Landings Coach Home with Lake
5268 HERON WAY 204, Sarasota, FL 34231
West of the Trail, gated community with lake views.
Type:Condo/Townhome
Property size:
1,899 SFPrice / SF:
$236/SF- Added:
- Mar 24, 2026
- Days on Market:
- 59
- Last Refresh:
- Apr 6 at 1:21 am
Property Features for 5268 HERON WAY 204
General Information
- Standard status
- Active
- Size
- 1,899 SF
- Property subtype
- Condo/Townhome
Building Details
- Year Built
- 1985
Listing agent Elizabeth Van Riper License #3287972
Listing office MICHAEL SAUNDERS & COMPANY (941) 951-6660
Listing date Mar 24, 2026
Source Exitrealty
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of MICHAEL SAUNDERS & COMPANY
HighLights
- Highly desirable location: West of the Trail, halfway between the north and south bridges to Siesta Key.
- 24‑hour guard gated community in The Landings.
- Enjoy the lake view from enclosed Florida Room with sliding glass doors.
- Access to Landings Racquet Club: 8 Har Tru tennis courts, pickleball, Olympic size swimming pool, fitness area, and clubhouse.
- Attached one‑car garage with covered walkway.
- Walking and biking trails to intercoastal mangroves with kayak racks and gazebo.
Overview
Located west of the trail in the 24-hour guard-gated Landings community, this coach home offers a lifestyle-focused living experience. Situated behind the redeveloped Landings Shopping Center, it is conveniently located halfway between the north and south bridges to Siesta Key. The traditional 3-bedroom, 2-bath home features an open, light, and bright floor plan with vaulted ceilings. The enclosed Florida Room, with two full walls of sliding glass doors, provides a lake view. The property includes a spacious living/dining area and an eat-in kitchen with ample cabinets, a built-in pantry cabinet, and a peninsula bar. The oversized primary bedroom features a sitting area and a bath foyer area with a separate vanity and a large walk-in closet. The primary bath includes a large walk-in shower, a long vanity with granite countertops, and an additional linen closet. The split bedroom floor plan offers two roomy bedrooms, one with a walk-in closet and the other with two built-in closets. An attached one-car garage is connected to the front door by a short covered walkway. The Landings Racquet Club, with 8 Har Tru tennis courts, pickle ball, a pro shop, an Olympic-size swimming pool, a fitness area, and a clubhouse, is a short walk away. Walking and biking trails lead west to the mangroves along the intercoastal, where kayak racks, a launching area, and a gazebo are available. The community features lush mature landscapes and an open eagle aerie, with stately single-family homes, coach homes, villas, tree houses, carriage houses, and five mid-rise condo buildings. The community is buffered from 41/the Trail by the updated Landings Shopping Center. The property size is 1899 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$255.3K
NOI $22,977 @ 9.00% cap · cautious / downside scenario
Moderate
$328.2K
NOI $22,977 @ 7.00% cap · market / base-case scenario
Aggressive
$459.5K
NOI $22,977 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $44.2k | $23.28 |
| − Vacancy | −$2.4k | −$1.28 |
| EGI | $41.8k | $22.00 |
| − OpEx | −$18.8k | −$9.90 |
| NOI | $23.0k | $12.10 |
1,899 SF · lease $23.28/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$328.2K
$287.2K – $383.0K
NOI $22,977 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$558.4K
$488.6K – $651.5K
NOI $39,091 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Residential income properties
Location Insight
- Map
- Local Demand
- City
- Sarasota
- County
- Manatee
- State
- Florida
- Longitude
- -82.5371731
- Latitude
- 27.2748875
Nearby Similar for Sale
FAQs
What type of property is this?
Residential income property - West of the Trail, gated community with lake views.
Where is this residential income property located?
The property is located at 5268 HERON WAY 204 Sarasota, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Highly desirable location: West of the Trail, halfway between the north and south bridges to Siesta Key.; 24‑hour guard gated community in The Landings.; Enjoy the lake view from enclosed Florida Room with sliding glass doors.
