2111 Palm Terrace, Sarasota, FL 34231
- $1,000,000
- 6
- BD
- 4
- BA
- 2,068
- SqFt
- Sold Price
- $1,000,000
- List Price
- $1,050,000
- Status
- Sold
- Days on Market
- 31
- Closing Date
- Aug 02, 2024
- MLS#
- A4613502
- Property Style
- Quadruplex
- Year Built
- 1950
- Bedrooms
- 6
- Bathrooms
- 4
- Living Area
- 2,068
- Price per sq. ft.
- 507.74
- Lot Size
- 9,864
- Acres
- 0.23
- Total Acreage
- 0 to less than 1/4
- Legal Subdivision Name
- Harbor Oaks
- Community Name
- Harbor Oaks
- MLS Area Major
- Sarasota/Gulf Gate Branch
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.
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Additional Information
- Taxes
- $7774
- Location
- Landscaped, Level, Paved
- Community Features
- No Deed Restriction
- Property Description
- One Story
- Zoning
- RSF3
- Interior Features
- Ceiling Fans(s), Thermostat
- Floor
- Luxury Vinyl, Tile
- Appliances
- Dryer, Range, Refrigerator, Washer
- Utilities
- Electricity Connected, Sewer Connected, Water Connected
- Heating
- Central, Electric, Wall Units / Window Unit
- Air Conditioning
- Central Air, Wall/Window Unit(s)
- Fireplace
- Yes
- Exterior Construction
- Block
- Exterior Features
- Fence, Sidewalk
- Roof
- Metal
- Foundation
- Slab
- Pool
- No Pool
- Garage Carport
- None
- Garage Features
- Driveway, None, Off Street, Open
- Elementary School
- Phillippi Shores Elementary
- Middle School
- Brookside Middle
- High School
- Riverview High
- Flood Zone Code
- X
- Parcel ID
- 0075040058
- Legal Description
- LOT 10 BLK A HARBOR OAKS
Listing courtesy of SHOWTIME REALTY. 941-822-0890
Selling Office: SHOWTIME REALTY.Mortgage Calculator
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