1565 STATE STREET at

1565 STATE STREET

For sale Days on market 1

$5,900,000

$467/sq ft

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Overview

Year Built

1921

Sqft

12626

Property Type

Mixed Use

Property Description

Large parcel in the heart of dowtown, with 15 on site parking paces (incredibly rare) and a city parking garage directly across the street. The 13,000 SF building has been gutted and is ready to be finished off or re developed. Zoning is DTC (Downtown Core) allowing 10 stories at 50 units per acre or 18 residential units. Density Bonus: The City of Sarasota, to encourage Attainable Housing, has created an Attainable Housing Density Bonus” AHDB” entitlement option for DTC, DTB and DTE zoned properties. The AHDB offers up to 4-times the entitled residential density provided 15% of the “bonus” units are “attainable”. Base residential density for the subject is 18-units; under the AHDB the subject is entitled to 72-units provided 8-units “attainable” and 64 may be market rate. “Attainable” is defined that rent or sales price does not exceed 30% of the AMI (area medium income). Currently AMI for the City of Sarasota is approximately $80,000 per year.

Property Details

MLS#

A4683759

Total Floor in Bldg

Address

1565 STATE

City

Sarasota

State/county

Zip/Postal Code

34236

Area

Plat Of Sarasota Exhibit

Country

United States

HOA

Yes

Assoc Fee

$--

Assoc Fee Pd

Tax Amount

$42,149

Maint Fee

$--

Tax Year

2025

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