Three-Unit Income
For Sale
$1,000,000
Pending
2932 LEXINGTON St, Sarasota, FL 34231
Three separate-entry income-producing units offer flexible use as rentals or owner-occupied living.
Property Size4,005 SF
Days on Market150
Property Features for 2932 LEXINGTON St
General Information
Standard status
Pending
Size
4,005 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,281
Building Details
Building Size
4,005 SF
Year Built
1978
Units
3
Listing Agency:
FRAKES REALTY
Listed By:
Derek Frakes · License #3446503
(508) 717-2752
Source:
Elliman
Added: Apr 11
Changed: Aug 7
Last Checked: Jul 23 at 5:41AM
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 FRAKES REALTY
Investment Insights
Based on property information with market context.
This property is a three-unit income-producing home featuring three separate entry ways. The layout allows for multiple rental configurations, including renting two units while occupying one, or joining all three units together for a larger single-family setup.
The property is described as being minutes from Sarasota’s major attractions, including Siesta Key Beach, Selby Gardens, Downtown Sarasota, Longboat Key, and University Town Center Mall.
With its standalone entries and three-unit configuration, the home supports both investment and owner-occupant use, depending on how the units are combined or leased.
The property is described as being minutes from Sarasota’s major attractions, including Siesta Key Beach, Selby Gardens, Downtown Sarasota, Longboat Key, and University Town Center Mall.
With its standalone entries and three-unit configuration, the home supports both investment and owner-occupant use, depending on how the units are combined or leased.
Key Highlights
- 3 income‑producing units with three separate entry ways for flexible rental or owner‑occupied living
- Year built 1978
- Flexible setup to rent two units and occupy one, or combine all 3 into one home
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
$52,612
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
5.26%
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%
$1,052,240
$1.1M
Cap Rate 7%
$751,600
$751.6K
Cap Rate 9%
$584,578
$584.6K
Market Conditions
NOI Build-Up for 4,005 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
$79.3K $19.80/SF
− Vacancy
−$4.1K −$1.03/SF
EGI
$75.2K $18.77/SF
− OpEx
−$22.5K −$5.63/SF
NOI
$52.6K $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%
$1,052,240
Cap Rate 7%
$751,600
Cap Rate 9%
$584,578
Alternative Uses
Best Use
Multifamily LT 5
$751.6K
$657.7K – $876.9K
NOI $52,612 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$692.3K
$605.8K – $807.7K
NOI $48,460 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,442 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 34231, FL
31,492
Population
19,017
Households
1.7
Avg Household Size
55
Median Age
38%
College-Educated
95%
High-School Grad
9.4 sq mi
ZIP Area
3,350
Density / Sq Mi
$69,721
Median Household Income
$40,608
Median Earnings
$1,707
Median Rent
$363,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate-entry income-producing units offer flexible use as rentals or owner-occupied living.
Where is this triplex located?
The property is located at 2932 LEXINGTON St Sarasota, FL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 3 income‑producing units with three separate entry ways for flexible rental or owner‑occupied living; Year built 1978; Flexible setup to rent two units and occupy one, or combine all 3 into one home
