REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 9,700,000
Est. payment /mo
New
40 S BLVD OF THE PRESIDENTS Sarasota, FL 34236
9,313 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 9,313 sqft
Price per Sqft $1,041
Subdivision Saint Armands Div John Ringling Estates
MLS Listing ID TB8516925
HOA Y/N No
Year Built 1964
Annual Tax Amount $55,864
Lot Size 4,791 Sqft
Acres 0.11
Property Sub-Type Mixed Use
Source Stellar MLS
Property Description
Rare Mixed-Use Investment & Redevelopment Opportunity
Unique in its kind and virtually impossible to replicate, this prominent 10,000 SF mixed-use commercial asset is located within the one and only St. Armands Key district, one of the most exclusive and supply-constrained retail and dining destinations on Florida's Gulf Coast.
Positioned on a highly visible corner lot with three street frontages, the property combines stabilized income with exceptional long-term redevelopment potential.
The ground floor is currently leased to an operating restaurant under a five-year lease commenced August 2025, providing immediate income to the new owner. The second floor offers flexible office, hospitality, or repositioning opportunities.
Constructed of reinforced concrete, steel, and glass, the structure was originally engineered to support vertical expansion. The city has already approved one additional 5,000 SF level, with potential for further expansion subject to review and approval.
?
Investment Highlights
10,000 SF two-story commercial building
Corner property with three street frontages
Stabilized income component
Flexible second-floor configuration
Approved vertical expansion
Air rights / redevelopment upside
Reinforced concrete and steel construction
Rare St. Armands Key location
Hurricane-resilient structure
Rear loading and unloading area
Direct owner offering
Air Rights & Vertical Expansion
The current building height is approximately 22 feet. The city has already approved one additional 5,000 SF level, and the structure was originally engineered to support up to six stories, subject to future review and approval.
This creates a rare opportunity for long-term redevelopment and value creation in one of Sarasota's most desirable island markets.
Unique in its kind and virtually impossible to replicate, this prominent 10,000 SF mixed-use commercial asset is located within the one and only St. Armands Key district, one of the most exclusive and supply-constrained retail and dining destinations on Florida's Gulf Coast.
Positioned on a highly visible corner lot with three street frontages, the property combines stabilized income with exceptional long-term redevelopment potential.
The ground floor is currently leased to an operating restaurant under a five-year lease commenced August 2025, providing immediate income to the new owner. The second floor offers flexible office, hospitality, or repositioning opportunities.
Constructed of reinforced concrete, steel, and glass, the structure was originally engineered to support vertical expansion. The city has already approved one additional 5,000 SF level, with potential for further expansion subject to review and approval.
?
Investment Highlights
10,000 SF two-story commercial building
Corner property with three street frontages
Stabilized income component
Flexible second-floor configuration
Approved vertical expansion
Air rights / redevelopment upside
Reinforced concrete and steel construction
Rare St. Armands Key location
Hurricane-resilient structure
Rear loading and unloading area
Direct owner offering
Air Rights & Vertical Expansion
The current building height is approximately 22 feet. The city has already approved one additional 5,000 SF level, and the structure was originally engineered to support up to six stories, subject to future review and approval.
This creates a rare opportunity for long-term redevelopment and value creation in one of Sarasota's most desirable island markets.
Location
State FL
County Sarasota
Community Saint Armands Div John Ringling Estates
Area 34236 - Sarasota
Zoning CT
Interior
Cooling Central Air
Exterior
Roof Type Built-Up
Building
Story 2
Foundation Slab
Lot Size Range 0 to less than 1/4
Structure Type Brick,Concrete,Metal Frame
New Construction false
Others
Ownership Fee Simple
Special Listing Condition None
Virtual Tour https://www.propertypanorama.com/instaview/stellar/TB8516925
© 2026 My Florida Regional MLS DBA Stellar MLS. All Rights Reserved.
Listed by Patricia Maxey LPT REALTY, LLC
NEARBY SCHOOLS & PROPERTIES