431 N East Avenue, Sarasota, FL 34237
- $999,000
- 5
- BD
- 4
- BA
- 2,245
- SqFt
- List Price
- $999,000
- Status
- Active
- Days on Market
- 1
- MLS#
- A4703278
- Property Style
- Triplex
- Year Built
- 1959
- Bedrooms
- 5
- Bathrooms
- 4
- Living Area
- 2,245
- Lot Size
- 12,472
- Acres
- 0.29
- Total Acreage
- 1/4 to less than 1/2
- Legal Subdivision Name
- Pos Sub Of Lt 11 Blk N
- Community Name
- Gillespie Park Sub
- MLS Area Major
- Sarasota
Property Description
Three renovated units, one corner parcel, four blocks from Main Street. A fully occupied Sarasota triplex producing $7,200 per month, or $86,400 annually, against a $999,000 asking price. That is an 8.65% gross yield and a basis of $333,000 per door. Every unit has been rebuilt inside. Large-format marble-look porcelain tile runs wall to wall through all three, with no carpet anywhere in the building. Walls and ceilings are crisp white under flush-mount LED fixtures in every room. Kitchens carry light flat-panel cabinetry, and stainless appliances, with stacked laundry inside the unit rather than a shared machine down the hall. Bathrooms are white vanities, chrome fittings and framed mirrors over the same tile. The finish package is deliberately consistent across all three units, and that consistency is what makes it turnkey: one material palette, one maintenance standard, and no unit sitting in line for work before it can lease. The mix spans three price points. A three-bedroom, two-bath at $3,800. A two-bedroom, one-bath at $1,900. A studio at $1,500. All three are occupied. The building is single-story concrete block on a slab under a shingle roof, with central air, public water and public sewer, and off-street parking for ten. Three water meters and three electric meters measure consumption per unit. The parcel sits in Flood Zone X. Between masonry construction and Flood Zone X, the two variables that drive Florida insurance both point the same direction. Ownership is fee simple with no HOA, no condominium association and no CDD fee. Two levers sit on top of the in-place rent. The first is vacation rental. The City of Sarasota extended its vacation rental ordinance to the Downtown Neighborhood zone district in March 2024, and this parcel falls inside it. Stays of seven nights or longer are permitted with a city certificate, which is a materially different revenue profile than a twelve-month lease in a location four blocks off Main Street. The second is the land. A 12,472 square foot corner site, zoned DTN and sitting under the City's Missing Middle Overlay, which can support density beyond the three units standing today where attainable-housing, design and permitting standards are satisfied. Nothing further is approved and any concept requires confirmation with the City, but the parcel carries a second thesis that a stabilized triplex elsewhere does not. Renovated, occupied, individually metered, insurable, and sitting on urban ground with room to grow. Income now, optionality later.
Additional Information
- Taxes
- $7907
- Annual Gross Income
- 86400
- Location
- Corner Lot, City Limits, Landscaped, Sidewalk
- Community Features
- No Deed Restriction
- Property Description
- Attached
- Zoning
- DTN
- Interior Layout
- Open Floorplan
- Interior Features
- Open Floorplan
- Floor
- Tile
- Appliances
- Dryer, Range, Range Hood, Washer
- Utilities
- Electricity Connected, Sewer Connected, Water - Multiple Meters, Water Connected
- Heating
- Central, Electric
- Air Conditioning
- Central Air
- Exterior Construction
- Block
- Exterior Features
- Awning(s), Fence, Sidewalk
- Roof
- Shingle
- Foundation
- Slab
- Pool
- No Pool
- Garage Features
- Driveway, Off Street, Open
- Elementary School
- Tuttle Elementary
- Middle School
- Booker Middle
- High School
- Booker High
- Flood Zone Code
- X
- Parcel ID
- 2028120076
- Legal Description
- LOTS 11 & 12 SUB OF LOT 11 BLK N PLAT OF SARASOTA
Listing courtesy of AMY ROBINSON REAL ESTATE LLC. 941-346-7000
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