119 Tamiami TrlNokomis, FL 34275

Property Details for 119 Tamiami Trl

Year built

1952

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.21 AC

Property size (Sq ft)

2,240 SF

Zone code

CG

Property type

Hospitality properties

Property subtype

Hotels

APN

0171-10-0024

APU

171100024

Description

This exceptional value-add opportunity presents the Nokomis Inn & Suites, a 23-unit motel situated on 1.21 acres in Sarasota County, Florida. Located just three minutes from Nokomis Beach and directly on Route 41 (Tamiami Trail) with 46,000 AADT, this property boasts a prime location in a non-flood zone (Zone X). The motel comprises five single-story buildings constructed in 1952 and 1957, with significant interior and exterior improvements completed in 2016 and 2019, including updated PVC plumbing throughout. The solid masonry construction provides a strong foundation for future development. Currently operating as a limited-service boutique motel, the property is zoned CG, allowing for a diverse range of redevelopment options, including potential conversion to apartments, given the existing kitchenettes in some units and a full kitchen in one unit. The property also features a sizable in-ground pool, lush landscaping, a sandy beach area, hammocks, and a tiki hut. The asking price is $3,250,000, representing a price per key of $141,304, with a current cap rate of 9.20% and a pro-forma cap rate of 10.27%. Surrounding new developments include a Hilton Home2 Suites, a Holiday Inn Express, a Wawa, and a Woodies Wash Shack, further highlighting the area's growth potential. The large northwest portion of the parcel offers ample space for additional parking or common area amenities. This is a rare opportunity to acquire a well-located property with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $674,893

  6.5%

  $622,978

  7%

  $578,479

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,056,009

  Geo Method

  $961,364

• Alternative Use

  Use

  Valuation

  Residential

  $680,111

  Hospitality

  $622,978

  Educational

  $518,310

  Medical

  $536,136

  Retail

  $806,260

Location Insight

City

Nokomis

County

Sarasota

State

Florida

Latitude

27.1263

Longitude

-82.4544

CBSA code

35840

CBSA name

NORTH PORT-SARASOTA-BRADENTON, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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