Vacant Duplex with Covered
New
For Sale
Under Contract
$269,999
1764 24TH Street, Sarasota, FL 34234
MULTI_FAMILY - SARASOTA, FL
Property Size1,599 SF
Lot Size0.13 Acres
Price / SF$168.85
Days on Market6
Property Features for 1764 24TH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RSF4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 1
Subdivision
NEWTOWN
Directions
Turn left (south) onto US-41 S / N Tamiami Trail. Continue approximately 3.5 miles. Turn left onto 24th Street. Continue to 1764 24th St, which will be on your left. Distance: Approximately 7 miles Drive Time: About 15-20 minutes, depending on traffic.
Standard status
Active Under Contract
APN
2024020046
Size
1,599 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 11 BLK 6 NEWTOWN SUB
Tax Annual Amount
2444
Legal Description
LOT 11 BLK 6 NEWTOWN SUB
Utilities
Sewer type
Public Sewer
Water source
Private
Amenities
covered carport
fenced yard
gated entry
covered walkway
Building Details
Year built
1961
Building materials
Block, Concrete
Roof type
Shingle
Listing Agency:
RICHARD PETERS REALTY LLC
(786) 418-1388
Listed By:
Ronald Ryder · License #3593068
(305) 302-9806
Added: Aug 5
Changed: Aug 7
Last Checked: Aug 10 at 1:06AM
MLS# TB8536167
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This vacant duplex is arranged as two separate units on a 0.13-acre lot, with 1599 square feet of property size. Each unit has its own entrance, and a covered walkway links the residences. One unit includes an open living and dining area, kitchen, ceramic tile flooring, built-in bedroom closets, a full bathroom with tub and shower, and an attached utility and storage room. The second unit is secured, with keys unavailable, and is believed to have a substantially similar layout; buyers should verify its features and condition during due diligence.
Exterior improvements include a covered carport, fenced front yard with gated access, front and side yards, and a shingle roof installed in 2023. The building was constructed in 1961 with block and concrete materials. The property is zoned RSF4, has public sewer and private water, no HOA, and no rental restrictions. Utilities are currently off, and the property is offered as-is.
Exterior improvements include a covered carport, fenced front yard with gated access, front and side yards, and a shingle roof installed in 2023. The building was constructed in 1961 with block and concrete materials. The property is zoned RSF4, has public sewer and private water, no HOA, and no rental restrictions. Utilities are currently off, and the property is offered as-is.
Key Highlights
- Two‑unit duplex with separate private entrances
- 1599 square feet on a 0.13‑acre lot
- Shingle roof installed in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,005
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$420,100
$420.1K
Cap Rate 7%
$300,071
$300.1K
Cap Rate 9%
$233,389
$233.4K
Market Conditions
NOI Build-Up for 1,599 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$31.7K $19.80/SF
− Vacancy
−$1.7K −$1.03/SF
EGI
$30.0K $18.77/SF
− OpEx
−$9.0K −$5.63/SF
NOI
$21.0K $13.14/SF
Area
Manatee County, FL
Vacancy
5.22%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$420,100
Cap Rate 7%
$300,071
Cap Rate 9%
$233,389
Alternative Uses
Best Use
Multifamily LT 5
$300.1K
$262.6K – $350.1K
NOI $21,005 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$276.4K
$241.9K – $322.5K
NOI $19,348 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$470.2K
$411.4K – $548.6K
NOI $32,915 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
Explore this area
Business Placement
Demographics for 34234, FL
20,858
Population
10,257
Households
2
Avg Household Size
42
Median Age
28%
College-Educated
86%
High-School Grad
6.5 sq mi
ZIP Area
3,209
Density / Sq Mi
$56,607
Median Household Income
$33,536
Median Earnings
$1,352
Median Rent
$222,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate entrances, fenced grounds, and flexible interior space support multiple occupancy arrangements.
Where is this duplex located?
The property is located at 1764 24TH Street Sarasota, FL.
What is the asking price?
The asking price for this property is $269,999.
What are key features of this property?
This property features: Two‑unit duplex with separate private entrances; 1599 square feet on a 0.13‑acre lot; Shingle roof installed in 2023
