4-unit Vacation Rental property FOR SALE in highly desired Sarasota market.
Located on the way to America’s #1 Beach, Siesta Key. This 4-unit treasure has upside available as one long term tenant is a holdover annual tenant, while the other 3 units have been renovated and converted into vacation rentals.
There is at least $1,000 per month more, that can be realized in upside potential by changing the 4th unit to a seasonal/vacation rental. With our tourism market setting another annual consistent record increase, 2016 should be a fantastic year for vacationers in our lovely area.
They aren’t making real estate like this anymore and if you were to try and recreate this product in today’s world, the acquisition and construction costs would be substantial versus acquiring an existing property and making some small renovations.
Current NOI of approximately $68,000+ at an asking price of $799,000 equates to a cap rate of 8.5+%.
Contact Sean Dreznin today at (941) 906-8688 or firstname.lastname@example.org