424 Albee Road W, Nokomis, FL 34275

Description

This property is a prime investment opportunity situated in the heart of Nokomis Beach, just six blocks from the pristine beaches of the affluent Casey Key. It currently offers immediate income through three unique and well-maintained apartments. The most exciting element here is the fact that the property is strategically positioned for luxury condominium development on its expansive 1.33-acre lot, currently zoned multi-family (RMF1). The Sarasota County building department has already approved preliminary plans for up to 16 condominiums on this site, highlighting its development potential. The main existing residence is of historical significance, believed to have been Dr. Albee's first residence in the area, and it exudes the classic charm of a 1940s "Old Florida" beach house. While updated with modern amenities, this residence now features two apartments, one on each level, plus a third apartment in a separate building. All three are ready for immediate income generation. These apartments are fully furnished, equipped with kitchens and essentials, and meticulously maintained. The property boasts lush grounds with a swimming pool, spa, soft tennis court (also suitable for pickleball), outdoor patios, and mature Florida landscaping. Nokomis Beach is a rapidly developing area, currently experiencing significant growth in Sarasota County. Nearby developments underscore the region's desirability, with preliminary approvals for retail and condominiums across the street and on adjacent properties. The three existing income-generating apartments provide an opportunity to offset carrying costs while working on further development plans, permitting, and infrastructure. Moreover, the property is already connected to County water, with County sewer available at the curb. The location is superb, just six blocks to Nokomis Beach, Tiki Bars, restaurants, and shopping, and offers easy access to various attractions such as North Jetty Park, Venice Jetty, Legacy Trail, The Island of Venice, medical facilities, UTC Mall, downtown Sarasota, St. Armand's Circle, and all area airports. Private air travel options are also accessible on The Island of Venice. The seller has consistently generated substantial monthly income through seasonal vacation rentals, with income information available upon request with a signed non-disclosure agreement. Developers and investors recognize this as a once-in-a-lifetime opportunity to develop property in this special part of Sarasota County. Viewings are strictly by appointment only, with unauthorized entry onto the property prohibited.