Income-Generating Duplex With Updated
For Sale
$450,000
993 Gary Street A & B, Sarasota, FL 34234
Duplex in flood zone X with two 2-bedroom, 1-bath units, screened lanais, private laundry, and covered carports with storage.
Property Size1,679 SF
Price / SF$268.02
Days on Market42
Property Features for 993 Gary Street A & B
General Information
Standard status
Active
Size
1,679 SF
Property subtype
Multi-Family
Building Details
Year Built
1958
Listing Agency:
DALTON WADE INC
(503) 858-3756
Listed By:
Marius Mocan · License #3517085
Source:
Whitesandsfl
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:07PM
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 DALTON WADE INC
Investment Insights
Based on property information with market context.
Exceptional income-producing duplex within Sarasota city limits, located in Flood Zone X where no flood insurance is required. The property is constructed with solid block and features two private units, each with 2 bedrooms and 1 bathroom. Interiors include updated kitchens with shaker cabinetry and quartz countertops, restored terrazzo flooring, open-concept living areas, and private laundry rooms. Each unit offers a screened lanai and a covered carport with locked storage, and the units do not share a common wall or yard space.
The duplex is directly across from North Water Tower Park and its paved walking trails, disc golf course, playground, covered picnic areas, public restrooms, and water bottle filling station. According to the City of Sarasota permitting website, the occupancy use is listed as R1 Hotels/Motels/Boarding House.
Major capital improvements completed within the past seven years include the roof, dual HVAC systems, and water heaters. The property also includes separate utilities, supporting flexible rental use. Unit B has operated as a short-term rental through Airbnb and VRBO since January 2026, and Unit A is currently owner-occupied.
The duplex is directly across from North Water Tower Park and its paved walking trails, disc golf course, playground, covered picnic areas, public restrooms, and water bottle filling station. According to the City of Sarasota permitting website, the occupancy use is listed as R1 Hotels/Motels/Boarding House.
Major capital improvements completed within the past seven years include the roof, dual HVAC systems, and water heaters. The property also includes separate utilities, supporting flexible rental use. Unit B has operated as a short-term rental through Airbnb and VRBO since January 2026, and Unit A is currently owner-occupied.
Key Highlights
- Duplex in Sarasota city limits in Flood Zone X, with separate units (no shared common wall or yard space) for added privacy.
- Each unit offers 2 bedrooms and 1 bathroom plus updated kitchens with shaker cabinetry and quartz countertops, and restored terrazzo flooring.
- Units include private laundry rooms, screened lanais, and covered carports with locked storage.
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
$22,056
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
4.90%
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%
$441,120
$441.1K
Cap Rate 7%
$315,086
$315.1K
Cap Rate 9%
$245,067
$245.1K
Market Conditions
NOI Build-Up for 1,679 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
$33.2K $19.80/SF
− Vacancy
−$1.7K −$1.03/SF
EGI
$31.5K $18.77/SF
− OpEx
−$9.5K −$5.63/SF
NOI
$22.1K $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%
$441,120
Cap Rate 7%
$315,086
Cap Rate 9%
$245,067
Alternative Uses
Best Use
Multifamily LT 5
$315.1K
$275.7K – $367.6K
NOI $22,056 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$290.2K
$254.0K – $338.6K
NOI $20,316 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$493.7K
$432.0K – $576.0K
NOI $34,562 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
448
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
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex in flood zone X with two 2-bedroom, 1-bath units, screened lanais, private laundry, and covered carports with storage.
Where is this duplex located?
The property is located at 993 Gary Street A & B 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: Duplex in Sarasota city limits in Flood Zone X, with separate units (no shared common wall or yard space) for added privacy.; Each unit offers 2 bedrooms and 1 bathroom plus updated kitchens with shaker cabinetry and quartz countertops, and restored terrazzo flooring.; Units include private laundry rooms, screened lanais, and covered carports with locked storage.
