3812 Butler Ave, Sarasota, FL

Multi-family for Sale - $3,000,000 - 16,224 Sq. Ft. on 1.5 acres


Agent Info

Anthony Lockhart

Property Info

CIMLS#1152419
Location
  3812 Butler Ave
  Sarasota FL 34234
UpdatedDecember 7th, 2023
TypeMulti-family
Price$3,000,000
Building16,224 Sq. Ft.
Land1.5 acres

Property Description

Investors, come check out this one-of-a-kind diamond in the rough 26-unit duplex community situated on 1.5 acre right in the middle of Sarasota! Each unit is approximately 624 sq. feet of living space. All units are 2 bedrooms, 1 bathroom and have been owned and managed by one family for the past forty-one years! Many tenants have been in their unit for 10 plus years so turnover is extremely low with occupancy rates in the 98-99 percent range yearly. Rents are currently well below market values by hundreds of dollars per month per unit. Leases are currently on a month-to-month basis so a new investor can renovate one unit at a time and increase rents. One unit is currently being renovated and has a waiting list of tenants for almost 40 percent more than current rental rates. Located very near shops, restaurants, bus lines, and I-75 highway. The extreme need for affordable housing in the Sarasota area makes this property a truly fantastic opportunity. With the renovation of each unit, this community has a huge upside in income potential. ****Do not disturb tenants or walk the property without your agent present*** Owners are motivated so bring us your offers. The link is to the property virtual tour. https://www.propertypanorama.com/instaview/stellar/A4590943

Listed with Fine Properties in Sarasota


Financials

Cash offers only. Asking $115,385 per door

Cash flow $23,800 per month

Vacancy less than 4% (25 rented one vacant being rehabbed)

Do your own research - rents could be increased to 40K per month with rehab



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