2700 PALMADELIA AVE Sarasota, FL 34234
7,744 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 7,744 sqft
Price per Sqft $355
Subdivision Newtown Heights First Add To
MLS Listing ID A4710042
HOA Y/N No
Year Built 1980
Annual Tax Amount $17,978
Lot Size 0.540 Acres
Acres 0.54
Property Sub-Type Multi-Family 5+
Source Stellar MLS
Property Description
Discover an established income-producing apartment community at 2700 Palmadelia Avenue, Sarasota, FL 34234. Offered at $2,750,000, this 10-unit multifamily property combines existing rental income, a desirable Sarasota location, and potential value-add opportunities near Downtown Sarasota.
THE PROPERTY | Ten apartments consisting of eight 3-bedroom, 1-bathroom residences and two 2-bedroom, 1-bathroom residences. Built in 1980, the two-story apartment building offers approximately 7,744 square feet of living area on a 0.54-acre parcel with approximately 23 on-site parking spaces. Ownership reports full occupancy.
RENTAL INCOME | Current scheduled gross rental income of $204,000 annually, averaging $1,700 per apartment monthly. These figures represent scheduled rents, not independently verified historical collections.
VALUE-ADD POTENTIAL | Existing rental rates offer opportunities to evaluate future rent adjustments, lease renewals, and operational improvements, subject to market conditions, existing lease agreements, applicable laws, and buyer due diligence. Investment underwriting identifies potential rental growth without requiring a substantial redevelopment strategy.
PROPERTY FEATURES | Established 10-unit multifamily building with a combination of spacious two- and three-bedroom apartments, on-site parking, and an existing rental history. The property's unit mix provides flexibility for long-term residential rental operations.
LOCATION | Situated in Sarasota's Newtown neighborhood, near Downtown Sarasota, with convenient access to US-301, major employment centers, shopping, dining, and regional Gulf Coast amenities.
THE OPPORTUNITY | An established Sarasota multifamily investment property for buyers seeking existing rental income, operational flexibility, and potential long-term value creation. Suitable for consideration by private multifamily investors and 1031 exchange purchasers.
Offering memorandum, current rent roll, and investment 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 Sarasota
Community Newtown Heights First Add To
Area 34234 - Sarasota
Zoning CBN
Interior
Cooling Other
Exterior
Utilities Available Electricity Available
View Y/N No
Water Access No
Building
Foundation Slab
Lot Size Range 1/2 to less than 1
Sewer Public Sewer
Water Public
Structure Type Block
New Construction false
Others
Ownership Fee Simple
Acceptable Financing Cash, Commercial Financing
Listing Terms Cash, Commercial Financing
Special Listing Condition None
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