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$1,175,000

For Sale - Active
6480 Midnight Pass Rd Unit 503, Sarasota, FL 34242
2 Beds
2 Baths
1,265 Square Feet
0.00 Acres Lot
Built in 1979
For Sale - Active
1 Units
Checked: 8 hours ago
Updated: Sep 08, 2025 at 10:04AM

Investment Summary


Potential Missing Expenses

We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$3,080
Cap Rate
3.0%
Cash-on-Cash Return
-13.7%
Debt Coverage Ratio
0.49
Internal Rate of Return (5 years)
-9.2%

Property Description


0.00 Acres Lot
Built in 1979
For Sale - Active
1 Units

Gulf Views, Poolside Charm & Prime Weekly Rental Potential on Siesta Key Welcome to Siesta Breakers, your ticket to coastal living with incredible flexibility — whether you're looking for a high-performing short-term rental, a seasonal escape, or a place to call home year-round. This fully furnished bright and breezy 2-bedroom, 2-bath condo sits on the 5th floor of the north building and offers sweeping views of the Gulf of Mexico and an overlook of the resort-style heated pool — a rare and highly desirable combo that makes it ideal for families, vacationers, and owners alike. With weekly rentals allowed and recent comparable units earning up to $2,300 weekly on Airbnb, this unit is as much an investment opportunity as it is a lifestyle upgrade. Step inside and feel the open layout welcome you in, from the inviting kitchen with bar-height seating and recessed lighting to the spacious screened lanai, perfect for morning coffee with a sea breeze or sunset cocktails with guests. Easy-care tile floors flow throughout the space, providing both beauty and durability for beachgoers and full-time residents. The owner’s suite features dual closets, upgraded finishes, and its own Gulf and pool views, while the guest room also enjoys a Gulf view, ensuring every guest has a front-row seat to paradise. With in-unit laundry, plantation shutters, and coastal upgrades throughout, this condo delivers turnkey convenience. Located directly on Crescent Beach’s private sands, Siesta Breakers also includes top-tier amenities: lighted tennis courts, a welcoming clubhouse, and the security of a gated community. Just across the street, you’ll find dining, shopping, and entertainment at Captain Curt’s plaza, with the free Siesta Breeze Trolley ready to take you to Siesta Village for even more island fun. What makes this unit truly special is its dual appeal: enjoy the freedom to rent weekly, manage through Airbnb or the onsite rental office, or simply keep it all to yourself as a low-maintenance beachfront residence. Plus, all 2024 special assessments are already paid — giving you peace of mind from day one. Whether you're looking to maximize ROI or settle into coastal serenity, this Siesta Key gem offers the best of both worlds.

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Location


Property Details


Parking

  • Description: Assigned, Covered, Guest
  • Details: Assigned, Covered, Guest
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 6

Exterior Features

  • Exterior Walls Materials: Stucco
  • Foundation: Block, Concrete Perimeter, Other, Pillar/Post/Pier, Slab
  • Roof Type: Flat
  • Roof Material: Other, Tile

HOA

  • Association: Tamara Gilman

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 0108071009
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Style: Traditional
  • Year Built: 1979

Tax Information

  • Annual Tax: $10,267

Utilities

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

Location

  • County: Sarasota

Listing Details


Listed by:
Josh Jankowski
CORCORAN DWELLINGS REALTY
(773) 220-9867

Source:
Stellar MLS
MLS#: A4658248
Stellar MLS

Investment Summary


Potential Missing Expenses

We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$3,080
Cap Rate
3.0%
Cash-on-Cash Return
-13.7%
Debt Coverage Ratio
0.49
Internal Rate of Return (5 years)
-9.2%

Purchase Details

Find an Agent

Purchase price:
$1,175,000
Amount financed:
-$940,000
Down payment:
$235,000
Closing costs:
$35,250
Rehab costs:
$0
Initial cash invested:
$270,250
Square feet:
1,265
Cost per square foot:
$929
Monthly rent per square foot:
$4.35

Financing Details

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Loan amount:
$940,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$6,019
Property tax:
$856
Insurance:
$385
Private mortgage insurance (PMI):
$0
Monthly payment:
$7,260

Operating Income

Find a Property Manager

% Rent Monthly Yearly
Gross rent:
$5,500 $66,000
Vacancy loss: (6%)
6% -$330 -$3,960
Operating income:
$5,170 $62,040

Operating Expenses


% Rent Monthly Yearly
Property taxes: (16%)
16%-$856-$10,268
Insurance: (7%)
7%-$385-$4,620
Property management: (8%)
8%-$440-$5,280
Repairs & maintenance: (5%)
5%-$275-$3,300
Capital expenditures: (5%)
5%-$275-$3,300
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (41%)
41%-$2,231-$26,768

Cash Flow


Monthly Yearly
Net operating income:
$2,939 $35,268
Mortgage payments:
-$6,019 -$72,228
Cash flow:
-$3,080 -$36,960