119 Tamiami Trl N
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119 Tamiami Trl N
23 Unit Apartment Building $3,250,000 ($141,304/Unit) 6.75% Cap Rate Nokomis, FL 34275
Investment Highlights
- Potential Apartment Conversion Opportunity w/ Kitchenettes in Select Units & Full Kitchen in 2 BD / 1.5 BA Unit
- Rock-Solid Masonry Construction w/ Updated PVC Plumbing Throughout (2016) | Extensive Interior / Exterior Property Improvements Completed 2016/2019
- Large Space on NW Portion of the Parcel for Additional Parking and/or Common Area Amenities
- Massive Value-Add Opportunity Consisting of 23-Units, in 5 Buildings, on 1 Parcel Totaling 1.21 Acres
- Acquired for Conversion into a Mental Health Facility, Currently Running as a Very Limited Operation Motel; Mostly w/ Extended-Stay Guests
- Ideally Positioned Within 3-Minutes of Nokomis Public Beach & NOT in a Flood Zone (Zone X) | Highly Favorable Commercial General (CG) Zoning
Executive Summary
PRICE REDUCTION | 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.
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 Facts
| Price | $3,250,000 | Apartment Style | Garden |
| Price Per Unit | $141,304 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.21 AC |
| Cap Rate | 6.75% | Building Size | 8,376 SF |
| Sale Conditions | High Vacancy Property | No. Stories | 1 |
| No. Units | 23 | Year Built/Renovated | 1957/2019 |
| Property Type | Multifamily | Parking Ratio | 2.51/1,000 SF |
| Property Subtype | Apartment |
| Price | $3,250,000 |
| Price Per Unit | $141,304 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| Sale Conditions | High Vacancy Property |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.21 AC |
| Building Size | 8,376 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1957/2019 |
| Parking Ratio | 2.51/1,000 SF |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Courtyard
- Laundry Facilities
- Picnic Area
- Pool
- Cabana
- Furnished Units Available
- Community-Wide WiFi
- Sundeck
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PROPERTY TAXES
| Parcel Number | 0171-10-0024 | Improvements Assessment | $1,157,900 |
| Land Assessment | $621,000 | Total Assessment | $1,778,900 |
PROPERTY TAXES
Parcel Number
0171-10-0024
Land Assessment
$621,000
Improvements Assessment
$1,157,900
Total Assessment
$1,778,900
zoning
| Zoning Code | CG (CG - Commercial General) |
| CG (CG - Commercial General) |
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119 Tamiami Trl N
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