Property
| Ownership: | Fee Simple |
|---|---|
| Type: | Unknown |
| Area: | 7744 sq ft |
| Lot Size: | 0.5 Acres |
Financials
Price:$2,750,000
Annual Taxes:$17,978
Listing Courtesy of DOUGLAS ELLIMAN
PALMADELIA APARTMENTS 10 UNIT SARASOTA MULTIFAMILY INVESTMENT Discover an established income producing apartment community at 2700 Palmadelia Avenue, Sarasota, FL 34234.
Description
PALMADELIA APARTMENTS | 10-UNIT SARASOTA MULTIFAMILY INVESTMENT
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.
Amenities
- Electricity Available
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.
All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
