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$699,999

For Sale - Active
1518 Stoeber Ave, Sarasota, FL 34232
4 Beds
4 Baths
2,500 Square Feet
1.00 Acres Lot
Built in 1969
For Sale - Active
Units n/a
Checked: 7 hours ago
Updated: May 21, 2025 at 03:35AM

Investment Summary


Monthly Cash Flow
-$2,270
Cap Rate
2.3%
Cash-on-Cash Return
-16.9%
Debt Coverage Ratio
0.37
Internal Rate of Return (5 years)
-12.4%

Property Description


1.00 Acres Lot
Built in 1969
For Sale - Active
Units n/a

A rare and remarkable opportunity – TWO upgraded homes, THREE units, ONE FULL ACRE of limitless potential in Sarasota. Imagine owning your own private, tropical retreat tucked away on over an acre of land in one of Sarasota’s quietly kept neighborhoods. This exceptional property is a true unicorn! Live in one home and run a business out of the other! Or whether you're searching for the ultimate multi-generational homestead, a smart investment property with instant income, or the freedom to live in one space and lease the others, this unique compound delivers flexibility, privacy, and rare potential that’s nearly impossible to find. From the moment you arrive, the property exudes a sense of peaceful seclusion and space. The front home is brimming with charm and modern upgrades and can function as a spacious two-bedroom residence or be split into a one-bedroom main house and a separate efficiency unit, complete with its own private entrance and fully equipped kitchen - ideal for in-laws, guests, or rental income. Tucked at the rear of the property, you’ll find a fully updated standalone two-bedroom home, offering instant returns for savvy investors or an ideal guesthouse setup for extended family. Inside both homes, every detail has been thoughtfully curated; from luxury vinyl plank flooring and granite countertops to stainless steel appliances, French doors, and reverse osmosis filtration systems under the sinks. Each unit is move-in ready, offering stylish, comfortable living spaces with a seamless blend of function and flair. But it’s the outdoor space that truly sets this property apart. The in-ground pool sparkles in the Florida sunshine, surrounded by a tropical garden oasis, a hot tub spa, and a charming gazebo that invites you to unwind or entertain in absolute privacy. The fully fenced property provides peace of mind for families, pets, or tenants, and a shed with electricity makes the perfect workshop, studio, or storage space. With over an acre of usable land, there’s plenty of room to expand either home, build additional dwellings, cultivate lush gardens, or even construct two luxury homes - the possibilities are truly endless. Best of all, this hidden gem is located west of I-75 on a quiet, dead-end street in the rarely available Pleasant Acres neighborhood, where NO HOA and NO deed restrictions mean your vision can become reality without limitations. Enjoy the tranquility of country-style living with unbeatable access to everything Sarasota has to offer. Just minutes from Nathan Benderson Park, University Town Center Mall, SRQ Airport, Trader Joe’s, Sam’s Club, and top-rated restaurants. And of course, you’re only a short drive to the powdery white sands of Siesta Key and Lido Beach, making this location the perfect blend of convenience, lifestyle, and investment value. Opportunities like this are incredibly rare. A fully updated, income-producing, multi-unit property on a full acre of land, in a prime Sarasota location with freedom to build, rent, run a business out of or live exactly how you want. Whether you’re looking to create a family compound, generate rental income, or develop a legacy property, this one-of-a-kind estate is ready to deliver. Don’t miss the chance to own something truly special - properties like this don’t come around often.

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Location


Property Details


Parking

  • Details: Driveway, Guest, Open, RV Access/Parking
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 4
  • # of Baths (Total): 4.0

Interior Features

  • # of Rooms: 11
  • Basement Description: Crawl Space

Exterior Features

  • Exterior Walls Materials: Wood Siding
  • Foundation: Block
  • Roof Type: Gable
  • Roof Material: Shingle
  • Pool: Yes

Land Information

  • Land Use: Residential
  • Land Use Subtype: Multi-Family Dwellings (any combination 2+)

Lot Information

  • Parcel ID: 0038030005
  • Lot Size: 43750 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Florida, Traditional
  • Year Built: 1969

Tax Information

  • Annual Tax: $5,733

Utilities

  • Water & Sewer: Private, Well
  • Heating: Ductless
  • Cooling: Ductless, Wall/Window Unit(s)

Location

  • County: Sarasota

Listing Details


Listed by:
Mike Polachek
KELLER WILLIAMS ON THE WATER
(941) 524-0241

Source:
Stellar MLS
MLS#: A4649148
Stellar MLS

Investment Summary


Monthly Cash Flow
-$2,270
Cap Rate
2.3%
Cash-on-Cash Return
-16.9%
Debt Coverage Ratio
0.37
Internal Rate of Return (5 years)
-12.4%

Purchase Details

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Purchase price:
$699,999
Amount financed:
-$559,999
Down payment:
$140,000
Closing costs:
$21,000
Rehab costs:
$0
Initial cash invested:
$161,000
Square feet:
2,500
Cost per square foot:
$280
Monthly rent per square foot:
$1.04

Financing Details

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Loan amount:
$559,999
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$3,586
Property tax:
$478
Insurance:
$182
Private mortgage insurance (PMI):
$0
Monthly payment:
$4,246

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,600 $31,200
Vacancy loss: (6%)
6% -$156 -$1,872
Operating income:
$2,444 $29,328

Operating Expenses


% Rent Monthly Yearly
Property taxes: (18%)
18%-$478-$5,733
Insurance: (7%)
7%-$182-$2,184
Property management: (8%)
8%-$208-$2,496
Repairs & maintenance: (5%)
5%-$130-$1,560
Capital expenditures: (5%)
5%-$130-$1,560
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (43%)
43%-$1,128-$13,533

Cash Flow


Monthly Yearly
Net operating income:
$1,316 $15,792
Mortgage payments:
-$3,586 -$43,032
Cash flow:
$2,270 $27,240