2425 17Th StSarasota, FL 34234

Property Details for 2425 17Th St

Year built

1973

Lot size

1.03 AC

Property size (Sq ft)

10,000 SF

Zone code

CI

Property type

Industrial properties

Property subtype

Other warehouses

APN

0043-15-0001

APU

43150001

Description

This exceptional investment opportunity presents a 10,000-square-foot storefront in Sarasota, Florida, currently leased to Sherwin-Williams under a 10.1-year Net Lease (NN+) agreement commencing May 15, 2023, and expiring May 31, 2033. The property boasts a strong 5.75% cap rate, generating a substantial Net Operating Income (NOI) of $133,303 annually. Situated on a 1.03-acre lot, this newly constructed (2023) building benefits from a corporate guarantee from Sherwin-Williams, a Fortune 500 company with a Standard & Poor's rating of "BBB". The lease includes scheduled 8% rental increases during option periods, ensuring consistent future income growth. This prime location is only 1.5 miles from Downtown Sarasota, a thriving metropolitan area experiencing significant development, and enjoys excellent visibility and accessibility due to its proximity to densely populated residential areas, major employers like Sarasota Memorial Hospital, and high schools. The property's strategic position within a rapidly growing market, coupled with the strength of its tenant and lease terms, makes this an ideal investment for a 1031 exchange. The surrounding area includes numerous high-rise residential developments and significant tourist attractions, contributing to a robust and diverse customer base for the Sherwin-Williams store. Sarasota County's population exceeds 891,000, reflecting Florida's rapid population growth. This is an e-commerce-proof business model with a highly rated tenant.

• Alternative Use

  Use

  Valuation

  Residential

  $3,036,208

  Hospitality

  $2,781,151

  Educational

  $2,313,885

  Medical

  $2,393,463

  Retail

  $3,599,376

Location Insight

City

Sarasota

County

Sarasota

State

Florida

Latitude

27.3527

Longitude

-82.5219

CBSA code

35840

CBSA name

NORTH PORT-SARASOTA-BRADENTON, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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