3812 Butler Avenue, Sarasota, FL 34234

$3,000,000
52
BD
16,244
SqFt
List Price
$3,000,000
Status
Pending
Days on Market
42
MLS#
A4590862
Property Style
Multi-Family
Year Built
1964
Bedrooms
52
Living Area
16,244
Lot Size
65,340
Acres
1.50
Total Acreage
1 to less than 2
Legal Subdivision Name
Newtown Farms
Community Name
Newtown Farms
MLS Area Major
Sarasota

Property Description

Under contract-accepting backup offers. Investors, come check out this one-of-a-kind diamond in the rough 26-unit duplex community situated on 1.5 acre right in the middle of Sarasota! Each unit is approximately 624 sq. feet of living space. All units are 2 bedrooms, 1 bathroom and have been owned and managed by one family for the past forty-one years! Many tenants have been in their unit for 10 plus years so turnover is extremely low with occupancy rates in the 97-98% range yearly. Rents are currently well below market values by hundreds of dollars per month per unit. Leases are currently on a month-to-month basis so a new investor can renovate one unit at a time and increase rents. One unit is currently being renovated and has a waiting list of tenants for almost 40 percent more than current rental rates. Located very near shops, restaurants, bus lines, and I-75 highway. The extreme need for affordable housing in the Sarasota area makes this property a truly fantastic opportunity. With renovation of each unit, this community has huge upside income potential. ****Do not disturb tenants or walk the property without your agent present*** Sold “As-IS” with right to inspect. Owners are motivated so bring us your offers. 6.5 miles to Lido Key beach and 9 miles to Siesta key beach. 7.5 miles to I-75 Highway.

Additional Information

Taxes
$20785
Minimum Lease
1 Week
Annual Gross Income
281100
Community Features
No Deed Restriction
Zoning
RMF2
Interior Layout
Eat-in Kitchen, Kitchen/Family Room Combo, Primary Bedroom Main Floor, Open Floorplan, Thermostat
Interior Features
Eat-in Kitchen, Kitchen/Family Room Combo, Primary Bedroom Main Floor, Open Floorplan, Thermostat
Appliances
Electric Water Heater, Range, Refrigerator
Utilities
Cable Connected, Electricity Connected
Heating
Wall Units / Window Unit
Air Conditioning
Wall/Window Unit(s)
Exterior Construction
Block
Exterior Features
Storage
Roof
Built-Up
Foundation
Block, Slab
Pool
No Pool
Garage Features
Driveway, Off Street, Open
Pets
Not allowed
Pet Size
Extra Large (101+ Lbs.)
Flood Zone Code
X
Parcel ID
0026160016
Legal Description
LOT 44 LESS PARCEL IN SE COR FRONTING 80 FT ON BUTLER BY 100 FT DEEP NEWTOWN FARMS

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of FINE PROPERTIES.

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