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Desirable apartment building with huge upside potential. Extensive new multifamily construction is happening nearby, and the property is zoned RMF-3. Current loss-to-lease is $1,475/month and there is the ability to further increase revenue with modest renovations. Cap rate with existing leases pushed to market is 6%, higher with any renovations. Two units have been turned within the last 18 months with new paint and flooring. There are two central HVAC units and two mini-split systems, and there is coin-operated laundry on-site. HVACs, windows, and roofs are relatively new. The lot has lush low-maintenance landscaping with inviting common areas. Walk to restaurants, night life, and grocery stores. One block to bay front water. Sarasota-Bradenton International Airport is a 10 minute drive, 3.9 miles.
DAYS ON MARKET | 107 | LAST UPDATED | 12/17/2021 |
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TRACT | BOULEVARD ADDITION TO SARASOTA | YEAR BUILT | 1935 |
COMMUNITY | 34236 - Sarasota | COUNTY | Sarasota |
STATUS | Sold | PROPERTY TYPE(S) | Residential Income |
Elementary School | Gocio Elementary |
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Jr. High School | Booker Middle |
High School | Riverview High |
PRICE HISTORY | |
Prior to Oct 28, '21 | $975,000 |
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Oct 28, '21 - Today | $789,000 |
ADDITIONAL DETAILS | |
AIR | Central Air, Mini-Split Unit(s), Other |
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AIR CONDITIONING | Yes |
APPLIANCES | Electric Water Heater, Range, Range Hood, Refrigerator |
AREA | 34236 - Sarasota |
CONSTRUCTION | Wood Frame |
EXTERIOR | Fenced, Sidewalk |
GARAGE | Off Street |
HEAT | Electric |
INTERIOR | Other |
LOT | 6225 sq ft |
LOT DESCRIPTION | In City Limits, Lease Term - 12 Months, Park, Street Paved, View - Garden |
STORIES | 2 |
STYLE | Quadruplex |
SUBDIVISION | BOULEVARD ADDITION TO SARASOTA |
TAXES | $3958.00 |
UTILITIES | Electricity Connected,Water Connected |
TOTAL MONTHLY PAYMENT
SATELLITE VIEW |
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