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5104 Lockwood Ridge Rd 16,278 SF 100% Leased Office Building Sarasota, FL 34234 $3,768,984 CAD ($231.54 CAD/SF) 7.65% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully Leased. Room for income growth when some leases reach maturity. Building in excellent condition.
EXECUTIVE SUMMARY
Value Add Purchase Opportunity. Property was designed for (2) identical buildings. Only one building was built. The 2nd had most horizontal infrastructure in place.
Parcel is 2.48 acres
NOI: $206,666.00
CAP Rate: 7.65% -
Site work including: Site Lateral Plumbing, Retention, Hard & Pervious Parking intended for second building are already in place
Building is 16,278 RSF. (6) Office Suites on 1st Fl w/ direct entrances. 2nd Floor has (2) Tenants, 3rd Floor has (2) Tenants. 3 of the Tenants have combined multiple suites.
Most Tenants have been in place since 2019. Newest 3,300 sf Tenant agreed to a 5 year term in 2024
Above conditions and referenced property entitlements need to be verified with county by purchaser in a due diligence period.
Parcel is 2.48 acres
NOI: $206,666.00
CAP Rate: 7.65% -
Site work including: Site Lateral Plumbing, Retention, Hard & Pervious Parking intended for second building are already in place
Building is 16,278 RSF. (6) Office Suites on 1st Fl w/ direct entrances. 2nd Floor has (2) Tenants, 3rd Floor has (2) Tenants. 3 of the Tenants have combined multiple suites.
Most Tenants have been in place since 2019. Newest 3,300 sf Tenant agreed to a 5 year term in 2024
Above conditions and referenced property entitlements need to be verified with county by purchaser in a due diligence period.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$423,745
|
$26.03
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$423,745
|
$26.03
|
| Taxes |
$42,866
|
$2.63
|
| Operating Expenses |
$118,638
|
$7.29
|
| Total Expenses |
$161,504
|
$9.92
|
| Net Operating Income |
$262,242
|
$16.11
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $423,745 |
| Annual Per SF | $26.03 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $423,745 |
| Annual Per SF | $26.03 |
| Taxes (CAD) | |
|---|---|
| Annual | $42,866 |
| Annual Per SF | $2.63 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $118,638 |
| Annual Per SF | $7.29 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $161,504 |
| Annual Per SF | $9.92 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $262,242 |
| Annual Per SF | $16.11 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
16,278 SF
Building Class
B
Year Built
2008
Price
$3,768,984 CAD
Price Per SF
$231.54 CAD
Cap Rate
7.65%
NOI
$288,489 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
5,426 SF
Slab To Slab
15’
Building FAR
0.15
Lot Size
2.48 AC
Zoning
OPI - OPI - Office, Professional, Institution
Parking
130 Spaces (7.99 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Controlled Access
- Fenced Lot
- Signage
- Monument Signage
- Air Conditioning
PROPERTY TAXES
| Parcel Number | 0021-07-0009 | Total Assessment | $199,388 CAD (2024) |
| Land Assessment | $199,388 CAD (2024) | Annual Taxes | $42,866 CAD ($2.63 CAD/SF) |
| Improvements Assessment | $0 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
0021-07-0009
Land Assessment
$199,388 CAD (2024)
Improvements Assessment
$0 CAD (2024)
Total Assessment
$199,388 CAD (2024)
Annual Taxes
$42,866 CAD ($2.63 CAD/SF)
Tax Year
2023
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5104 Lockwood Ridge Rd
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