1410 MAGELLAN DR Sarasota, FL 34243
5,163 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 5,163 sqft
Price per Sqft $532
Subdivision Whitfield Country Club Heights Un 1&2
MLS Listing ID A4710044
HOA Y/N No
Year Built 1974
Annual Tax Amount $18,228
Lot Size 0.340 Acres
Acres 0.34
Property Sub-Type Multi-Family 5+
Source Stellar MLS
Property Description
Discover an established income-producing apartment community at 1410 Magellan Drive, Sarasota, FL 34243. Offered at $2,750,000, this 16-unit property combines existing rental income, month-to-month tenancy and potential value-add opportunities in the Sarasota-Bradenton investment market.
THE PROPERTY | Sixteen efficiency apartments in a two-story garden-style building. Ownership reports full occupancy, with all 16 units operating on month-to-month rental arrangements. The property features block construction, a slab foundation and approximately 5,163 square feet of building area, according to MLS property information.
RENTAL INCOME | Current scheduled gross rental income of $192,000 annually, averaging $1,000 per apartment monthly. These figures represent scheduled rents, not independently verified historical collections.
VALUE-ADD POTENTIAL | Month-to-month leases provide flexibility to evaluate future rental adjustments and operational improvements, subject to applicable laws and existing tenant rights. Investment underwriting identifies potential rent growth without requiring a substantial renovation program.
PROPERTY IMPROVEMENTS | Major interior renovations are reported during 2016–2018, with a permit-documented reroof during 2019–2020. Buyers should verify the scope and condition of improvements.
LOCATION | Located in the Whitfield area near the Sarasota-Manatee County line, with convenient access to US-41, Sarasota Bradenton International Airport, Downtown Sarasota and regional employment centers.
THE OPPORTUNITY | An established 16-unit multifamily property for investors seeking existing rental income, operational flexibility and potential long-term value creation.
Offering memorandum and financial underwriting available for qualified purchasers. All income, expenses, occupancy, leases, property details and investment projections are subject to independent buyer verification.
Location
State FL
County Manatee
Community Whitfield Country Club Heights Un 1&2
Area 34243 - Sarasota
Zoning RSF3
Interior
Cooling Central Air, Other
Exterior
View Y/N No
Water Access No
Building
Foundation Slab
Lot Size Range 1/4 to less than 1/2
Structure Type Block
New Construction false
Others
Ownership Fee Simple
Acceptable Financing Cash, Commercial Financing
Listing Terms Cash, Commercial Financing
Special Listing Condition None
NEARBY SCHOOLS
GET IN TOUCH WITH ME...