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Key Details
Sold Price $740,000
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,013 sqft
Price per Sqft $367
Subdivision Boulevard Addition To Sarasota
MLS Listing ID A4511123
Sold Date 12/17/21
Construction Status Financing,Inspections
HOA Y/N No
Year Built 1935
Annual Tax Amount $3,958
Lot Size 6,098 Sqft
Acres 0.14
Property 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.
Location
State FL
County Sarasota
Community Boulevard Addition To Sarasota
Zoning RMF3
Interior
Interior Features Other
Heating Electric
Cooling Central Air, Mini-Split Unit(s), Other
Flooring Carpet, Ceramic Tile, Vinyl
Furnishings Unfurnished
Fireplace false
Appliance Electric Water Heater, Range, Range Hood, Refrigerator
Laundry Laundry Room
Exterior
Exterior Feature Fence, Sidewalk
Garage Off Street
Utilities Available Electricity Connected, Water Connected
Waterfront false
View Garden, Park/Greenbelt
Roof Type Membrane
Garage false
Private Pool No
Building
Lot Description City Limits, Paved
Entry Level Two
Foundation Crawlspace
Lot Size Range 0 to less than 1/4
Sewer Public Sewer
Water Public
Structure Type Wood Frame
New Construction false
Construction Status Financing,Inspections
Schools
Elementary Schools Gocio Elementary
Middle Schools Booker Middle
High Schools Riverview High
Others
Senior Community No
Ownership Fee Simple
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
Special Listing Condition None
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Kevin Tison
Broker Associate | License ID: BK626101
Broker Associate License ID: BK626101