3205 Southgate CirSarasota, FL 34239

Property Details for 3205 Southgate Cir

Year built

1972

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.70 AC

Property size (Sq ft)

5,846 SF

Zone code

CN

Property type

Office properties

Property subtype

Office buildings

APN

0059-05-0004

APU

59050004

Description

This fully leased, multi-tenant office building presents a compelling value-add investment opportunity. Located at 3205 Southgate Cir, Sarasota, FL 34239, this 5,846 square foot Class B building sits on a .7-acre lot (30,690 sq ft) in a high-traffic area, boasting exposure to approximately 23,000 vehicles daily. The property features 21 units with a 100% occupancy rate, currently generating a price per square foot of $342.11. The building, constructed in 1972, is zoned CN - Commercial Neighborhood and offers 24 surface parking spaces. All leases are modified, with a multi-tenant occupancy and expiration date of September 30, 2024, resulting in zero remaining lease term. The asking price is $2,000,000, representing a fee simple ownership. This property offers significant potential for an owner-user seeking to occupy a portion of the building while continuing to lease the remaining space. The short-term tenant leases provide an excellent opportunity to renovate the interior and exterior, subsequently increasing lease rates with new tenants. This prime Sarasota location, situated on the shores of Phillippi Creek at the Siesta Drive & Tuttle Avenue traffic circle, makes this a highly desirable investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,550,711

  6.5%

  $1,431,425

  7%

  $1,329,181

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,172,764

  Geo Method

  $1,067,655

• Alternative Use

  Use

  Valuation

  Residential

  $1,774,968

  Hospitality

  $1,625,861

  Educational

  $1,352,697

  Medical

  $1,399,218

  Retail

  $2,104,195

Location Insight

City

Sarasota

County

Sarasota

State

Florida

Latitude

27.3048

Longitude

-82.5136

CBSA code

35840

CBSA name

NORTH PORT-SARASOTA-BRADENTON, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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