$3,300,000
Investment Summary
- Monthly Cash Flow
- -$12,733
- Cap Rate
- 1.5%
- Cash-on-Cash Return
- -20.1%
- Debt Coverage Ratio
- 0.25
- Internal Rate of Return (5 years)
- -15.4%
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
Not to be missed – this 3,400+ SF, extensively renovated Queens Harbour home – is a step into airy, nature inspired living. Situated on a scenic cul-de-sac in the maintenance-free section of the prestigious Bay Isles, quiet luxury and a serene lifestyle take center stage. Upon entry, you’re embraced by the charm of the heated courtyard pool, ensuite casita and vibrant gardens full of texture and color. Enter the main home through custom Mahogany and glass double doors and be wowed by the extensive renovation – taken down to the studs – transforming the space into four open living vignettes. Expansive glass doors open to a patio, beautifully landscaped gardens and a large, organic shaped lake offering glorious sunrises and sunsets. Navigate indoors with 14-ft ceilings & wide plank soft-toned engineered wood floors throughout. A spacious living room features a travertine electric fireplace with walnut mantle, creating a cozy yet luxurious ambiance. The contiguous dining area is beautifully defined by the wood slat tray ceiling coordinated with the flooring, highlighted by an elegant contemporary chandelier for an intimate atmosphere within the open space. While clearly defined, the formal areas blend seamlessly with the spectacular open kitchen, softly defined by the 14-ft island. A chef’s dream with Sarasota Architectural two-tone wood cabinetry and top-of-the-line Thermador appliances; dual wall ovens, 5-burner gas cooktop, refrigerator, microwave drawer, and 2 dishwashers strategically placed in the island with a centering 48” stainless sink. Two 60” + pull-out pantries flank the cooking area. The adjacent family room is open and inviting, offering extended cabinetry, bar sink, large wine cooler, and sliding glass doors to the pool courtyard. The sellers’ focus on high-end details and quality finishes is apparent. Consistency of cabinetry, Mahogany doors, walnut millwork accents, contemporary ceiling fans, and built-in surfaces throughout. A true retreat, the water view primary suite offers a large walk-in closet with custom built-ins, plus a double built-in armoire. The ensuite bath features dual vanities, large frameless glass shower with rain shower head, travertine finishes, elegant sconces and a stand-alone soaking tub. The main floor also includes a private office/den with coffered ceiling and an aquarium window overlooking the sparkling pool along with a transitional bonus room, full bath and murphy bed leading to a spacious second-story guest suite, with custom built-ins and full bath. Every detail has been carefully considered, from the newly replaced roof (2021) to the high-impact, UV-protected windows and sliders. Enjoy peace of mind with all-replaced (2022-2024) A/C units, water heater, plumbing, water filtration system and automatic sunshades. The pool with waterfall, has been resurfaced, along with a new pump and heater. The two-car garage features built-in storage and epoxy flooring. This tranquil retreat with casita off the courtyard is ideal for guests’ privacy. The perfect backdrop, enjoy private water and golf course views with sweeping vistas of the 4th tee of the Blue Golf Course. Relax in your outdoor oasis while watching unobtrusive golfers, wildlife, and more. Ownership includes membership to Bay Isles Beach Club, for access to the Gulf of Mexico’s pristine sands. Located in the serene Queens Harbour enclave behind the gates of the Longboat Key Club, this home is the epitome of luxurious island living.
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Location
Property Details
Parking
- Description: Driveway, Garage Door Opener
- Details: Driveway, Garage Door Opener, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 13
- # of Stories: 2
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Hip
- Roof Material: Tile
- Pool: Yes
HOA
- Has HOA: Yes
- Association: Kevin Wiegand - Civix Property Management
- HOA Fee: $2,400/quarterly
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0003080027
- Lot Size: 10158 sqft
Property Information
- Property Type: Single Family Residence
- Style: Courtyard, Florida
- Year Built: 1996
Tax Information
- Annual Tax: $14,866
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air, Humidity Control
Location
- County: Sarasota
Listing Details
Investment Summary
- Monthly Cash Flow
- -$12,733
- Cap Rate
- 1.5%
- Cash-on-Cash Return
- -20.1%
- Debt Coverage Ratio
- 0.25
- Internal Rate of Return (5 years)
- -15.4%
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:
| 3,417 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $966 |
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:
| $2.63 |
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:
| $1,239 |
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:
| $630 |
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:
| $18,773 |
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:
| $9,000 | $108,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$540 | -$6,480 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $8,460 | $101,520 |
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. | 14% | -$1,239 | -$14,866 |
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% | -$630 | -$7,560 |
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% | -$720 | -$8,640 |
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% | -$450 | -$5,400 |
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% | -$450 | -$5,400 |
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. | 9% | -$800 | -$9,600 |
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 | 48% | -$4,289 | -$51,466 |
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:
| $4,171 | $50,052 |
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 | $12,733 | $152,796 |