Multifamily Assets/DTE Zoned Lots For Sale

Multi-Family for Sale
Catylist Listing ID: 30568923
Property Subtypes: Duplex/Fourplex
Number of Units: 2 Units
Building Size (RSF): 2,131 SF
Gross Building Area: See Agent
Gross Land Area: 9,450 - 18,750 SF
Sale Price: $830,000
Unit Price: $415,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 5.5%
Last Updated: 10/26/2020

Overview / Comments

Preferred Shore Commercial is pleased to offer for sale two contiguous, oversized DTE zoned lots with development opportunities right in the Gillespie Park neighborhood.

One lot enjoys a fully occupied duplex, while the other has an occupied single family home, which could be converted into a duplex (2/1&2/1). The rentals are producing $47,000 Annual NOI. The DTE zoning allows for 11 Units (up to 5 stories) to be built on this site in the future with purchase of potential city right of way in rear of property can add lot square footage and increase the allowable density to 14 units.

The owner is in the process of dividing the parcels into three separate parcels. The lots can be sold all together, or can be ala carte. The vacant lot is 5,450 SF.

Pricing for individual parcels as follows:
1735 10th St: $475,000 (Duplex)
1755 10th St: $375,000 (Single Family Residence, can be converted to duplex)
1745 10th St: $230,000 (Vacant Lot)

Keep the existing buildings cash flowing and build a new single family home in between the existing buildings.

Attachments & Media

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Tax ID/APN: 2026020005
Zoning: DTE - DOWNTOWN EDGE
Percent Occupied: 100%
Total Number of Buildings: 1
Property Condition: Average
Year Built: 1949
Construction/Siding: Block
Heat Type: Electricity

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,127 76,370 172,093
Median Age: 40.08 45.39 47.94
Households: 6,750 34,177 78,584

Contact

Photograph of Listing Agent

Jason D'Agostino

PREFERRED SHORE MFCRE Member
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