Description
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.
Property Highlights
- Property Type: Multi Family, Quadruplex
- MLS #: A4511123
| Area |
34236 - Sarasota |
| Elementary School |
Gocio Elementary |
| High School |
Riverview High |
| Middle School |
Booker Middle |
| Number of Units Total |
4 |
| Property Subtype |
Residential Income |
| Property Type |
Quadruplex |
| Subdivision |
Boulevard Addition To Sarasota |
| Taxes |
$3,958 |
| Utilities |
Electricity Connected, Water Connected |
| Flooring |
Carpet, Ceramic Tile, Vinyl |
| Furnished |
Unfurnished |
| Laundry |
Laundry Room |
| Appliances |
Electric Water Heater, Range, Range Hood, Refrigerator |
| Basement |
Crawl Space |
| Cooling |
Central Air, Other |
| Has View |
Yes |
| Heating |
Electric |
| Interior Features |
Other |
| Interior Square Footage |
2,013 |
| Lot Size Acres |
0.14 |
| Lot Size Square Feet |
6,225 |
| Roof |
Membrane |
| Sewer |
Public Sewer |
| Stories |
Two |
| Water Source |
Public |
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