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

  3812 Butler Ave
  Sarasota FL 34234
UpdatedDecember 7th, 2023
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


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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