119 Tamiami TrlNokomis, FL 34229

This 23-unit apartment building in Nokomis, Florida, presents a compelling value-add opportunity. Situated on 1.21 acres with 8,376 square feet, the property boasts a 6.75% cap rate and a pro-forma cap rate of 7.06%. Originally intended for conversion into a mental health facility, it currently operates as a limited-service motel, offering significant potential for redevelopment into apartments. The property features five one-story buildings constructed in 1952 and 1957, with renovations completed in 2016 and 2019, including updated PVC plumbing. The solid masonry construction, combined with its location on Route 41 (46,000 AADT) and highly favorable Commercial General (CG) zoning, provides diverse redevelopment options. The property includes a sizable in-ground pool, lush landscaping, and a sandy beach area. Its proximity to Nokomis Beach (3 minutes away) and its location outside of a flood zone (Zone X) further enhance its appeal. Select units feature kitchenettes, while one unit offers a full kitchen. A large area on the northwest portion of the parcel allows for additional parking or common area amenities. The asking price is $3,250,000, with a price per unit of $141,304. The property is located at 119 N Tamiami Trail, Nokomis, FL 34229, in Sarasota County. Nearby amenities include new developments such as a Hilton Home2 Suites, Wawa, Holiday Inn Express, and Woodies Wash Shack.