Price Reduction
Address
2111 Palm TERRACE, SARASOTA, FL
Price
$ 1,050,000
Property Attributes
- MLS#A4613502
- TypeIncome
- CountySARASOTA
- CitySARASOTA
- AreaSarasota-Gulf Gate Branch
- NeighborhoodHarbor Oaks
- Zip34231
- StyleQuadruplex
- Year Built1950
- Taxes$ 7774
- Price$ 1,050,000
- Bedrooms6
- Full Bathrooms4
- Half Bathrooms0
- Sqr Footage2068
- Lot Size0.23 Acres
Data Source:
Stellar MLS
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.
| Elementary School | Middle School | High School |
|---|---|---|
| Phillippi Shores Elementary | Brookside Middle | Riverview High |
| Price History | |
|---|---|
| 6/12/2024 | Listed $1,150,000 |
| 6/21/2024 | 9% - $1,050,000 |
General Features
| Interior Features | Ceiling Fan(s),Thermostat |
|---|---|
| Sewer | Public Sewer |
| Heating | Central,Electric,Wall Units / Window Unit |
| Cooling | Central Air,Wall/Window Unit(s) |
| Utilities | Electricity Connected,Sewer Connected,Water Connected |
| Roof | Metal |
| Appliances | Dryer,Range,Refrigerator,Washer |
| Exterior Features | Fenced,Sidewalk |
| Zoning | RSF3 |
| Patio/Porch Features | Patio |
| Construction Materials | Block |
| Year Built | 1950 |
| Tenant Pays | Electricity,Water |
| Levels | One |
| Property SubType | Quadruplex |
| Tax Year | 2023 |
| Percent Ownership | Fee Simple |
| County | Sarasota |
| New Construction | No |
| Property Type | Residential Income |
| HOA / Comm Assn | No |
| Subdivision Name | HARBOR OAKS |
| Garage Y/N | No |
| Status | Active |
| Directions | From I-75 North bound Exit 205 Clark Rd. Head West on Clark Rd. Head North on Tamiami Trail/ US 41. Turn Right on Palm Terrace and arrive at 2111 Palm Terrace |
| ModificationTimestamp | 2024-06-21T13:09:21.503Z |
| High School | Riverview High |
| City | SARASOTA |
| Buyer Agent Compensation | 2.5% |
| Disclosures | Lead Paint,Other,Seller Property Disclosure |
| View Y/N | No |
| Senior Community Y/N | No |
| NumberOfUnitsTotal | 4 |
| MLS Area | 34231 - Sarasota/Gulf Gate Branch |
| Lot Size Units | Square Feet |
| Lot Size Square Feet | 9864 |
| Waterfront Y/N | No |
| Carport Y/N | No |
| Elementary School | Phillippi Shores Elementary |
| Property Attached Y/N | No |
| Land Lease Y/N | No |
| Tax Annual Amount | 7774.29 |
| Middle/Junior High School | Brookside Middle |
| Ok to Lease | 12 Months |
| Additional Parcels Y/N | No |
| Virtual Tour | https://www.propertypanorama.com/instaview/stellar/A4613502 |
| Days on Market | 9 |
| Building Area Units | Square Feet |
| Living Area Units | Square Feet |
| Standard Status | Active |
| Occupancy Type | Tenant |
| Tax Lot | 10 |
| Total Actual Rent | 6700 |
| Legal Description | LOT 10 BLK A HARBOR OAKS |
| Water Access Y/N | No |
| Water View Y/N | No |
| Flood Zone Code | X |
Interior Features
| Flooring | Luxury Vinyl,Tile |
|---|---|
| Air Conditioning Y/N | Yes |
| Heating Y/N | Yes |
| Fireplace Y/N | Yes |
| Laundry Features | Common Area,Laundry Closet |
| Total Bedrooms | 6 |
| LivingAreaSource | Public Records |
| Total Baths | 4 |
Exterior Features
| Parking Features | Driveway,None,Off Street,Open |
|---|---|
| Lot Features | Landscaped,Level |
| Water Source | Public |
| Lot Size Area | 9864 |
| Foundation Details | Slab |
| Number of Buildings | 1 |
| Building Area Total | 2348 |
| Lot Dimensions | 79 x 124 |
| Lot Size Acres | 0.23 |
| Road Surface Type | Paved |
| Road Frontage Type | Street Paved |
| Road Responsibility | Public Maintained Road |
| Open Parking Y/N | Yes |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Income Average in 34231
Price
Taxes
Visits
Year Built
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Updated on June 26, 2024 11:10 AM UTC
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© 2024 Florida Gulf Coast MLS (FGCMLS) Information deemed reliable, but not guaranteed. The IDX data relating to real estate for sale on this web site comes in part from the Florida Gulf Coast Multiple Listing Service. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.
