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    5700 Midnight Pass Rd Sarasota, FL 34242-3083
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    5700 Midnight Pass Rd Sarasota, FL 34242-3083

    View on Map
    • Office buildings
    • 2,680 SF
    • 0.20 lot acres
    Off-Market
    Property ID
    US18-8506285
    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
    $945,000
    Show details
    Cap Rate Potential
    9.2%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • 310 880 8218 / Real Estate Agency
    • Dr. Carl R. Noback, MD / Physician
    • ABC Baby and Beach Equipment Rentals / (Bike/Boat/Book/etc) Store / Clothing & Fashion Store
    • Mark Miller Mobile Sports Massage / Alternative Medicine Practice / Spa & Massage Center
    • Kiddos Baby & Beach Gear Rentals / (Bike/Boat/Book/etc) Store / Clothing & Fashion Store

    Property Details for 5700 Midnight Pass Rd

    Year built
    1975
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.20 lot acres
    Property size
    2,680 SF
    Zone code
    RMF3; SKOD
    Property type
    Office buildings
    APN
    0105-04-0040
    APU
    105040040

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $695,000
      6.5%
      $640,000
      7%
      $595,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $965,000
      Market price range: $358k - $965k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,100,000
      Current use
      AUTO REPAIR, GARAGE
      $1,175,000
      Change: +7% Conversion: Difficult
      MEDICAL BUILDING
      $1,065,000
      Change: -3% Conversion: Easy
      RETAIL STORES
      $1,060,000
      Change: -4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Sarasota
    State
    Florida
    Longitude
    -82.5461
    Latitude
    27.2666
    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
    $13,019
    $602,400
    $602,100
    $1,204,500
    -
    $602,400
    $602,100
    $1,204,500

    Comparable in this City

    • Value Estimation
      $2,360,000
      5,012 SF

      5016 Calle Minorga

      OFFICE BUILDING (MULTI-STORY) • 5,012 SF
      5016 Calle Minorga, Sarasota, FL 34242-1519
      View Details
    • Value Estimation
      $2,350,000
      8,934 SF

      5011 Ocean Blvd

      OFFICE BUILDING (MULTI-STORY) • 8,934 SF
      5011 Ocean Blvd, Sarasota, FL 34242-2635
      View Details
    • Value Estimation by Request
      4,017 SF

      6021 Midnight Pass Rd

      OFFICE BUILDING • 4,017 SF
      6021 Midnight Pass Rd, Sarasota, FL 34242-3213
      View Details
    • Value Estimation by Request
      1,674 SF

      5032 Calle Minorga

      OFFICE BUILDING • 1,674 SF
      5032 Calle Minorga, Sarasota, FL 34242-1519
      View Details
    • Value Estimation by Request
      1,240 SF

      5026 Calle Minorga

      OFFICE BUILDING • 1,240 SF
      5026 Calle Minorga, Sarasota, FL 34242-1519
      View Details
    • Value Estimation by Request
      750 SF

      220 Calle Miramar

      OFFICE BUILDING • 750 SF
      220 Calle Miramar, Sarasota, FL 34242-3338
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      332,811 SF

      Investment Office Building Portfolio

      Investment Office Building Portfolio
      2801 Cattlemen Road, Sarasota, FL 34242
      View Details
    • $1,400,000
      2,020 SF

      Siesta Village Office Opportunity

      Office property in Siesta Village with professional zoning.
      5032 Calle Minorga, Sarasota, FL 34242
      View Details
    • $725,000
      0.20 Acres

      Siesta Key Land Opportunity

      Land in the heart of Siesta Key near the beach.
      5302 Las Rosas, Sarasota, FL 34242
      View Details
    • $1,375,000
      0.84 Acres

      Siesta Key Cleared Corner Lot

      Expansive corner lot with private beach access on Siesta Key.
      8555 Heron Lagoon Cir, Sarasota, FL 34242
      View Details
    • $6,995,000
      0.77 Acres

      Waterfront Land on Siesta Key

      Rare waterfront property with bay and gulf access.
      3550 Bayou Louise Ln, Sarasota, FL 34242
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Rare Retail Opportunity Near Beach

      Large retail space for lease near Siesta Key beaches.
      6595 Midnight Pass Rd, Sarasota, FL 34242
      View Details
    • Contact for pricing
      2,052 SF

      Retail Shop in Siesta Key

      Small retail shop in Siesta Key Village for rent.
      5057 Ocean Blvd, Sarasota, FL 34242
      View Details
    • $45 SF/Yr

      Prime Retail Space Available

      Retail space in a desirable, high-traffic Sarasota location.
      217 Avenida Madera, Sarasota, FL 34242
      View Details
    • $45 SF/Yr

      Siesta Key Retail Opportunity

      Rare large retail space near Siesta Key beaches.
      6595 Midnight Pass Rd, Sarasota, FL 34242
      View Details
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    5700 Midnight Pass Rd
    Sarasota, FL 34242-3083
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    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
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