Center
    • Rae Luxe Aesthetics LLC / Spa & Massage Center / Skin Care Clinic

    Property Details for 352 Somerset Ave

    Year built
    1996
    Lot size
    0.32 lot acres
    Property size
    5,105 SF
    Zone code
    PD-O
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    67989.0000-4
    APU
    6798900004

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,490,000
      6.5%
      $1,375,000
      7%
      $1,280,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Manatee
    State
    Florida
    Longitude
    -82.5656
    Latitude
    27.3999
    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
    $8,896
    $64,903
    $466,602
    $531,505
    -
    $64,903
    $466,602
    $531,505

    Comparable in this City

    • Value Estimation
      $1,010,000
      6,864 SF

      2805 University Pkwy

      STORE/OFFICE (MIXED USE) • 6,864 SF
      2805 University Pkwy, Sarasota, FL 34243-4201
      View Details
    • Value Estimation
      $1,535,000
      10,968 SF

      7602 Lockwood Rdg Rd

      STORE/OFFICE (MIXED USE) • 10,968 SF
      7602 Lockwood Rdg Rd, Sarasota, FL 34243-4900
      View Details
    • Value Estimation
      $925,000
      6,372 SF

      2515 University Pkwy

      STORE/OFFICE (MIXED USE) • 6,372 SF
      2515 University Pkwy, Sarasota, FL 34243-2511
      View Details
    • Value Estimation
      $1,090,000
      7,884 SF

      8135 25th E Ct

      STORE/OFFICE (MIXED USE) • 7,884 SF
      8135 25th E Ct, Sarasota, FL 34243-2800
      View Details
    • Value Estimation
      $2,645,000
      10,410 SF

      8421 Lockwood Rdg Rd

      STORE/OFFICE (MIXED USE) • 10,410 SF
      8421 Lockwood Rdg Rd, Sarasota, FL 34243-2931
      View Details
    • Value Estimation
      $4,880,000
      32,763 SF

      7501 15th E St

      STORE/OFFICE (MIXED USE) • 32,763 SF
      7501 15th E St, Sarasota, FL 34243-3214
      View Details

    Similar Nearby for Sale

    • $499,000
      1,166 SF

      7774 Westmoreland Dr, Sarasota, FL 34243

      Commercial real estate • 1,166 SF
      7774 Westmoreland Dr, Sarasota, FL 34243
      View Details
    • $599,000
      1.37 Acres

      Sarasota Commercial Land - $599K

      1.37 Acres, University Parkway Frontage
      2290 University Pkwy, Sarasota, FL 34243
      View Details
    • $260,000

      Residential Land in Tallevast Area

      Land in Manatee County, close to airport and I-75.
      7515 19Th St, Sarasota, FL 34243
      View Details
    • $4,000,000
      18,312 SF

      Free Standing Industrial Condo

      Free standing industrial condominium for sale or lease back.
      7182 15Th St E, Sarasota, FL 34243
      View Details
    • $2,300,000

      Land Available For Sale

      Land available for sale in Sarasota, Florida.
      7314 Westmoreland Dr, Sarasota, FL 34243
      View Details
    • $1,500,000

      Land Available For Sale

      Land available for sale at 7720 TUTTLE Ave, Sarasota, FL.
      7720 Tuttle Ave, Sarasota, FL 34243
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      32,580 SF

      Manatee County Industrial Park

      Modern Flex Space, 7 Units Available
      7707 24Th Ct, Sarasota, FL 34243
      View Details
    • $10 SF/Yr
      183,227 SF

      Airport Commerce Center: Sarasota Flex Space

      Prime Sarasota flex/warehouse space available.
      15th East & Tallevast Rd, Sarasota, FL 34243
      View Details
    • $22 SF/Yr
      23,140 SF

      University Parkway Office Suites

      Class A Sarasota Office Space, Sublease Available
      2970 University Pkwy, Sarasota, FL 34243
      View Details
    • $2,399,000
      4,025 SF

      Warehouse with Yard and Parking

      Freestanding warehouse with storage yard and ample parking.
      1112 Whitfield Ave, Sarasota, FL 34243
      View Details
    • $23 SF/Yr
      1,055 SF

      Retail/Office Space For Rent

      Ground floor retail/office suite with open floor plan.
      5899 Whitfield Ave, Sarasota, FL 34243
      View Details
    • $18 SF/Yr
      2,500 SF

      Warehouse Units Near US-301

      Four 2,500 SF warehouse units for lease near US-301.
      1960 Whitfield Park Ave, Sarasota, FL 34243
      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.
    352 Somerset Ave
    Sarasota, FL 34243-1925
    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.