For Sale $3,300,000
Property Type Retail - Street Retail
Property Size 10,000 SF
Units 4
Lot Size 0.39 Acre
Property Tenancy Multi-Tenant
Year Built 1959
Year Renovated 2022
Date Updated Apr 1, 2024

Limelight DistrictIan Black Real Estate has been exclusively retained to present an exciting opportunity to acquire a significant stake in Sarasota's next great neighborhood close to Downtown Sarasota. This is an important sale of one of the most recognizable buildings in the emerging Limelight District. Driven by its diverse community of over 100 independent businesses, the Limelight District will continue to evolve as Sarasota’s location of choice for artists, makers, and innovative businesses providing a vibrant and enriching experience for those working and visiting the area (https://www.limelightdistrict.com). With retail frontage on Lime Avenue and parking on both Lime and Apricot Avenues, the property allows for access from the front and rear of the building. The 10,000 SF concrete block building was meticulously renovated by the Seller in 2023 with close attention paid to updating the building to its former glory. Whilst the property is currently 100% leased to four 2,500 SF tenants, this sale will appeal to not only the investor but potential owner occupiers. Leases include a variety of term lengths and Tenants cover the spectrum of the creative arts as well as the University of South Florida. Seller financing available for well qualified buyers. All Leases are NNN.

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Attachments

Lime Ave Brochure Compressed.pdf (PDF) opens in new window

Highlights

Building Updates in 2023
New 60 mil membrane roof with a 20 year transferable warranty
New membrane roof was installed over new insulation
New electrical service
Water supply & waste lines replaced from main utility connection
New storefront impact rated, double glazed glass and doors on Lime Ave
Unit 923 | 2,500 SF
New insulated rollup door
Units 925 | 2,500 SF
New insulated rollup doors on Apricot Ave
New electrical panel in unit and throughout
New HVAC system, consisting of two, high efficiency rooftop units
New LED lighting throughout
New restroom and plumbing throughout
Complete interior buildout with kitchen and eight private offices
Unit 927 | 2,500 SF
Impact rated store front glass and entry door on Apricot Ave
New electrical panel in unit and throughout
New HVAC system, consisting of two, high efficiency rooftop air condition units
New LED lighting throughout
New restroom and plumbing throughout
Unit 929 | 2,500 SF
New insulated rollup doors on Apricot Ave
New electrical panel in unit and throughout
New HVAC system, consisting of two, high efficiency rooftop units
New LED lighting throughout
New restroom and plumbing throughout
Complete interior buildout, with a gallery space on the Lime Avenue side, five private offices, six built-in cubicles, custom fabricated suspended metal ceiling panels, custom LED ceiling lighting, and a kitchen

Contacts

Ian Black

Ian Black Real Estate

(941) 906-8688

Location

Getting Around

Walk Score ®
69/100 Somewhat Walkable
Transit Score ®
34/100 Some Transit
Bike Score ®
63/100 Bikeable

Map
Street

City Sarasota, FL
Neighborhood Park East
Zip Code 34237
Market Southwest Florida Coast

Points of Interest

Speedway

0.42 miles
Shell

0.51 miles
7-Eleven

0.71 miles
Texaco

0.79 miles
Chevron

1.26 miles
BP

1.29 miles
Sunoco

1.36 miles
Dodge Station

1.72 miles
Mobil

1.85 miles
Shell

1.91 miles

State Street Parking Garage

1.13 miles
Palm Avenue Parking Garage

1.34 miles
Selby Gardens Parking Lot

1.46 miles
North Parking Garage

1.78 miles
Waldemere Parking Garage

1.81 miles
West Garage

1.90 miles
South Parking Garage

1.93 miles
Westfield Southgate

2.97 miles
Long Term Parking

3.30 miles
Best Buy

3.36 miles

La Brisa Tacos y Mariscos

0.41 miles
Dunkin'

0.51 miles
MADE Restaurant

0.69 miles
Pho Cali

1.07 miles
Lila

1.08 miles
McDonald's

1.13 miles
Brick’s Smoked Meats

1.14 miles
Word of Mouth

1.17 miles
Papa John's

1.20 miles
P.F. Chang's

1.23 miles

Asian grocery

0.53 miles
Whole Foods Market

1.12 miles
Publix

1.17 miles
Publix

1.30 miles
Key Food

1.46 miles
Bealls

1.57 miles
Big Lots

1.59 miles
Publix

1.60 miles
Walmart Neighborhood Market

2.21 miles
Aldi

2.96 miles

Frequently Asked Questions

What is the lease rate for Lime Arts?

Rental asking rate at Lime Arts is $1,650,000.00/YR.

What is the total square footage of Lime Arts?

Lime Arts totals 10,000 square feet.

When was this property built?

Lime Arts was built in 1959.

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