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$550,000

For Sale - Active
1621 Dr Martin Luther King Way, Sarasota, FL 34234
4 Beds
3 Baths
2,075 Square Feet
0.12 Acres Lot
Built in 2009
For Sale - Active
Units n/a
Checked: 4 hours ago
Updated: Jun 19, 2025 at 03:48AM

Investment Summary


Monthly Cash Flow
-$1,004
Cap Rate
4.0%
Cash-on-Cash Return
-9.5%
Debt Coverage Ratio
0.64
Internal Rate of Return (5 years)
-5.2%

Property Description


0.12 Acres Lot
Built in 2009
For Sale - Active
Units n/a

This luxurious four bedroom three-bathroom home is near downtown Sarasota, Florida. Open concept layout with an elegant fireplace in the living room and a kitchen perfect for entertaining with stainless steel appliances and granite countertops. This home is a 10-minute driving from Sarasota's nearest award winning sugar sand beach, the library, Van Wezel performing Art Hall, Ringling College of Art and Design, New College, University Of South Florida, John Ringling Museum and Mote Marine Laboratory and Aquarium. Set the stage for a showstopping city lifestyle just steps away from shopping, University Town Center Mall, medical facilities, I-75, minutes to Sarasota - Bradenton Airport, dining, and going. The home has two primary bedrooms with attached bathrooms, one on the first floor, and the other on the second floor.

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Location


Property Details


Parking

  • Description: Garage Door Opener
  • Details: Garage Door Opener, Attached
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 8
  • # of Stories: 2
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Stucco
  • Foundation: Slab
  • Roof Type: Hip
  • Roof Material: Tile

Land Information

  • Land Use: Residential
  • Land Use Subtype: Duplex

Lot Information

  • Parcel ID: 2020150025
  • Lot Size: 5177 sqft

Property Information

  • Property Type: Townhouse
  • Style: Traditional
  • Year Built: 2009

Tax Information

  • Annual Tax: $1,423

Utilities

  • Water & Sewer: Public
  • Heating: Central, Electric
  • Cooling: Central Air

Location

  • County: Sarasota

Listing Details


Listed by:
Fred Beles
CAPITAL REAL ESTATE ENTERPRISE
(941) 921-1000

Source:
Stellar MLS
MLS#: A4583004
Stellar MLS

Investment Summary


Monthly Cash Flow
-$1,004
Cap Rate
4.0%
Cash-on-Cash Return
-9.5%
Debt Coverage Ratio
0.64
Internal Rate of Return (5 years)
-5.2%

Purchase Details

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Purchase price:
$550,000
Amount financed:
-$440,000
Down payment:
$110,000
Closing costs:
$16,500
Rehab costs:
$0
Initial cash invested:
$126,500
Square feet:
2,075
Cost per square foot:
$265
Monthly rent per square foot:
$1.35

Financing Details

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Loan amount:
$440,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$2,817
Property tax:
$119
Insurance:
$196
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,132

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,800 $33,600
Vacancy loss: (6%)
6% -$168 -$2,016
Operating income:
$2,632 $31,584

Operating Expenses


% Rent Monthly Yearly
Property taxes: (4%)
4%-$119-$1,424
Insurance: (7%)
7%-$196-$2,352
Property management: (8%)
8%-$224-$2,688
Repairs & maintenance: (5%)
5%-$140-$1,680
Capital expenditures: (5%)
5%-$140-$1,680
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (29%)
29%-$819-$9,824

Cash Flow


Monthly Yearly
Net operating income:
$1,813 $21,756
Mortgage payments:
-$2,817 -$33,804
Cash flow:
$1,004 $12,048