424 Albee Road W

This property presents an exceptional investment opportunity nestled in the heart of Nokomis Beach, just west of Tamiami Trail and a mere six blocks from the pristine shores of the affluent Casey Key. Currently, it boasts immediate income generation through three distinctive and meticulously maintained apartments. What sets this property apart is its strategic positioning for upscale condominium development on its expansive 1.33-acre lot, holding the multi-family (RMF1) zoning. Notably, the Sarasota County building department has already granted preliminary approval for the construction of up to 16 condominiums on this site, underscoring its substantial development potential.

Nokomis Beach is a rapidly evolving area, marked by significant growth within Sarasota County. The region's appeal is further emphasized by nearby developments, including preliminary approvals for both retail and condominium projects situated across the street, along with additional expansive residential initiatives to the west. The presence of the three existing income-generating seasonal rental apartments offers a unique opportunity to offset operational costs while concurrently pursuing further development plans, permitting, and infrastructure improvements. Additionally, the property is conveniently connected to County water, with County sewer readily available at the curb.

The property's location is truly exceptional, positioned within a short six-block distance to Nokomis Beach, in close proximity to Tiki Bars, restaurants, and shopping establishments. It also provides convenient access to a range of attractions, including North Jetty Park, Venice Jetty, Legacy Trail, The Island of Venice, medical facilities, UTC Mall, downtown Sarasota, St. Armand's Circle, and all major area airports. Furthermore, private air travel options are readily accessible on The Island of Venice.

Additionally, the current owner is open to exploring a Joint Venture for the development of the Sarasota County-approved condominium plans. Further details are available upon request, contingent upon the execution of a Non-Disclosure Agreement. This property offers a prime investment opportunity for discerning investors and developers seeking a remarkable project in this flourishing area. Must have an appointment to view the property.