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1565 State St
For Sale $5,900,000 ($467.29 per Sq Ft)
$5,900,000 ($467.29 per Sq Ft)
- Units
- 12,626 Sq Ft
- 15,750 Sq Ft
- Unknown Cap Rate
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.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $5,900,000 |
| Property Type | Flex Space |
| Usable Sqft | 12,626 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1921 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 2027030104 |
| MLS # | A4683759 |
| Property ID | 300153962 |
| Lot Sqft | 15,750 |
| Zoning | DTC |
| Days on Market | 96 |
| Original List Price | $5,900,000 |
| Date Updated | February 25, 2026 |
| Date Created | February 23, 2026 |
Financials not available online. Please inquire with your agent for more details.
Listing Provided By
Tom Cail, PA an agent of RE/MAX ALLIANCE GROUP. Lic #0586337
© 2026 STELLAR MLS. All rights reserved. Some listings on this website are from STELLAR as of February 25, 2026 The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Robert Crawford
REAL ESTATE AGENT