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    Manasota Key Multifamily Investment Opportunity Title is generated by Realmo AI

    1288 & 1290 SHORE VIEW DRIVE, Englewood, FL 34223

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    Claim this Listing
    For Sale
    $3,900,000

    Three-lot package with 15 units on Manasota Key.

    Type:Multi Family
    Property size:
    9,039 SF
    Price / SF:
    $431/SF
    Added:
    Sep 21, 2024
    Days on Market:
    620
    Last Refresh:
    Apr 16 at 5:31 am

    Property Features for 1288 & 1290 SHORE VIEW DRIVE

    General Information

    Standard status
    Active
    Size
    9,039 SF
    Property subtype
    Multi Family

    Building Details

    Year Built
    1954

    We can help!

    Listing Contact
    Tammy Kitt
    Tammy Kitt

    Listing agent Tammy Kitt License #3315954

    Listing office MICHAEL SAUNDERS & COMPANY

    Listing date Sep 21, 2024

    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

    • Package deal of three lots with a total of 15 units offering significant investment potential.
    • Prime location on picturesque Manasota Key, known for its peaceful atmosphere and beautiful beaches.
    • Updated upstairs unit at 1290 Shore View Drive features hurricane‑impact windows and doors, metal roof, and renovated interior.
    • Includes a total of 17 bedrooms, 2 studios, and 19 bathrooms across all units.
    • Onsite amenities include bikes, kayaks, and paddleboards for outdoor recreation.
    • Proximity to both Lemon Bay and the Gulf of Mexico and white‑sand beaches.

    Overview

    This offering presents a chance to acquire a real estate portfolio on Manasota Key. The listing includes three lots: 1288 Shore View Drive, 1290 Shore View Drive, and 1410 Gulf Blvd, totaling 15 units. The properties consist of one fourplex, one fiveplex, and one sixplex, featuring a total of 17 bedrooms, 2 studios, and 19 bathrooms. Recent improvements at 1290 Shore View Drive include hurricane-impact windows and doors, a metal roof, flooring, kitchen cabinets, countertops, and appliances in the upstairs unit. Original terrazzo flooring has been preserved in select ground-floor units. The upstairs unit at 1290 is updated. The downstairs units sustained flood damage and require remodeling. Manasota Key is described as a beach town without fast-food chains or traffic lights. The location offers views of sunrises over Lemon Bay and sunsets over the Gulf of Mexico. The beaches of Manasota Key are nearby. Onsite amenities include bikes, kayaks, and paddleboards. The property is surrounded by tropical landscaping. Local restaurants offer seafood and live music. All lower level units flooded.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Englewood
    County
    Charlotte
    State
    Florida
    Longitude
    -82.345
    Latitude
    26.9866

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    FAQs

    What type of property is this?
    Apartment building - Three-lot package with 15 units on Manasota Key.
    Where is this apartment building located?
    The property is located at 1288 & 1290 SHORE VIEW DRIVE Englewood, FL.
    What is the asking price?
    The asking price for this property is $3,900,000.
    What are key features of this property?
    This property features: Package deal of three lots with a total of 15 units offering significant investment potential.; Prime location on picturesque Manasota Key, known for its peaceful atmosphere and beautiful beaches.; Updated upstairs unit at 1290 Shore View Drive features hurricane‑impact windows and doors, metal roof, and renovated interior.
    (941) 284-7274
    We can help!
    Listing Contact
    Tammy Kitt
    Tammy Kitt
    Real Estate License ID: 3315954
    Learn More
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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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    1288 & 1290 SHORE VIEW DRIVE, ENGLEWOOD, FL 34223
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