NNN leased buildings in Sarasota, Manatee and Charlotte counties

In a NNN (triple-net) lease, the tenant pays the property taxes, insurance and maintenance on top of base rent, and the owner collects rent with few landlord expenses. I sell NNN-leased industrial, retail and office buildings across the tri-county area. I also look for owner-occupied buildings, manufacturing plants above all, that can become new NNN investments through a sale-leaseback. Hunting for NNN leased buildings. Own an NNN leased building or want to buy one? Call me.

How investors value a NNN building

• Cap rate = net operating income ÷ price. Under a true NNN lease, NOI is close to base rent. → Cap rates & financing
• Tenant strength: financial statements, operating history, and any personal or corporate guarantee
• Lease terms: years remaining, annual increases, renewal options, and who pays for roof and structure. Some leases called "NNN" leave roof and structure with the landlord (often called NN or double-net), so read the lease, not the listing.
• The real estate itself: location, building age and type, and what it would cost to re-lease if the tenant left. An older building with a strong tenant and a newer building with a weaker one are different risks.
• Access: for industrial NNN, proximity to I-75 and to labor matters to the next tenant as much as the current one.

Types of NNN property I work with

• Industrial and manufacturing. For example, the NNN-leased industrial business park at 6222 Tower Ln in Sarasota (built 2001 per the county property appraiser, near I-75 at Fruitville Rd), sold for $7,800,000. The building is 40,460 SF.
• Freestanding retail and service buildings
• Office and medical buildings
• New NNN investments created by sale-leasebacks, where a local operating company sells its building and signs a long-term lease. → Sale-leasebacks · Retiring manufacturer? Sell the business and the building

Selling a NNN building

What I'll ask for: - All leases and amendments, the rent roll and estoppels - CAM / expense reconciliations, and property tax and insurance history - Tenant financials if the lease requires them - Roof, HVAC and parking-lot condition and age

Buyers usually include local investors, out-of-area investors and 1031 exchange buyers. Your CPA and qualified intermediary handle exchange rules.

Buying a NNN building

Tell me your price range, target cap rate, property type, and whether you're in a 1031 exchange with deadlines. I underwrite each opportunity with CCIM financial analysis: in-place rent versus market, lease length, tenant credit, building age and condition, and the cost of capital.

Florida notes to raise with your advisors

• Florida documentary stamp tax applies to deeds (generally $0.70 per $100 of consideration outside Miami-Dade).
• Florida's state sales tax on commercial rent was repealed effective October 1, 2024.

Current NNN listings

For Sale

For SaleIndustrial / OfficeSarasota

NNN Leased Investment Portfolio

479 Interstate Ct, Sarasota, FL 34240

Price

$3,554,743

Size

13,230 SF

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Talk to me

Buying, selling or creating a NNN leased building in Sarasota, Manatee or Charlotte County? Call or text 941-544-2970 or email [email protected].

Frequently asked questions