For Sale
$1,340,000

6455 Gateway AveSarasota, FL 34231

100% Leased, High-Cap Rate Retail

Overview

Added:
Dec 11, 2024
Days on market:
115
This fully leased, multi-tenant retail property in Sarasota, Florida, offers a compelling investment opportunity with a strong 7.26% cap rate. Located at 6455 Gateway Ave, this prime corner lot boasts 3,150 net rentable square feet across three storefronts, each currently leased for $3,500 per month (two on 24-month leases, one with 16 months remaining). The property features a total of 12 deeded parking spaces and benefits from a four-way stop at the entrance to a Publix, ensuring high visibility and accessibility. Completely renovated in 2023 with new electrical, plumbing, HVAC, and more, the property includes three ADA-compliant restrooms. The 10,742 square foot lot is zoned CG, offering significant value-add potential. This includes the possibility of adding two apartments and one commercial unit, or multiple additional commercial storefronts, on a second floor. The property's proximity to Siesta Key Beach (less than two miles) also presents opportunities for short-term rentals (subject to local regulations). Existing signage includes a marquis and electric box signs, with potential for additional billboard signage. The seller will credit the buyer at closing for pre-paid rent on two units, totaling $168,000, significantly reducing the buyer's down payment. This exceptional property presents a rare opportunity to acquire a high-performing retail asset in a thriving Sarasota location. The property's strong tenant base, prime location, and significant value-add potential make it an attractive investment for both seasoned investors and owner-users. The building is a single-story, fee-simple ownership. The year built is 1982, with renovations completed in 2023.

Highlights

  • 8.1% Cap Rate, $107,448 Net Operating Income (NOI).
  • Fully Leased: Three retail spaces generating $10,500 in monthly gross rent ($3,500 NNN, two at $3,500 each).
  • Value-Add Opportunity: Zoning allows for the addition of two apartments and one commercial unit on the second floor.
  • Value-Add Opportunity: Potential to add three or more additional commercial storefronts on the second floor.
  • Value-Add Opportunity: Proximity to Siesta Key Beach (under 2 miles) allows for short-term daily rentals if the permitted apartments are added; a rare opportunity in the area.
  • Excellent Location: Situated in Gulf Gate Village, a vibrant outdoor shopping center with over 150 diverse businesses.

Property Details for 6455 Gateway Ave

Property type
Retail properties, Retail space
Square Feet
3,150 SF
Class
A
Year Built/Renovated
1982/2023
Buildings
1
Stories
1
Units
3

Location Insight

City
Sarasota
County
Sarasota
State
Florida
Latitude
27.261737124668
Longitude
-82.516441337598
6455 Gateway Ave, Sarasota, Florida

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6455 Gateway Ave
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