PALMADELIA APARTMENTS | 10-UNIT SARASOTA MULTIFAMILY INVESTMENT
Discover an established income-producing apartment community at 2700 Palmadelia Avenue, Sarasota, FL 34234. Offered at $2,750,000, this 10-unit multifamily property combines existing rental income, a desirable Sarasota location, and potential value-add opportunities near Downtown Sarasota.
THE PROPERTY | Ten apartments consisting of eight 3-bedroom, 1-bathroom… Read More residences and two 2-bedroom, 1-bathroom residences. Built in 1980, the two-story apartment building offers approximately 7,744 square feet of living area on a 0.54-acre parcel with approximately 23 on-site parking spaces. Ownership reports full occupancy.
RENTAL INCOME | Current scheduled gross rental income of $204,000 annually, averaging $1,700 per apartment monthly. These figures represent scheduled rents, not independently verified historical collections.
VALUE-ADD POTENTIAL | Existing rental rates offer opportunities to evaluate future rent adjustments, lease renewals, and operational improvements, subject to market conditions, existing lease agreements, applicable laws, and buyer due diligence. Investment underwriting identifies potential rental growth without requiring a substantial redevelopment strategy.
PROPERTY FEATURES | Established 10-unit multifamily building with a combination of spacious two- and three-bedroom apartments, on-site parking, and an existing rental history. The property's unit mix provides flexibility for long-term residential rental operations.
LOCATION | Situated in Sarasota's Newtown neighborhood, near Downtown Sarasota, with convenient access to US-301, major employment centers, shopping, dining, and regional Gulf Coast amenities.
THE OPPORTUNITY | An established Sarasota multifamily investment property for buyers seeking existing rental income, operational flexibility, and potential long-term value creation. Suitable for consideration by private multifamily investors and 1031 exchange purchasers.
Offering memorandum, current rent roll, and investment underwriting available for qualified purchasers. All income, expenses, occupancy, leases, property details, and investment projections are subject to independent buyer verification. Read Less
Courtesy of DOUGLAS ELLIMAN 941-867-6199
Listing Snapshot
Days Online
10
Last Updated
Property Type
Multi-Family 5+
Square Ft.
7,744
Lot Size
0.54 Acres
Year Built
1980
MLS Number
A4710042
Additional Details
Property Access
Frontage Type: City Street, Road Surface: Asphalt
Building
Built in 1980, Living area: 7744, Living area units: Square Feet, Construction Materials: Block
Foundation
Slab
Income
Gross Income: $204,000, Gross ScheduledIncome: $204,000, Net Operating Income: $144,525
Lot
0.54 acres
Sewer
Public Sewer
Taxes
Additional parcels description:, Parcel Number: 2020150046, Public Survey Range: 18, Public Survey Section: 07, Annual Amount: $17,978, Tax Block: H, Tax Book Number: 1-199, Legal Description: LOTS 21 22 23 & 24 LESS S 11.2 FT THEREOF FOR ROAD R/W BLK H NEWTOWN HEIGHTS 1ST ADD TO, Lot: 21, Year: 2025, Zoning: CBN
Utilities
Electricity Available, Water Source: Public
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