Renovated
For Sale
$360,000
605 KING STREET, Nokomis, FL 34275
Two-unit residential property with substantial system and interior updates for continued rental use.
Property Size1,694 SF
Price / SF$212.51
Days on Market643
Property Features for 605 KING STREET
General Information
Standard status
Active
Size
1,694 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,269
Building Details
Year Built
1957
Buildings
1
Listing Agency:
Beycome Of Florida LLC
(804) 656-5007
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Source:
Exitrealty
Added: Nov 25, 2024
Changed: Aug 29
Last Checked: Aug 29 at 2:05PM
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 Beycome Of Florida LLC
Investment Insights
Based on property information with market context.
This duplex in Nokomis, Florida, contains two residential units within a 1,694-square-foot property built in 1957. Improvements include a newer roof, septic system, lift station, PEX piping, kitchen cabinetry, air-conditioning equipment, hot water heaters, and electrical panels.
Located at 605 King Street, the property offers a two-unit configuration suited to residential income use. The combination of updated major systems and refreshed unit components provides a practical foundation for continued operation as a duplex.
Located at 605 King Street, the property offers a two-unit configuration suited to residential income use. The combination of updated major systems and refreshed unit components provides a practical foundation for continued operation as a duplex.
Key Highlights
- Two‑unit duplex at 605 King Street, Nokomis, FL 34275
- 1,694‑square‑foot property built in 1957
- Updated roof, septic system, and lift station
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
$17,312
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
4.81%
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%
$346,240
$346.2K
Cap Rate 7%
$247,314
$247.3K
Cap Rate 9%
$192,356
$192.4K
Market Conditions
NOI Build-Up for 1,694 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
$27.4K $16.20/SF
− Vacancy
−$2.7K −$1.60/SF
EGI
$24.7K $14.60/SF
− OpEx
−$7.4K −$4.38/SF
NOI
$17.3K $10.22/SF
Area
Sarasota County, FL
Vacancy
9.88%
Lease Rate
$16.20 /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%
$346,240
Cap Rate 7%
$247,314
Cap Rate 9%
$192,356
Alternative Uses
Best Use
Multifamily LT 5
$247.3K
$216.4K – $288.5K
NOI $17,312 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$220.4K
$192.8K – $257.1K
NOI $15,427 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$481.4K
$421.3K – $561.7K
NOI $33,701 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 34275, FL
20,570
Population
13,139
Households
1.6
Avg Household Size
63
Median Age
43%
College-Educated
97%
High-School Grad
25.7 sq mi
ZIP Area
800
Density / Sq Mi
$84,503
Median Household Income
$48,094
Median Earnings
$1,459
Median Rent
$435,600
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 - Two-unit residential property with substantial system and interior updates for continued rental use.
Where is this duplex located?
The property is located at 605 KING STREET Nokomis, FL.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two‑unit duplex at 605 King Street, Nokomis, FL 34275; 1,694‑square‑foot property built in 1957; Updated roof, septic system, and lift station
