1116 Cocoanut Avenue, SARASOTA

$975,000

0 Beds
0 Baths
0 Sqft
.14 Acres
0 Garages

Desirable apartment building with huge upside potential. Extensive new multifamily construction is happening nearby, and the property is zoned RMF-3. Current loss-to-lease is $1,475/month and there is the ability to further increase revenue with modest renovations. Cap rate with existing leases pushed to market is 6%, higher with any renovations. Two units have been turned within the last 18 months with new paint and flooring. There are two central HVAC units and two mini-split systems, and there is coin-operated laundry on-site. HVACs, windows, and roofs are relatively new. The lot has lush low-maintenance landscaping with inviting common areas. Walk to restaurants, night life, and grocery stores. One block to bay front water. Sarasota-Bradenton International Airport is a 10 minute drive, 3.9 miles. Call for offers due 5 PM on 9/17.

Essential Information
MLS® #A4511123
Price$975,000
Acres0.14
Year Built1935
TypeResidential Income
Sub-TypeQuadruplex
StatusActive
Price Per Sqft$484
Community Information
Address1116 Cocoanut Avenue
AreaSarasota
SubdivisionBOULEVARD ADDITION TO SARASOTA
CitySARASOTA
CountySarasota
StateFL
Zip Code34236
Pet Restrictions YNN
Amenities
ParkingOff Street
Exterior
Exterior FeaturesFence,Sidewalk
FoundationCrawlspace
School Information
ElementaryGocio Elementary
MiddleBooker Middle
HighRiverview High
Additional Information
Date ListedSeptember 1st, 2021
Days on Market18
ZoningRMF3
Costs
Taxes$3,958
Tax Year2020

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Listing data comes from My Florida Regional MLS DBA Stellar MLS.

Listing information last updated on September 20th, 2021 at 12:20am EDT.