$3,300,000
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$13,767
- Cap Rate
- 1.1%
- Cash-on-Cash Return
- -21.8%
- Debt Coverage Ratio
- 0.19
- Internal Rate of Return (5 years)
- -17.0%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
Rare penthouse offering at Mark Sarasota. 111 S Pineapple Ave. #1204 is a one-of-a-kind 12th-floor residence and the largest home in the building, offering 2,845 square feet under air and over 3,600 square feet of total living space including a spacious wraparound covered terrace with uninterrupted views of Sarasota Bay. From the moment you go inside, you’re greeted by 11-foot ceilings, double 8-foot entry doors, and expansive 10-foot impact-rated sliding glass doors that blur the line between indoors and out. Gleaming 24-inch white polished porcelain tile floors run throughout the open-concept interior, where a thoughtfully designed layout integrates the living, dining, and family spaces with a chef-caliber kitchen—complete with high-gloss European cabinetry, quartz countertops, and a suite of premium Jenn-Air stainless steel appliances including a 42-inch built-in refrigerator, convection wall oven, and 36-inch induction cooktop. The primary suite is a private oasis, offering panoramic views, dual walk-in closets by California Closets, and a spa-inspired en-suite bath with double vanities, an oversized walk-in shower, deep soaking tub and sleek Grohe fixtures. Two generous guest suites, each with private baths, custom closets and blackout shades, provide comfort and privacy for visitors or family. Additional interior highlights include a convenient and spacious family room/den, automated roller shades throughout with blackout shades in all bedrooms, a full laundry room with custom cabinetry and Whirlpool HE washer and dryer, water filtration and softener systems for the entire residence, and four deeded garage parking spaces plus a same-floor oversized private storage unit. The wraparound covered terrace is an entertainer’s dream with commanding views of the water and city skyline. Enjoy alfresco dining at the built-in outdoor kitchen, equipped with an electric grill, under-counter refrigerator, stone countertops, and durable exterior cabinetry. Residents of The Mark enjoy exceptional lifestyle amenities including 24-hour concierge service, a resort-style heated saltwater pool and spa, state-of-the-art fitness center with a dedicated spin room, a club room with catering kitchen, fireplace and billiards, as well as outdoor lounging areas with fire pits, grills, and dining spaces—all just steps from Whole Foods, Bayfront Park, shopping, dining, galleries and Sarasota’s renowned cultural venues. This rare penthouse opportunity places you in the heart of downtown Sarasota’s most desirable address, where convenience, comfort and coastal elegance converge.
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Location
Property Details
Parking
- Description: Assigned, Covered, Guest, Under Building
- Details: Assigned, Covered, Deeded, Electric Vehicle Charging Station(s), Guest, On Street, Basement, Attached
- Garage Spaces: 4
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 9
- # of Stories: 12
Exterior Features
- Exterior Walls Materials: Stucco
- Roof Type: Flat
- Roof Material: Membrane
- Pool Community: Yes
HOA
- Association: Brian Niehaus
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 2027034184
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 2019
Tax Information
- Annual Tax: $26,938
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Sarasota
Listing Details
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$13,767
- Cap Rate
- 1.1%
- Cash-on-Cash Return
- -21.8%
- Debt Coverage Ratio
- 0.19
- Internal Rate of Return (5 years)
- -17.0%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $3,300,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,640,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $660,000 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $99,000 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $759,000 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,845 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $1,160 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $2.74 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,640,000 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.625% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $16,904 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,245 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $546 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $19,695 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $7,800 | $93,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$468 | -$5,616 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $7,332 | $87,984 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 29% | -$2,245 | -$26,938 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$546 | -$6,552 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$624 | -$7,488 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$390 | -$4,680 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$390 | -$4,680 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | n/a | n/a | n/a |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 54% | -$4,195 | -$50,338 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $3,137 | $37,644 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$16,904 | -$202,848 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $13,767 | $165,204 |