$2,899,000
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$11,806
- Cap Rate
- 1.4%
- Cash-on-Cash Return
- -21.2%
- Debt Coverage Ratio
- 0.22
- Internal Rate of Return (5 years)
- -16.5%
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
RECENTLY FEATURED IN THE NY POST! A RARE OPPORTUNITY TO OWN A WAYNE VISBEEN MASTERPIECE IN DOWNTOWN SARASOTA | VIEW VIDEO at https://motion-media-llc.aryeo.com/videos/0196a998-984c-7000-bc30-edb29af9428c | For the discerning buyer, this is your exclusive chance to own the personal residence of world-renowned architect and interior designer WAYNE VISBEEN. Originally purchased as new construction in November 2023, this condo has been completely transformed into a LIVABLE WORK OF ART, blending architectural brilliance with curated interior design. | Located in Sarasota’s emerging vertical residential district, the Quay, this residence is set within the SECOND LUXURY HIGH-RISE completed in the city’s future epicenter. With 2,079 sq ft, this two-bedroom, three-bathroom condo also features a CUSTOM-DESIGNED PERSONAL SANCTUARY/CLOSET WITH HIDDEN DOOR ACCESS—a stunning reinvention of the original den space. Step onto the expansive 477 SQ FT TERRACE to take in UNOBSTRUCTED PARTIAL VIEWS OF SARASOTA BAY AND THE GULF OF MEXICO, all framed by lush palms and a serene view of the building’s resort-style pool, giving the illusion of your own private oasis. | Known for designing for celebrities, athletes, and luxury retailers, Visbeen’s signature attention to detail is evident in every room. The GREAT ROOM features a sleek, custom-built entertainment center with integrated high-end sound, concealed storage, and elegant symmetry. The fireplace also adds to the ambiance of this space. The dimmable chandelier further provides a warm, inviting space for relaxation or entertaining. | The OPEN-CONCEPT LAYOUT offers a seamless flow between the great room and dining area, where open shelving showcases textured Philip Jeffries wallcovering, illuminated to highlight art or collectibles. The CHEF-INSPIRED KITCHEN features a textured chevron backsplash, timeless finishes, and a dry bar with wine/beverage cooler—ideal for entertaining. | The true showpiece is the reinvented PRIVATE SANCTUARY AND WARDROBE SUITE. Hidden behind a custom art display door or accessed via a secure entry from the primary bedroom, the space features MICK JAGGER WALLCOVERING, three full-length mirrors forming a 360° viewing angle, and precisely lit shelving and pull-out drawers for handbags, hats, and accessories. A second walk-in closet offers individually lit shoe displays and discreet storage for valuable items. | ADDITIONAL HIGHLIGHTS: WATER VIEWS FROM NEARLY EVERY ROOM, EV CHARGING STATION AND TWO ADJACENT PARKING SPACES, CUSTOM LAUNDRY ROOM WITH DESIGNER WALLCOVERING AND DRYING RACKS, GUEST SUITE WITH FLOOR-TO-CEILING WATER VIEWS AND MURAL WALL. | A rare chance to own a WAYNE VISBEEN SIGNATURE RESIDENCE, perfectly positioned where every detail—from hardware to lighting—has been masterfully considered. All that’s left is to add is your personal art, furnishings and favorite essentials. Rarely does such a DISTINCTIVELY DESIGNED HOME, become available—especially one crafted by the very architect who envisioned it. | NOW AVAILABLE BY PRIVATE APPOINTMENT. WELCOME TO YOUR NEXT CHAPTER OF INSPIRED LIVING.
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Location
Property Details
Parking
- Description: Alley Access, Assigned, Circular Driveway, Covered, Electric Vehicle Charging Station(s), Reserved, Under Building
- Details: Assigned, Electric Vehicle Charging Station(s), Garage Door Opener, Off Street, Basement, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 12
- # of Stories: 18
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Flat
- Roof Material: Concrete, Other
- Pool: Yes
HOA
- Association: Karina Alfaro
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 2009163021
- Lot Size: 42689 sqft
Property Information
- Property Type: Condominium
- Year Built: 2023
Tax Information
- Annual Tax: $17,181
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- 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
- -$11,806
- Cap Rate
- 1.4%
- Cash-on-Cash Return
- -21.2%
- Debt Coverage Ratio
- 0.22
- Internal Rate of Return (5 years)
- -16.5%
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:
| $2,899,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,319,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $579,800 |
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:
| $86,970 |
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:
| $666,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 2,079 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $1,394 |
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:
| $3.32 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,319,200 |
|---|---|
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:
| 6.810% |
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:
| $15,135 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,432 |
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:
| $483 |
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:
| $17,050 |
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:
| $6,900 | $82,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$414 | -$4,968 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,486 | $77,832 |
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. | 21% | -$1,432 | -$17,181 |
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% | -$483 | -$5,796 |
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% | -$552 | -$6,624 |
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% | -$345 | -$4,140 |
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% | -$345 | -$4,140 |
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 | 46% | -$3,157 | -$37,881 |
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:
| $3,329 | $39,948 |
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. | -$15,135 | -$181,620 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $11,806 | $141,672 |