Sarasota, FL 34231,2111 PALM TER
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Sarasota, FL 34231,2111 PALM TER
Sarasota, FL 34231,2111 PALM TER
Sarasota, FL 34231,2111 PALM TER
Sarasota, FL 34231,2111 PALM TER

$1,000,000

Est. payment /mo

$1,050,000

4.8%
Est.Price: ?

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2111 PALM TER Sarasota, FL 34231

6 Beds

4 Baths

2,068 SqFt

SOLD DATE : 08/02/2024

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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Stellar MLS
Listed by SHOWTIME REALTY
Bought with SHOWTIME REALTY

Lauren McPherson

Broker | SlBK3448902

+1(386) 793-5112

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