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1630 S Tuttle Ave 7,829 SF Office Building Sarasota, FL 34239 $3,450,000 ($440.67/SF) 6.81% Cap Rate
INVESTMENT HIGHLIGHTS
- Investors will delight in this secure sale-leaseback opportunity offering passive income in the premier Sarasota market.
- Current in-place tenants are long-standing Sarasota medical practices looking to enter a triple new lease with a five-year term at market rates.
- Retailers and restaurants are abundant such as Jersey Mike’s, Starbucks, Buffalo Wild Wings, Chipotle, Walgreens, FedEx, and more.
- Offering a prime location near Route 4, Interstate 75, and Ringling Bridge which swiftly connect throughout the city.
- Just a quick drive to Sarasota Medical Hospital and close to many outpatient offices creating excellent medical synergy in the area.
EXECUTIVE SUMMARY
Nestled in the prime Sarasota area, 1630 S Tuttle Avenue is a gracious building offering investors a rare opportunity.
This 7,829-square-foot building has been meticulously renovated and is offered as a fully leased, turnkey medical office property. The sellers are proposing a triple-net sale-leaseback arrangement with a five-year term at market rates, presenting a promising opportunity for investors seeking passive income in a robust market. Renovated in 2021, the property boasts modern amenities and a versatile design suitable for both office and medical operations. The building was completely restructured with hurricane-resistant doors and windows, solid core interior doors, and luxury vinyl plank flooring, ensuring durability and quality throughout. The layout includes 14 fully equipped exam rooms, an updated X-ray room with equipment, seven private staff offices, four bathrooms, and two shower rooms designated for staff and patient convenience. Additional features comprise a spacious gym and physical therapy area, multiple staff areas with a kitchenette and dining tables, as well as a locker room for storage. This property has been carefully designed to accommodate the operational needs of medical professionals and their patients.
Sarasota offers a prime setting for office and medical properties along Florida’s Gulf Coast. This site, positioned near major roadways, ensures easy access throughout the city. The surrounding area features numerous large medical practices and facilities, providing valuable synergy for businesses. Just minutes away are Sarasota Medical Hospital and Downtown Sarasota. Nearby amenities include Publix, Wendy’s, LA Fitness, Subway, and Men’s Warehouse, adding convenience for tenants and visitors. Investors will find this area particularly attractive due to its rising population. With an average household income within 5 miles reaching $95,375 annually, there are strong area demographics in place. Additionally, over 212,200 employees work within a 10-mile radius, underscoring the strength of the local workforce.
This 7,829-square-foot building has been meticulously renovated and is offered as a fully leased, turnkey medical office property. The sellers are proposing a triple-net sale-leaseback arrangement with a five-year term at market rates, presenting a promising opportunity for investors seeking passive income in a robust market. Renovated in 2021, the property boasts modern amenities and a versatile design suitable for both office and medical operations. The building was completely restructured with hurricane-resistant doors and windows, solid core interior doors, and luxury vinyl plank flooring, ensuring durability and quality throughout. The layout includes 14 fully equipped exam rooms, an updated X-ray room with equipment, seven private staff offices, four bathrooms, and two shower rooms designated for staff and patient convenience. Additional features comprise a spacious gym and physical therapy area, multiple staff areas with a kitchenette and dining tables, as well as a locker room for storage. This property has been carefully designed to accommodate the operational needs of medical professionals and their patients.
Sarasota offers a prime setting for office and medical properties along Florida’s Gulf Coast. This site, positioned near major roadways, ensures easy access throughout the city. The surrounding area features numerous large medical practices and facilities, providing valuable synergy for businesses. Just minutes away are Sarasota Medical Hospital and Downtown Sarasota. Nearby amenities include Publix, Wendy’s, LA Fitness, Subway, and Men’s Warehouse, adding convenience for tenants and visitors. Investors will find this area particularly attractive due to its rising population. With an average household income within 5 miles reaching $95,375 annually, there are strong area demographics in place. Additionally, over 212,200 employees work within a 10-mile radius, underscoring the strength of the local workforce.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Sale Leaseback
Property Type
Office
Property Subtype
Medical
Building Size
7,829 SF
Building Class
A
Year Built/Renovated
1981/2021
Price
$3,450,000
Price Per SF
$440.67
Cap Rate
6.81%
NOI
$234,945
Tenancy
Single
Building Height
1 Story
Typical Floor Size
7,829 SF
Building FAR
0.20
Lot Size
0.89 AC
Zoning
OPB - Office, Professional, Business
Parking
40 Spaces (5.11 Spaces per 1,000 SF Leased)
AMENITIES
- Security System
- Wheelchair Accessible
- Reception
- Storage Space
- Monument Signage
- Air Conditioning
1 1
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2020 Population
11,153
89,104
178,934
2024 Population
11,296
91,076
191,216
Population Growth '20-'24
1.3%
2.2%
6.9%
2020 Households
4,911
40,670
81,570
2024 Households
4,919
41,477
87,274
Household Growth '20-'24
0.2%
2.0%
7.0%
Average Age
46
46
48
Median Household Income
$58,922
$66,331
$70,526
Daytime Employees
9,438
72,852
131,808
Total Businesses
1,272
10,429
18,330
College Degree + Higher
28%
34%
37%
PROPERTY TAXES
| Parcel Number | 2035-09-0036 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,904,760 |
PROPERTY TAXES
Parcel Number
2035-09-0036
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,904,760
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1630 S Tuttle Ave
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