119 Tamiami Trl, Nokomis, FL 34275
23 Unit Apartment Building | $3,350,000 ($145,652/Unit) | 6.53% Cap Rate | Nokomis, FL 34275
For Sale
Active
Asking Price $3,350,000
- Property Type
-
Multifamily
- Square Feet
- 8,376 SF
Listing Contacts
Phil Ginexi
Kyle Keelan
Property Overview
BACK ON MARKET & PRICE REDUCED
View Offering Memorandum for Apartment Projections & Details! To access see "Links" section or go to... MultifamilyFirm.com
The Multifamily Firm is pleased to present the Nokomis Inn & Suites in Sarasota County, located just north of Venice, Florida, and 3 minutes from Nokomis Beach at the south end of Casey Key. Originally acquired by ownership for conversion into a mental & behavioral health facility, after short operation as such, the site did not align with the future business model of the company. As a result, the property is currently running as a very limited operation boutique motel, predominantly with extended-stay guests similar to apartments, providing the opportunity to transition into fully operating as apartments.
Consisting of 23-units in 5 buildings on 1 parcel totaling 1.21 acres, the property has direct frontage on Route 41 / Tamiami Trail (46,000 AADT), as well as highly favorable Commercial General (CG) zoning providing a diverse range of re-development opportunities. Additionally, the property features rock-solid masonry construction, with updated PVC plumbing throughout and extensive interior/exterior improvements completed in 2016 & 2019.
View Offering Memorandum for Apartment Projections & Details! To access see "Links" section or go to... MultifamilyFirm.com
The Multifamily Firm is pleased to present the Nokomis Inn & Suites in Sarasota County, located just north of Venice, Florida, and 3 minutes from Nokomis Beach at the south end of Casey Key. Originally acquired by ownership for conversion into a mental & behavioral health facility, after short operation as such, the site did not align with the future business model of the company. As a result, the property is currently running as a very limited operation boutique motel, predominantly with extended-stay guests similar to apartments, providing the opportunity to transition into fully operating as apartments.
Consisting of 23-units in 5 buildings on 1 parcel totaling 1.21 acres, the property has direct frontage on Route 41 / Tamiami Trail (46,000 AADT), as well as highly favorable Commercial General (CG) zoning providing a diverse range of re-development opportunities. Additionally, the property features rock-solid masonry construction, with updated PVC plumbing throughout and extensive interior/exterior improvements completed in 2016 & 2019.
Property Details
- Class
- B
- Year Built/Renovated
- 1957/2019
- Stories
- 1
- Lot Size (sq. ft)
- 52,708 SF
- Units
- 23
Highlights
- Potential Apartment Conversion Opportunity w/ Kitchenettes in Select Units & Full Kitchen in 2 BD / 1.5 BA Unit
- Massive Value-Add Opportunity Consisting of 23-Units, in 5 Buildings, on 1 Parcel Totaling 1.21 Acres
- Rock-Solid Masonry Construction w/ Updated PVC Plumbing Throughout (2016) | Extensive Interior / Exterior Property Improvements Completed 2016/2019
- Acquired for Conversion into a Mental Health Facility, Currently Running as a Very Limited Operation Motel; Mostly w/ Extended-Stay Guests
- Large Space on NW Portion of the Parcel for Additional Parking and/or Common Area Amenities
- Ideally Positioned Within 3-Minutes of Nokomis Public Beach & NOT in a Flood Zone (Zone X) | Highly Favorable Commercial General (CG) Zoning
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