Sarasota MULTIPLEX Investment Opportunity in Historic Laurel Park

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30820669
Property Subtypes: Duplex/Fourplex
Status: Pending/Contingent
Number of Units: 3 Units
Building Size (RSF): 2,306 SF
Gross Building Area: 2,810 SF
Gross Land Area: 5,614 SF
Sale Price: $950,000
Unit Price: $316,666.67 Per Unit
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Usable Size (USF): 2,306 SF
Sale Terms: Cash to Seller, Other
Cap Rate: Undisclosed
Vacation Rental Income: Yes
Last Updated: 11/23/2022

Overview / Comments

Within the Historic Laurel Park neighborhood in downtown Sarasota, you will find a beautiful 2-FAMILY RESIDENCE with an ACCESSORY DWELLING UNIT totaling 4 bed/3 baths. This highly sought after neighborhood is within walking distance of Main Street and the Bayfront. This MULTIFAMILY property consists of a 2-unit, 2-story residence along with a studio apartment over 300 sq. ft. of storage space. This unique property offers a variety of opportunities including multiple-generational living, a secondary home with rental income, live/work, or an income producing investment. A combination of Florida Craftsman architecture and lush landscaping exudes the casual and desirable Sarasota lifestyle.

Inside the 2BR 1BA unit enjoy the beautiful wood floors throughout, saltillo tile, and lovely brick gas fireplace enveloped with sunlight from the many large windows. Beautiful wood trim, classic wall sconces and built-in shelving show off the historic charm of this well maintained home. A separate dining space offers convenient access to a large kitchen with generous cabinetry, granite countertops, and gas range. You will appreciate the large laundry/utility room off the kitchen with access to the rear courtyard. Two bedrooms, two walk-in closets, full bath and the covered porch completes the first floor unit.

The approximately 800 sq.ft. 1BR 1 BA unit upstairs has its own exterior private entrance. Consisting of original wood floors, large living room, full kitchen, and bath with ensuite washer/dryer makes this living space in high demand. Behind the 2-FAMILY RESIDENCE is the detached ACCESSORY DWELLING UNIT. With wood floors, full kitchen, full bath, private entrance, off-street parking, and vaulted ceilings, all over 3 separate storage units allows for creative opportunities. Exterior amenities include a large circular drive with 3 parking spaces, tropical landscaping, and landscape lighting. This unique residence has EXCELLENT RENTAL HISTORY, is within walking distance to Laurel Park, Payne Park, the recently completed Legacy Trail, and all the nightlife of downtown Sarasota. Enjoy the many unique shops, restaurants and the arts culture Sarasota has to offer from this one-of-a kind residence.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $6,732 (Annual)
Potential Rental Income $46,320 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota County
Tax ID/APN: 2027090026
Zoning: RSM9
Percent Occupied: 0%
Property Located Between: From US 301 /Washington Blvd to Morrill St. Go west then take the 1st left to Julia Place.
Highway Access: One block west of Rt. 301/Washington Blvd/Tamiami Trail, 6 miles to Interstate I-75
Airports: SRQ - 5 mi, TPA - 55 mi, SWF - 90 mi
Site Description: Single family home with 4-year-old roof, east facing that has been converted to two apartments by closing off of interior stairway. The detached garage has been converted to 2 storage spaces on the ground level that are large enough to store bikes, grills, and kayaks or used as an artist's studio. A studio apartment accessible by exterior staircase is on the second level. A circular drive in front of the home provides parking space. The south side of property is on an alleyway. Steppingstones lead from the front of the home to the palm and bamboo filled courtyard with patio area that's perfect for relaxing and entertaining.
Area Description: Located in historic Laurel Park, one block west of Rt. 301/Washington Blvd/Tamiami Trail, a highly desirable location across from the Payne Park tennis center, just blocks from the Sarasota Bayfront and Main Street restaurants, shopping and theaters.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 2
Year Built: 1925
Roof Type: Gable
Construction/Siding: Wood Siding
Parking Type: Surface
Parking Description: Circular driveway at front of the property
Total Parking Spaces: 4
Laundry: In Each Unit
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Engineered System, Window Unit
Internet Access: Cable, Other
Interior Description: The first floor unit of the main home (Unit A - 1,149 sq ft) has 2 bedrooms and 1 bath, kitchen, dining/family room with a fireplace and a large porch through French doors. The second floor apartment (Unit B - 837 sq ft) is accessible by an exterior stairway. It has a large great room, 1 bedroom, kitchen and a bathroom with stackable washer/dryer. The interior staircase to the second floor has been closed off but can be opened for additional flexibility. Behind the home, the detached garage has been converted to a lovely second floor studio apartment (Unit C - 320 sq ft) with laminate flooring, vaulted ceilings, and a cute modern kitchen. 2 storage spaces below are large enough to store bikes, grills, kayaks and more.
Zoning Description: RSM9
Lot Frontage: 50
Lot Depth: 113
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: owned
Legal Description: E 112 1/2 FT OF S 50 FT OF LOT 11 SUB OF LOT 19 BLK G SUB OF BLKS G & H PLAT OF SARASOTA

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,904 86,502 170,897
Median Age: 43.89 45.56 48.21
Households: 6,806 38,720 78,769

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