Discover an exceptional income producing property in the heart of coveted Siesta Key. This fully renovated multi unit compound features two spacious 3 bedroom, 2 bathroom units, one upstairs and one downstairs, making it ideal for short term rental investors. The current owner is available to continue managing the property for the next owner at only a 10 percent fee, offering a seamless, turnkey transition.
The property generated $393,000 in gross income in 2023, $350,000 in 2024 (with two months of downtime due to hurricane impact), and $308,977 in 2025 (still down from hurricane related effects), with 2026 year to date income of $214,000 through July, offering strong and proven cash flow.
Recent improvements include new AC (2025), updated flooring (2024 to 2025), modernized plumbing (2024), electrical upgrades (2022), and refreshed hot tubs (2021).
What truly sets this property apart is its Commercial General (CG) zoning with a special exemption allowing nightly rentals, a rare and highly valuable designation on Siesta Key that protects the short term rental use. This zoning also unlocks significant redevelopment potential, including the possibility to construct an approximately 85 foot building with ground floor parking, 11 two bedroom units, and a rooftop pool.
Property is part of a very successful Airbnb portfolio consisting of three duplexes with cap rates exceeding 10 percent. Please inquire for details.
Property Details
- Interior
- Other
- Heating
- Central, Electric
- Cooling Features
- Central Air
- Bedrooms
- 6
- Bathrooms
- 4.0
- Full Baths
- 4
- Stories
- 2
- Pool
- 1
- Pool Description
- Above Ground
- Pool Features
- Above Ground
- Exterior Materials
- Lighting, Outdoor Grill, Outdoor Shower, Sauna
- Acres
- 0.1
- Square Feet
- 2050.0
- Property Type
- Purchase
- Year Built
- 1965
- Foundation
- Slab
- Roof
- Shingle
- Sewer Information
- Public Sewer
- Utility Source
- Public
- Utility Features
- Cable Available
- Appliances
- Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
- Subdivision
- SARASOTA BEACH
- County
- Sarasota
- Region
- SARASOTA
- Zoning
- CG
- Original List Price
- $2,690,000
- Days on Market (Cumulative)
- 10
- Taxes Annual
- $13,996
- Ownership
- Fee Simple
- MLS #
- TB8541886
Location
Legal
IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. Some IDX listings have been excluded from this website. Listing Information presented by local MLS brokerage: Renaissance Realty Group
Provided By
Listed by Steve Fingerman (#MFR262002119)
Listing Office: PEOPLE'S TRUST REALTY (#MFR262003054)
