MAGELLAN APARTMENTS | 16-UNIT SARASOTA MULTIFAMILY INVESTMENT
Discover an established income-producing apartment community at 1410 Magellan Drive, Sarasota, FL 34243. Offered at $2,750,000, this 16-unit property combines existing rental income, month-to-month tenancy and potential value-add opportunities in the Sarasota-Bradenton investment market.
THE PROPERTY | Sixteen efficiency apartments in a two-story garden-style building.… Read More Ownership reports full occupancy, with all 16 units operating on month-to-month rental arrangements. The property features block construction, a slab foundation and approximately 5,163 square feet of building area, according to MLS property information.
RENTAL INCOME | Current scheduled gross rental income of $192,000 annually, averaging $1,000 per apartment monthly. These figures represent scheduled rents, not independently verified historical collections.
VALUE-ADD POTENTIAL | Month-to-month leases provide flexibility to evaluate future rental adjustments and operational improvements, subject to applicable laws and existing tenant rights. Investment underwriting identifies potential rent growth without requiring a substantial renovation program.
PROPERTY IMPROVEMENTS | Major interior renovations are reported during 2016–2018, with a permit-documented reroof during 2019–2020. Buyers should verify the scope and condition of improvements.
LOCATION | Located in the Whitfield area near the Sarasota-Manatee County line, with convenient access to US-41, Sarasota Bradenton International Airport, Downtown Sarasota and regional employment centers.
THE OPPORTUNITY | An established 16-unit multifamily property for investors seeking existing rental income, operational flexibility and potential long-term value creation.
Offering memorandum and financial 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.
5,163
Lot Size
0.34 Acres
Year Built
1974
MLS Number
A4710044
Additional Details
Property Access
Frontage Type: City Street, County Road, Road Surface: Asphalt
Building
Built in 1974, Living area: 5163, Living area units: Square Feet, Construction Materials: Block
Cooling
Central Air
Foundation
Slab
Income
Gross Income: $192,000, Gross ScheduledIncome: $192,000, Net Operating Income: $126,183
Lot
0.34 acres
Taxes
Additional parcels description:, Parcel Number: 6596010006, Public Survey Range: 17, Public Survey Section: 24, Annual Amount: $18,228, Tax Book Number: 11-79, Legal Description: THE W 125 FT OF LOT C-1, UNIT 1, WHITFIELD COUNTRY CLUB HEIGHTS PI#65960.1000/6, Lot: C-1, Year: 2025, Zoning: RSF3
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Listings courtesy of Stellar MLS as distributed by MLS GRID, based on information submitted to the MLS GRID as of . Information is provided exclusively for consumers' personal noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed by MLS GRID. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may be listed or sold by various participants in the MLS, who may not be the office/agent presenting the information. This content last updated on . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
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