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$329,999

For Sale - Active
3645 Lokai Pl, Sarasota, FL 34232
3 Beds
1 Bath
839 Square Feet
0.18 Acres Lot
Built in 1961
For Sale - Active
1 Units
Checked: 17 hours ago
Updated: Jun 20, 2025 at 03:38AM

Investment Summary


Monthly Cash Flow
-$440
Cap Rate
4.5%
Cash-on-Cash Return
-7.0%
Debt Coverage Ratio
0.74
Internal Rate of Return (5 years)
-2.7%

Property Description


0.18 Acres Lot
Built in 1961
For Sale - Active
1 Units

Here's your chance to own a clean and charming 3-bedroom 1 bath single family home in Central Sarasota! Located in Ridgewood Estates, this is a nice and quiet neighborhood just off Bee Ridge and close to everything you could need. As you walk through the front door, you'll appreciate how well the home has been taken care of. Enjoy the open concept layout with terrazzo floor throughout the house. An ideal starter home, investment property or a vacation home. Less than 7 miles to Downtown Sarasota and less than 10 miles to Siesta Key as well as St.Armands/Lido Key. 2 miles from I-75 and just over 1 mile to Urfer Family Park. There are ample restaurants, retail/grocery stores and gyms right outside of the neighborhood. No HOA or Deed Restrictions! Schedule your private tour today and see for yourself!

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Location


Property Details


Parking

  • Description: Carport
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Total): 1.0

Interior Features

  • # of Rooms: 3
  • # of Stories: 1

Exterior Features

  • Exterior Walls Materials: Concrete Block
  • Foundation: Block
  • Roof Type: Flat
  • Roof Material: Other

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 0063100079
  • Lot Size: 7680 sqft

Property Information

  • Property Type: Single Family Residence
  • Year Built: 1961

Tax Information

  • Annual Tax: $1,560

Utilities

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

Location

  • County: Sarasota

Listing Details


Listed by:
Prima Palacio
CHARLES RUTENBERG REALTY INC
(407) 421-5742

Source:
Stellar MLS
MLS#: TB8339998
Stellar MLS

Investment Summary


Monthly Cash Flow
-$440
Cap Rate
4.5%
Cash-on-Cash Return
-7.0%
Debt Coverage Ratio
0.74
Internal Rate of Return (5 years)
-2.7%

Purchase Details

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Purchase price:
$329,999
Amount financed:
-$263,999
Down payment:
$66,000
Closing costs:
$9,900
Rehab costs:
$0
Initial cash invested:
$75,900
Square feet:
839
Cost per square foot:
$393
Monthly rent per square foot:
$2.38

Financing Details

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Loan amount:
$263,999
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$1,690
Property tax:
$130
Insurance:
$140
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,960

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,000 $24,000
Vacancy loss: (6%)
6% -$120 -$1,440
Operating income:
$1,880 $22,560

Operating Expenses


% Rent Monthly Yearly
Property taxes: (7%)
7%-$130-$1,560
Insurance: (7%)
7%-$140-$1,680
Property management: (8%)
8%-$160-$1,920
Repairs & maintenance: (5%)
5%-$100-$1,200
Capital expenditures: (5%)
5%-$100-$1,200
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (32%)
32%-$630-$7,560

Cash Flow


Monthly Yearly
Net operating income:
$1,250 $15,000
Mortgage payments:
-$1,690 -$20,280
Cash flow:
-$440 -$5,280