Remarks

Under contract-accepting backup offers. 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.

Details

MLS#: A4590943
Price: $3,000,000

Style: Multi-Family
Sq Ft: 16224
Year Built: 1964

County: Sarasota
Subdivision: NEWTOWN FARMS
Tax Fee: 20785.44