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    6350 Gulf Of Mexico Dr Longboat Key, FL 34228-1501
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    Property profile & analytics

    6350 Gulf Of Mexico Dr, Longboat Key, FL 34228-1501

    View on Map
    • Office buildings
    • 3,520 SF
    • 1.30 lot acres
    Off-Market
    Last Sale Sep 16, 2024
    Property ID
    US18-3022481
    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
    $890,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Longboat Key Financial Group LLC / Financial Advisor
    • Secur-All Insurance Agency / Insurance Agency
    • CENTURY 21 Beggins Enterprises / Real Estate Agency
    • Reed Medical Group / Physician
    • Marys Maid Cleaning Corp / (Bike/Boat/Book/etc) Store

    Property Details for 6350 Gulf Of Mexico Dr

    Year built
    1952
    Lot size
    1.30 lot acres
    Zone code
    LBK_C-1
    Property type
    Office buildings
    APN
    78402.0010-4
    APU
    7840200104

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 16, 2024 — Christ Church Of Longboat Key INC 6350 Gmd LLC Deed —
    Apr 17, 2015 $1,100,000 6350 Gmd LLC Hood Samuel J & Hilda G Warranty Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,020,000
      6.5%
      $945,000
      7%
      $875,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $903,000
      Market price range: $269k - $903k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $830,000
      Current use
      AUTO REPAIR, GARAGE
      $1,135,000
      Change: +36% Conversion: Difficult
      RETAIL STORES
      $1,055,000
      Change: +27% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,010,000
      Change: +22% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Longboat Key
    County
    Manatee
    State
    Florida
    Longitude
    -82.673
    Latitude
    27.4258
    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
    $19,102
    $745,450
    $466,059
    $1,211,509
    -
    $745,450
    $466,059
    $1,211,509

    Comparable in this City

    • Value Estimation
      $1,875,000
      13,560 SF

      4134 Gulf Of Mexico Dr

      OFFICE BUILDING
      4134 Gulf Of Mexico Dr, Longboat Key, FL 34228-2612
      View Details
    • Value Estimation by Request
      1,445 SF

      7000 Gulf Of Mexico Dr

      OFFICE BUILDING
      7000 Gulf Of Mexico Dr, Longboat Key, FL 34228-1110
      View Details
    • Value Estimation by Request
      1,666 SF

      4134 Gulf Of Mexico Dr

      OFFICE BUILDING
      4134 Gulf Of Mexico Dr, Longboat Key, FL 34228-2612
      View Details
    • Value Estimation
      $2,075,000
      8,369 SF

      540 Bay Isle Rd

      PROFESSIONAL BUILDING
      540 Bay Isle Rd, Longboat Key, FL 34228-3129
      View Details
    • Value Estimation
      $920,000
      3,528 SF

      5570 Gulf Of Mexico Dr

      OFFICE BUILDING
      5570 Gulf Of Mexico Dr, Longboat Key, FL 34228-1904
      View Details
    • Value Estimation by Request
      71,877 SF

      4711 Gulf Of Mexico Dr

      OFFICE BUILDING
      4711 Gulf Of Mexico Dr, Longboat Key, FL 34228-2103
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      750 SF

      Gulf-Front Beach Oasis Suite

      Corner suite with Gulf views, rental income potential.
      240 Sands Point Rd, Longboat Key, FL 34228
      View Details
    • Contact for pricing

      Longboat Key Waterfront Home Opportunity

      Waterfront home with boating access, ready for renovation or rebuild.
      741 Old Compass Rd, Longboat Key, FL 34228
      View Details
    • $2,500,000
      0.27 Acres

      Waterfront Land in Longboat Key

      Build-ready waterfront lot with bay access in Longboat Key.
      581 Rountree Dr, Longboat Key, FL 34228
      View Details
    • $270,000

      Land For Sale

      Land available for purchase.
      2600 Harbourside Dr, Longboat Key, FL 34228
      View Details
    • $1,000,000
      0.44 Acres

      Estate-Size Lot on Longboat Key

      Sprawling canal-front lot with deeded beach access and prime location.
      6604 Gulf Of Mexico Dr, Longboat Key, FL 34228
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,551 SF

      Gulf of Mexico Drive Retail

      Retail, restaurant, and office spaces available on Gulf of Mexico.
      5350-5380 Gulf Of Mexico Dr, Longboat Key, FL 34228
      View Details
    • Contact for pricing
      1,299 SF

      Retail Space in Longboat Key

      Retail space available in Longboat Key, Florida.
      515-525 Bay Isles Pkwy, Longboat Key, FL 34228
      View Details
    • Contact for pricing
      1,266 SF

      Retail Space on Longboat Key

      Prime retail space with high visibility on Gulf of Mexico Drive.
      3120 Gulf Of Mexico Dr, Longboat Key, FL 34228
      View Details
    • $9,000 /Mo

      Furnished Gulf Front Condo Rental

      Fully furnished seasonal residence with Gulf views and resort amenities.
      601 Longboat Club Rd, Longboat Key, FL 34228
      View Details
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    Longboat Key, FL 34228-1501
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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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