431 N EAST AVE, SARASOTA, FL, 34237
$999,000
Residential Income
Bedrooms
5
Bathrooms
4
Living Area
2,245 Sqft
Lot Size
12,472 Sqft
Three renovated units, one corner parcel, four blocks from Main Street. A fully occupied Sarasota triplex producing $7,200 per month, or $86,400 annually, against a $999,000 asking price. That is an 8.65% gross yield and a basis of $333,000 per door. Every unit has been rebuilt inside. Large-format marble-look porcelain tile runs wall to wall through all three, with no carpet anywhere in the building. Walls and ceilings are crisp white under flush-mount LED fixtures in every room. Kitchens carry light flat-panel cabinetry, and stainless appliances, with stacked laundry inside the unit rather than a shared machine down the hall. Bathrooms are white vanities, chrome fittings and framed mirrors over the same tile. The finish package is deliberately consistent across all three units, and that consistency is what makes it turnkey: one material palette, one maintenance standard, and no unit sitting in line for work before it can lease. The mix spans three price points. A three-bedroom, two-bath at $3,800. A two-bedroom, one-bath at $1,900. A studio at $1,500. All three are occupied. The building is single-story concrete block on a slab under a shingle roof, with central air, public water and public sewer, and off-street parking for ten. Three water meters and three electric meters measure consumption per unit. The parcel sits in Flood Zone X. Between masonry construction and Flood Zone X, the two variables that drive Florida insurance both point the same direction. Ownership is fee simple with no HOA, no condominium association and no CDD fee. Two levers sit on top of the in-place rent. The first is vacation rental. The City of Sarasota extended its vacation rental ordinance to the Downtown Neighborhood zone district in March 2024, and this parcel falls inside it. Stays of seven nights or longer are permitted with a city certificate, which is a materially different revenue profile than a twelve-month lease in a location four blocks off Main Street. The second is the land. A 12,472 square foot corner site, zoned DTN and sitting under the City's Missing Middle Overlay, which can support density beyond the three units standing today where attainable-housing, design and permitting standards are satisfied. Nothing further is approved and any concept requires confirmation with the City, but the parcel carries a second thesis that a stabilized triplex elsewhere does not. Renovated, occupied, individually metered, insurable, and sitting on urban ground with room to grow. Income now, optionality later.
Property Details
Property Features Property Features
MLS ID: MFRA4703278 Year Built: 1959
Appliances: Dryer, Range, Range Hood, Washer Construction Materials: Block
Cooling: Central Air Country: US
County Or Parish: Sarasota Exterior Features: Awning(s), Fence, Sidewalk
Flooring: Tile Foundation Details: Slab
Green Energy Efficient: Appliances, HVAC Heating: Central, Electric
Laundry Features: Electric Dryer Hookup, Laundry Room, Washer Hookup Listing Agreement: Exclusive Right To Sell
Listing Terms: Cash, Conventional, FHA, VA Loan Lot Features: Corner Lot, City Limits, Landscaped, Sidewalk
Occupant Type: Tenant Parking Features: Driveway, Off Street, Open
Patio And Porch Features: Porch Property Sub Type: Triplex
Property Type: Residential Income Road Responsibility: Public Maintained Road
Road Surface Type: Asphalt Roof: Shingle
Sewer: Public Sewer Showing Requirements: Supra Lock Box, 24 Hour Notice, Appointment Only, Call Listing Agent, Do Not Contact Tenants
Special Listing Conditions: None Standard Status: Active
State Or Province: FL Utilities: Electricity Connected, Sewer Connected, Water - Multiple Meters, Water Connected
View: City Water Source: Public
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