MyFloridaHomeHunt

 

For More Information Contact:

Chris Hunt
Sales Manager
Hunt Brothers Realty, Inc.
941.388.7017
Chris@MyFloridaHomeHunt.com

Currently viewing 1 of 14
1116 Cocoanut Avenue
Sarasota, Florida FL 34236-3337
Sold For: $740,000
Listing ID A4511123
Status Closed
SqFt 2,013
Acres 0.140
Year Built 1935

Property Description:

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.

Primary Features

County: Sarasota
Price Before Reduction: 975000
Price Reduction Date: 2021-10-28T22:26:01+00:00
Property Sub Type: Quadruplex
Property Type: Residential Income
Subdivision: Boulevard Addition To Sarasota
Year Built: 1935
Zoning: RMF3

Interior

Appliances: Electric Water Heater, Range, Range Hood, Refrigerator
Building Area Units: Square Feet
Cooling Type: Central Air, Mini-Split Unit(s), Other
Fireplace: no
Flooring: Carpet, Ceramic Tile, Vinyl
Furnished: Unfurnished
Heating Type: Electric
Interior Features: Other
Laundry Features: Laundry Room
Levels: Two
Living Area Meters: 187.01
Living Area Source: Appraiser
Living Area Units: Square Feet

External

Carport: no
Construction Materials: Wood Frame
Exterior Features: Fence, Sidewalk
Foundation Details: Crawlspace
Garage: no
Homestead: no
Lot Features: City Limits, Paved
Lot Size SqFt: 6225
Lot Size Square Meters: 578
Number Of Units Total: 4
Parking Features: Off Street
Pool Private: no
Property Condition: Completed
Road Responsibility: Public Maintained Road
Road Surface Type: Paved
Roof: Membrane
Sewer: Public Sewer
Total Acreage: 0 to less than 1/4
Total Number of Buildings: 1
Unit Count: 2
Utilities: Electricity Connected, Water Connected
View Type: Garden, Park/Greenbelt
Water Access: no
Water Extras: no
Water Source: Public
Water View: no
Waterfront: no

Location

Association: no
Building Area Source: Public Records
Building Area Total: 2013
Community Development District: no
Country: US
Elementary School: Gocio Elementary
Flood Zone Code: X, AE
High School: Riverview High
Middle Or Junior School: Booker Middle
MLS Area Major: 34236 - Sarasota
Number Of Lots: 1
SW Subdivision Community Name: BOULEVARD ADDITION TO SARASOTA
Township: 36S

Financial

Annual Net Income: 58504.00
Current Price: 740000.00
Disclosures: Lead Paint, Seller Property Disclosure
Lease Term: Twelve Months
Listing Terms: Cash, Conventional, FHA
Ownership: Fee Simple
Special Listing Conditions: None
Tax Annual Amount: 3958
Tax Block: 2
Tax Book Number: #A / PAGE 3 31
Tax Lot: 19
Tax Year: 2020

Zoning Info


Listed by: Srq Properties .

Listing information ©My Florida Regional MLS DBA Stellar MLS 2024. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale. Availability of any listing should always be independently verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase. All other use is strictly prohibited and may violate relevant federal and state law. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Properties displayed may be listed or sold by various participants in the MLS. Data last updated on Wednesday, March 27th, 2024 at 09:41:29 PM.

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