St. Armands Circle 40 S Blvd of the Presidents

Investment Highlights

Desirable retail property in close proximity to yacht clubs, hotels, and other premier destinations, and a nine-minute walk from public beaches. Possibility to expand the property by adding a 5,000-square-foot third floor. The first floor is a fully built out restaurant that includes some furniture, fixtures, & equipment, plus outdoor patio dining with 20 covered tables. Heavy foot traffic with high buying power - the median income within a mile radius is nearly $140,000 and consumer spending total is $68 MM.

Executive Summary

Exquisite 10,000 sf steel and concrete masterpiece in St. Armand?s Circle, with plans underway for a remarkable 3rd floor expansion, propelling it to an impressive 15,000 sf under AC. Soon to be the largest gem in the circle, this property boasts unparalleled uniqueness and beauty, Notably, a separate 5,000 sf terrace will provide captivating ocean views, enhancing the allure of this extraordinary property. Anchoring the bustling Boulevard of the Presidents, this prominent, three faces, and This property has two addresses, one on Boulevard Of The Presidents with number 40 S and another with number 355 on Monroe Drive and two-story, 10,000-square-foot (so far) Build the third floor yourself with your own project from 1,000,000 and increase the value of the property to 15,000,000 immediately you are putting more than 3 million in your pocket. building features brick construction with a fire sprinkler system in two stories, an elevator, and a full liquor license. 40 S Boulevard of the Presidents offers a unique opportunity for an investor, owner/operator, and/or restaurateur to be a part of the charm and history of St Armand's Key in Sarasota, Florida. **The ground floor space is perfect for a restaurant, doctors of various specialties, Bank and more, a convenience store is open right now, with indoor and outdoor seating and includes a 4COP full liquor license attached to the property, The second floor features multiple spaces to extend your business from the first floor or suites. 40 S Boulevard of the Presidents is incredibly versatile as the new owner could lease out the additional suites, create a second or third floor dining/entertaining experience, (10,000 SF authorized for restaurant service.) or convert the space into a different venture. 40 S Boulevard of the Presidents is currently the second-largest restaurant in the area and features a plethora of parking options, including general parking in the front and back of the building with 56 parking spaces in front, 60 spaces on the right side, and a parking lot with a capacity of 246 vehicles located just one block away. Additional parking for pickup, loading and unloading is located at the rear of the building. Situated on one of the best corners of the island, 40 S Boulevard of the Presidents receives prime exposure and foot traffic from shoppers and the many hotel shuttles that unload their guests on this corner. Located in St. Armands Circle in Sarasota, 40 S Boulevard of the Presidents in a CT Commercial Tourist zoning (exclusive for St. Armands only) sits in a thriving market with strong consumer spending, gorgeous architecture, and cosmopolitan dining and nightlife. The Sarasota retail market is the largest in Southwest Florida as retailers have flocked to the region in recent years, looking to tap into a rapidly growing population base.**The 10,500.000 does not include the finished third floor, that project must be carried out to the taste and cost of the new owner, and once completed, the value of the building would easily exceed 15,000,000 based on the price of the square foot recently sold by a neighbor of the area that obtained $1,000 per square foot 3 years ago, and now, Today a store is being offered for $1,300 per square foot. it is worth mentioning that this is the only building with authorization for a third floor due to the solidity and foundations designed for a 6-story building, which makes it a unique jewel of its kind in one of the best and most prestigious shopping areas on the west coast available today.In fact, it is worth mentioning that the building had authorization for the construction of 6 levels but some regulations changed according to the city, but according to recommendations, it would be possible for a lawyer to explore the possibility of enforcing and respecting the initial permit.We currently have a convenience store on the first floor that can be transferred to the new owner or we can remove it to make room for the new owner's project.A restaurant on this property can accommodate up to 255 people on the ground floor, 175 inside and 80 outside, plus approximately another 200 people on the third or second floor, Almost 500 people are consuming at the same time, this is a big money factory with the right project. In addition to the possibility of building a roof top, the possibilities are infinite.There is no other property for miles around that looks like this one. Attention real estate agents, if you bring the client with whom we close the operation, your commission will be 2%.

• Sale Type    Owner User
• Sale Condition    High Vacancy Property
• Property Type    Retail
• Property Subtype    Restaurant Restaurant General Retail Fast Food General Retail Storefront General Retail Storefront Retail/Office Restaurant
• Building Size    10,000
• Building Class    C
• Year Built    1964
• Price    10,500,000
• Price Per SF    1,050
• Percent Leased    Vacant
• Tenancy    Multiple
• Building Height    2 Stories
• Building FAR    1.00
• Land Acres    0.23 AC

• 24 Hour Access
• Corner Lot
• Restaurant
• Storage Space
• Air Conditioning