$2,719,000
Investment Summary
- Monthly Cash Flow
- -$10,041
- Cap Rate
- 1.7%
- Cash-on-Cash Return
- -19.3%
- Debt Coverage Ratio
- 0.28
- Internal Rate of Return (5 years)
- -14.6%
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
*** Attention Investors and Large Families! *** Discover this stunning multi-family home nestled in a highly sought-after location with private deeded beach access, boasting luxurious features and exceptional amenities that promise a lucrative investment with over $250,000 in rental potential. For families seeking the perfect retreat, this property offers the ultimate fun-filled lifestyle whether you choose to call it home or use it as a private getaway. Imagine unwinding by the saltwater gunite pool, casting your line from your private dock to fish in the bay or using your private deeded access to the Gulf, grilling under the charming cabana, or marveling at vibrant sea life with almost every room boasting panoramic bay views on both levels. Experience paradise every day in this extraordinary home where your dream lifestyle and investment awaits! This property has 4 beds / 4.5 baths in total with the upstairs having 2 beds / 2.5 baths plus loft area along with a full kitchen and laundry. Downstairs has separate entrance with 2 beds / 2baths with full kitchen and laundry. Both levels have PANORAMIC INTRACOASTAL VIEWS from almost every room. EXTREMELY RARE MULTI-FAMILY ZONED DIRECT BAYFRONT PROPERTY w/ SAILBOAT WATER and DEEDED PARCEL TO BEACH. COMPLETELY REMODELED IN 2022, it’s practically a new house! Upgrades include NEW METAL ROOF 2020, 2 NEW AC UNITS (2024) NEW TREX DECKING THROUGHOUT. PRIVATE DOCK featuring 10,000 lb. boat lift (NEW 2022). The main-level kitchen is outfitted with CUSTOM cabinetry, top-of-the-line appliances, and striking granite countertops, while the lower-level kitchen boasts luxurious quartz surfaces. Impressive, vaulted ceilings with wood beam accents, a showstopping fireplace, and designer lighting elevate the home's unique character and charm. Recently installed IMPACT WINDOWS AND SLIDERS provide peace of mind and storm protection. The interior is graced with high-end porcelain tile on the main floor and equally elegant tile throughout the lower level. Spa-like bathrooms feature upgraded fixtures and beautifully tiled showers. The main-level primary suite offers a luxurious retreat with a jetted jacuzzi tub for two, a walk-in shower, and serene water views. Enjoy spacious living areas on both levels, each offering stunning views from every window and sliding glass door. Outdoor living is nothing short of spectacular with FULL-LENGTH TREX DECKS, a paver patio with a cozy firepit, bocce ball court, designated kayak storage, grilling area, and a RESORT-STYLE GUNITE SALTWATER POOL with sun shelf and adjacent tiki bar room - the perfect place to entertain. Additional highlights include a two-car garage, generous storage, and ample guest parking. Located directly on Lemon Bay with easy access to the Gulf of Mexico, this property offers the best of both worlds - tranquil sunrises and show stopping sunsets, along with PRIVATE, DEEDED BEACH ACCESS just steps away! Watch dolphins play, spot gentle manatees, and enjoy seamless access to the mainland. Close to shopping, the Historic Island of Venice, and so much more. THIS HOME IS AN ABSOLUTE MUST SEE!
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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: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Partial): 1
- # of Baths (Total): 5.0
Interior Features
- # of Stories: 2
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Shed
- Roof Material: Metal
- Pool: Yes
Land Information
- Land Use: Residential Income
- Land Use Subtype: Duplex
Lot Information
- Parcel ID: 0489240003
- Lot Size: 20714 sqft
Property Information
- Property Type: Duplex
- Year Built: 1982
Tax Information
- Annual Tax: $12,145
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Sarasota
Listing Details
Investment Summary
- Monthly Cash Flow
- -$10,041
- Cap Rate
- 1.7%
- Cash-on-Cash Return
- -19.3%
- Debt Coverage Ratio
- 0.28
- Internal Rate of Return (5 years)
- -14.6%
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:
| $2,719,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,175,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $543,800 |
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:
| $81,570 |
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:
| $625,370 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 4,071 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $668 |
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:
| $1.74 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,175,200 |
|---|---|
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:
| 6.625% |
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:
| $13,928 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $1,012 |
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:
| $497 |
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:
| $15,437 |
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:
| $7,100 | $85,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$426 | -$5,112 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,674 | $80,088 |
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% | -$1,012 | -$12,145 |
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% | -$497 | -$5,964 |
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% | -$568 | -$6,816 |
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% | -$355 | -$4,260 |
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% | -$355 | -$4,260 |
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 | 39% | -$2,787 | -$33,445 |
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:
| $3,887 | $46,644 |
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. | -$13,928 | -$167,136 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $10,041 | $120,492 |