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    Charming Duplex in Terrace Gardens Title is generated by Realmo AI

    2415 PELICAN DRIVE, Sarasota, FL 34237

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    For Sale
    $480,000

    Duplex - SARASOTA, FL

    Type:Duplex
    Property size:
    1,494 SF
    Lot size:
    0.23 Acres
    Price / SF:
    $321/SF
    Added:
    Apr 29, 2025
    Days on Market:
    397
    Last Refresh:
    May 30 at 2:06 pm

    Property Features for 2415 PELICAN DRIVE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Zoning
    RSF3
    Bedrooms
    3
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3
    Parking features
    Carport, Covered, Driveway
    Pets allowed
    Yes
    Interior features
    Built-in Features
    Exterior features
    Corner Lot, Rain Gutters, Sidewalk
    Appliances
    Cooktop, Dishwasher, Dryer, Range, Refrigerator, Washer
    Standard status
    Active
    APN
    2029100071
    Size
    1,494 SF
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    4460.26

    Utilities

    Heating system
    Central, Ductless (Heating), Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Number of units
    2
    Building materials
    Frame, Wood Siding
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Ingrid Caruso
    Ingrid Caruso

    Listing agent Ingrid Caruso License #3045261

    Listing office COLDWELL BANKER REALTY 5145 Ocean Blvd, Plant City, FL

    Listing date Apr 29, 2025

    MLS# A4650716 Listing URL

    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.

    HighLights

    • Duplex with Income Potential: Two separate units (2/1 and 1/1) currently rented, offering immediate rental income.
    • Prime Location: Close proximity to Legacy Trail, downtown restaurants, cultural scene, Payne Park, and beaches.
    • Large Corner Lot: Expansive corner lot provides flexibility and potential for future development.
    • Classic Florida Ranch Style: Charming 1950s mid‑century architecture with original wood floors in bedrooms.
    • Desirable Terrace Gardens Community: Located in a sought‑after neighborhood with new construction.
    • Functional Features: Includes lanai‑style sitting room, generously sized closets, carport, and essential appliances.

    Overview

    This 1950s Florida ranch-style duplex is located in the Terrace Gardens community. Situated on a corner lot, the property is divided into two separate units. Unit 2415 features 2 bedrooms and 1 bath, while Unit 2417 offers 1 bedroom and 1 bath. Both units are currently rented. The interior includes original wood floors in the bedrooms and generously sized closets. A lanai-style sitting room provides a space for relaxation. The property offers rental income potential and future development possibilities. The location provides access to the Legacy Trail, downtown restaurants and cultural scene, Payne Park, and the beach.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Dental Office Spa & Massage Center Hair Salon Law Firm Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Manatee
    State
    Florida
    Longitude
    -82.521862
    Latitude
    27.333496

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    FAQs

    What type of property is this?
    Duplex - Classic 1950s duplex with income potential in Sarasota, Florida.
    Where is this duplex located?
    The property is located at 2415 PELICAN DRIVE Sarasota, FL.
    What is the asking price?
    The asking price for this property is $480,000.
    What are key features of this property?
    This property features: Duplex with Income Potential: Two separate units (2/1 and 1/1) currently rented, offering immediate rental income.; Prime Location: Close proximity to Legacy Trail, downtown restaurants, cultural scene, Payne Park, and beaches.; Large Corner Lot: Expansive corner lot provides flexibility and potential for future development.
    (941) 539-6233
    We can help!
    Listing Contact
    Ingrid Caruso
    Ingrid Caruso
    Real Estate License ID: 3045261
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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