$3,000,000
Description
Investors, come check out this one-of-a-kind diamond in the rough 26-unit duplex community situated on 1.5 acre right in the middle of Sarasota! Each unit is approximately 624 sq. feet of living space. All units are 2 bedrooms, 1 bathroom and have been owned and managed by one family for the past forty-one years! Many tenants have been in their unit for 10 plus years so turnover is extremely low with occupancy rates in the 98-99 percent range yearly. Rents are currently well below market values by hundreds of dollars per month per unit. Leases are currently on a month-to-month basis so a new investor can renovate one unit at a time and increase rents. One unit is currently being renovated and has a waiting list of tenants for almost 40 percent more than current rental rates. Located very near shops, restaurants, bus lines, and I-75 highway. The extreme need for affordable housing in the Sarasota area makes this property a truly fantastic opportunity. With renovation of each unit, this community has huge upside income potential. ****Do not disturb tenants or walk the property without your agent present*** Owners are motivated so bring us your offers.
Listed by Cindy Lockhart, .
Property Highlights
- Acres: 1.50
- County: Sarasota
- Year Built: 1964
- Cooling Type: Wall/Window Unit(s)
- Property Type: Commercial, Multi Family
- MLS #: A4590943
Property Features
| Appliances | Refrigerator |
| Construction Materials | Block |
| Cooling | Wall/Window Unit(s) |
| Interior Square Footage | 16,224 |
| Lot Size Acres | 1.5 |
| Lot Size Square Feet | 65,340 |
| Roof | Built-Up |
| Sewer | Public Sewer |
| Water Source | Public |
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