$1,000,000
$1,050,000
4.8%For more information regarding the value of a property, please contact us for a free consultation.
2111 PALM TER Sarasota, FL 34231
6 Beds
4 Baths
2,068 SqFt
Key Details
Sold Price $1,000,000
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,068 sqft
Price per Sqft $483
Subdivision Harbor Oaks
MLS Listing ID A4613502
Sold Date 08/02/24
Bedrooms 6
Construction Status Financing
HOA Y/N No
Originating Board Stellar MLS
Year Built 1950
Annual Tax Amount $7,774
Lot Size 10,018 Sqft
Acres 0.23
Lot Dimensions 79 x 124
Property Description
PRICE IMPROVEMENT! SELLER MOTIVATED! RARE 4plex investment opportunity in the heart of Sarasota, 6% cap rate, with potential for further income growth!! ! This well-maintained fully rented 4-plex is ideally situated in a the heart of Sarasota on a quiet dead-end street, within one of the best school districts in the area. The units boast modern updates with new kitchens, new flooring, open floor plans, and plenty of natural light. This property offers unparalleled convenience, with Trader Joe’s and Publix within walking distance and the stunning Siesta Key beaches just a 10-minute drive away. Tenants are already in place in all 4 units, ensuring a stable income stream. The expansive lot offers ample backyard space with a privacy fence. Thoughtfully designed driveway and parking area accommodate all units. Key updates included a new metal roof installed 2021 and roof clipping was completed in May 2022, significantly lowering insurance costs. Units A and B received new central A/C systems in 2020-2021, Unit C had a window unit installed in 2021 and Unit D a window unit installed in 2023. All units have been completely remodeled with new kitchens with new cabinets, granite countertops, subway tile backsplash, stunning fixtures and matching appliances. Units A & B boast LVP flooring and units C and D had tile floors, all installed between 2022 and 2023. Additional improvements include a new electrical panel and breakers in April 2022. On-site laundry facilities are currently operated by a third party, presenting an opportunity for additional revenue if switched to owner-operated machines. A termite bond is in place, providing extra peace of mind. With strong rental demand, excellent income potential, and significant recent updates, this 4-plex is an outstanding addition to any real estate portfolio. Don’t miss out on this rare chance to own a valuable piece of Sarasota real estate! Please do not disturb tenants. Ask about special financing options.
Location
State FL
County Sarasota
Community Harbor Oaks
Zoning RSF3
Interior
Interior Features Ceiling Fans(s), Thermostat
Heating Central, Electric, Wall Units / Window Unit
Cooling Central Air, Wall/Window Unit(s)
Flooring Luxury Vinyl, Tile
Fireplace true
Appliance Dryer, Range, Refrigerator, Washer
Laundry Common Area, Laundry Closet
Exterior
Exterior Feature Fence, Sidewalk
Parking Features Driveway, None, Off Street, Open
Utilities Available Electricity Connected, Sewer Connected, Water Connected
Roof Type Metal
Porch Patio
Garage false
Private Pool No
Building
Lot Description Landscaped, Level, Paved
Entry Level One
Foundation Slab
Lot Size Range 0 to less than 1/4
Sewer Public Sewer
Water Public
Structure Type Block
New Construction false
Construction Status Financing
Schools
Elementary Schools Phillippi Shores Elementary
Middle Schools Brookside Middle
High Schools Riverview High
Others
Senior Community No
Ownership Fee Simple
Acceptable Financing Cash, Conventional
Membership Fee Required None
Listing Terms Cash, Conventional
Special Listing Condition None
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Bought with SHOWTIME REALTY