Snapshot of Available Investment Properties in Sarasota County, FL

540 S McCall Rd, Englewood, FL 34223

1 acre of property, directly on Lemon Bay, with 8 separate units

property has annual tenants and property manager, but would be best fit as a seasonal rental complex. The property features 4-one bedroom, one bath apartments with connecting carports, 2-two bedroom, one bath apartments with connecting carport, 1-two bedroom, two bathroom apartment with attached storage unit and coin operated laundry room, and a main 2 bedroom, 2 bathroom house with a one car garage and pool.

Asking $1,499,000

Year 2018

Property Taxes

$12,829

Tax Assessment

$871,200

One concern moving forward is a real estate tax reassessment at a purchase price north of $1.25 million. This type of sale may affect the taxes upward to a range of $20,000 annually which impacts the bottom line of proposed vacation rentals.

A second concern would be the overall market regarding long term vacation rental income. At this time, the market has been great for years, even through some red tide issues. We are currently dealing with Corona Virus scares, an impending election, all time low interest rates, etc…

830 Central Ave, Sarasota

Property is currently home to the Rosemary Court Wellness Center which houses holistic wellness-related businesses and residential units in 4 historic homes surrounding a courtyard with a large attached parking lot. Located in between Planned Parenthood and Salvation Army, close walking distance to bayfront and downtown in the Rosemary District. Other possible uses would be medical, office, social service, residential, or retail.

Type: Multi Family
Year built: 1925
Heating: Forced air
Cooling: Central
Parking: Off street
Price/sqft: $151

Asking Price $1,200,000

This property has long term potential with rental income in place.

Two issues that exist are;

#1. The neighbors include, The Salvation Army, Planned Parenthood and a cemetery, which will affect the eventual use of this property.

#2. The current makeup of buildings are wood frame and built in the 1920’s… Almost a century ago. Well maintained and the current ownership takes pride in their ownership, but the age is something to be aware of.

143 Harrison Dr, Sarasota, FL

FOUR APARTMENTS…FOUR 2 bedroom 2 BATH APARTMENTS…1/2 BLOCK TO THE BEACH…SHORT WALK TO ST. ARMANDS CIRCLE

Type: Apartment
Year built: 1972
Heating: Other
Cooling: Central
Parking: 6 spaces
Price/sqft: $545

Asking Price $1,800,000

Concerns

Flood Insurance

Return on Investment at purchase price – Seems like a path to vacation rentals versus annuals or a steep increase on monthly rent.

Positives

Location

Condition appears well maintained

Unique asset

If you have any questions or want to discuss further, please feel free to reach out. I’m always ready to discuss the market, specific properties, potential investments, etc.

Thank you,

Sean Dreznin

Marcus & Millichap

(941) 961-8199

The Commercial Real Estate Alpha Site