$2,350,000
Investment Summary
- Monthly Cash Flow
- -$7,226
- Cap Rate
- 2.5%
- Cash-on-Cash Return
- -16.0%
- Debt Coverage Ratio
- 0.40
- Internal Rate of Return (5 years)
- -11.5%
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
BACK ON MARKET. CASEY KEY HOME RUN INVESTMENT! MOTIVATED SELLERS HAVE REDUCED. STORM RESISTANT Waterfront Residence on Casey Key, one of the most exclusive barrier islands on Florida’s West Coast! Looking for a waterfront residence MOVE-IN READY, with a deep-water dock, completely unaffected by the recent storms; & located on a magical Island that has no high rises, no traffic jams, exclusivity, resident-owned beaches, privacy, great medical, dining, and shopping, all extremely convenient? This Casey Key estate with over 4300 square feet of living space offers a rare combination of privacy & location, with stunning views of Little Sarasota Bay, a 10-foot-wide deeded easement to a pristine large beach & the Gulf of Mexico, where you can enjoy miles of quiet shoreline. Designed to capture the essence of Coastal Florida living, the home features a light & airy Open Concept Living floor plan, 18-foot vaulted Epi wood beam ceilings, double-sided stone fireplace, travertine marble floors, custom stonework, 4 bedrooms & 3.5 bathrooms. Enjoy 180 degree waterfront views while overlooking the pool, spill-over spa, & newly added Epi wood deck. The expansive master suite located on the ground floor boasts breathtaking views of Blackburn Bay, large walk-in closets, & jetted garden tub. The two guest rooms, located on the next level up, are spacious & bright with large walk-in closets, each opening to a cozy shared balcony. A boater’s dream, with a steel-roofed covered boat slip with 16K pound lift & a deep-water wet slip. Oversized 2-car garage, plus two driveways with parking for up to 10 additional vehicles, a motorhome, & extra boat or trailer parking. Additionally, another remarkable & rare bonus on the lower level, is the climate controlled 3,500 plus square feet of storage space. Significant updates, totaling over $500,000, include full re-plumbing, three new air conditioning units, a new pool deck and refinished pool with all-new equipment, and a steel roof—all completed in 2020. Embracing the island lifestyle, residents relish the warm Gulf breezes by day and breathtaking sunsets at dusk. A favorite transportation choice by residents is often Golf Carts with easy access to nearby tiki bars, restaurants, grocery store, pharmacy and more. The property's strategic location just west of the historic Blackburn Point bridge facilitates excellent proximity to the mainland with top-rated schools, fine dining establishments, Downtown Sarasota, St Armand’s Circle, The Island of Venice, and world-class medical facilities. Notably, Casey Key is the ONLY barrier island in the region with an expressway from Tamiami Trail to I75 creating easy access to all area international airports, plus private air travel options within ten minutes. The allure of this locale is undeniable, as Casey Key Road was recently acclaimed as the most coveted street address nationwide, underscoring the unparalleled status of this magical barrier island. Don't miss the opportunity to own this exclusive Casey Key residence.
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Location
Property Details
Parking
- Description: Boat, Golf Cart Parking, Ground Level, Guest, Off Street, Oversized, RV Parking, Split Garage, Workshop in Garage
- Details: Boat, Guest, Off Street, Oversized, RV Access/Parking, Garage, Workshop in Garage, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Partial): 1
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 13
- # of Stories: 3
- Basement: Yes
- Basement Description: Exterior Entry, Full
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Wood Siding
- Foundation: Block, Concrete Perimeter, Slab
- Roof Type: Gable
- Roof Material: Metal
- Pool: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0146400003
- Lot Size: 19710 sqft
Property Information
- Property Type: Single Family Residence
- Style: Coastal, Contemporary, Custom, Florida
- Year Built: 1979
Tax Information
- Annual Tax: $16,772
Utilities
- Water & Sewer: Public
- Heating: Electric
- Cooling: Central Air, Zoned
Location
- County: Sarasota
Listing Details
Investment Summary
- Monthly Cash Flow
- -$7,226
- Cap Rate
- 2.5%
- Cash-on-Cash Return
- -16.0%
- Debt Coverage Ratio
- 0.40
- Internal Rate of Return (5 years)
- -11.5%
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:
| $2,350,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,880,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $470,000 |
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:
| $70,500 |
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:
| $540,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 4,347 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $541 |
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:
| $2.07 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,880,000 |
|---|---|
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:
| $12,038 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,398 |
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:
| $14,066 |
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. | 16% | -$1,398 | -$16,772 |
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. | 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 | 41% | -$3,648 | -$43,772 |
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:
| $4,812 | $57,744 |
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. | -$12,038 | -$144,456 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$7,226 | -$86,712 |