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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
- Triple Net Medical Sale Lease Back
- Five year term at market rate
- Great opportunity for 1031 or passive income
- Tenants are Long Standing Sarasota Medical Practices
- 6.81% CAP rate/$234,870 yearly income with increases
- Near SMH and Downtown Sarasota
EXECUTIVE SUMMARY
Nestled in the prime Sarasota area, this impeccably renovated 7,829 SF building presents a turnkey fully leased investment opportunity. Leased by two medical professionals on a five-year triple net lease at market rate with yearly increases. It's a secure and attractive opportunity great for 1031 or passive income, not to be missed.Boasting high-end interior finishes, the property features a versatile layout with 14 fully-equipped exam rooms, an updated X-ray room, seven private staff offices, a spacious gym and PT area, and a gorgeous waiting area with dual reception desks. With hurricane-proof construction for added safety and a 100% occupancy rate, this property offers a strong investment potential in a dynamic market.
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
1981/2020
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
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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 | $1,095,400 |
| Land Assessment | $636,200 | Total Assessment | $1,731,600 |
PROPERTY TAXES
Parcel Number
2035-09-0036
Land Assessment
$636,200
Improvements Assessment
$1,095,400
Total Assessment
$1,731,600
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1630 S Tuttle Ave
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