This rare coastal multifamily opportunity offers strong value add potential in the highly sought after NokomisVenice corridor, just off U.S. 41 (Tamiami Trail)one of the regions busiest commercial and residential corridors. The property currently consists of four units across two concrete block buildings on a 14,130 sq. ft. lot, with flexible RMF 3 zoning that allows for expansion to a total of six units. Existing layouts include a mix of two 2BD/2BA and two 3BD/2BA units, with the potential to create four 1 BD/1BA units through strategic renovation or redevelopment. Recent capital improvementsnew roofs, multiple AC systems, renovated kitchens, and full connection to public water and sewer (2022)significantly reduce near term expenses and position the property for immediate income growth. Current rents are approximately $200 below market, and occupancy stands at 50%, offering substantial upside. Durable concrete block construction, in unit laundry, patios/balconies, and central AC enhance long term tenant appeal. The propertys prime location delivers high visibility and convenient access to Nokomis Beach, Venice Island, I 75, and major Sarasota employment centers, drawing a broad and steady renter base. Importantly, only one of the two buildings has been fully renovated, leaving additional value add potential through upgrades to the second buildingas well as the ability to increase density under existing zoning. This investment represents a rare chance to acquire a coastal multifamily asset in a supply constrained, high demand rental market, with both near term income upside and long term appreciation potentialplus the unique opportunity to expand from four units to six.
This rare coastal multifamily opportunity offers strong value add potential in the highly sought after NokomisVenice corridor, just off U.S. 41 (Tamiami Trail)one of the regions busiest commercial and residential corridors. The property currently consists of four units across two concrete block buildings on a 14,130 sq. ft. lot, with flexible RMF 3 zoning that allows for expansion to a total of six units. Existing layouts include a mix of two 2BD/2BA and two 3BD/2BA units, with the potential to create four 1 BD/1BA units through strategic renovation or redevelopment. Recent capital improvementsnew roofs, multiple AC systems, renovated kitchens, and full connection to public water and sewer (2022)significantly reduce near term expenses and position the property for immediate income growth. Current rents are approximately $200 below market, and occupancy stands at 50%, offering substantial upside. Durable concrete block construction, in unit laundry, patios/balconies, and central AC enhance long term tenant appeal. The propertys prime location delivers high visibility and convenient access to Nokomis Beach, Venice Island, I 75, and major Sarasota employment centers, drawing a broad and steady renter base. Importantly, only one of the two buildings has been fully renovated, leaving additional value add potential through upgrades to the second buildingas well as the ability to increase density under existing zoning. This investment represents a rare chance to acquire a coastal multifamily asset in a supply constrained, high demand rental market, with both near term income upside and long term appreciation potentialplus the unique opportunity to expand from four units to six.
Legal Description: COM AT SE COR OF SW 1/4 OF SE 1/4 OF SEC 36-38-18 TH NWLY ALG C/L OF TAMIAMI TRL 678 FT TH W 33 FT TO NW COR OF TAMIAMI TRL & ALBEE RD TH CONT W 626 FT WITH N LINE OF ALBEE RD FOR POB W 90 FT TH
Unparalleled business investment opportunity: events+ for 400 total guests16,000+ sq ft | dual liquor licenses | live music & events for 400+ total guests an elite investment opportunity for hospitali
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