Remodeled Duplex with
For Sale
$549,000
974 TENNESSEE LANE, Sarasota, FL 34234
Two furnished one-bedroom units offer patios, updated systems, and flexible short-term or annual rental use.
Property Size1,200 SF
Price / SF$457.50
Days on Market585
Property Features for 974 TENNESSEE LANE
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Multi Family
Units
Unit Mix
2 x one bedroom
Multifamily Units
2
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$3,871
Amenities
patios
back yard
Building Details
Year Built
1961
Buildings
1
Listing Agency:
PREFERRED SHORE LLC
(941) 685-1228
Listed By:
Jason D'Agostino · License #3422983
(941) 685-1228
Source:
Exitrealty
Added: Jan 22, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:58PM
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 PREFERRED SHORE LLC
Investment Insights
Based on property information with market context.
This remodeled duplex contains two side-by-side one-bedroom residences, each measuring 600 SF, for a combined 1,200 SF. Both units include patios and furnishings, while recent improvements include new HVAC systems, roofing, flooring, appliances, impact-rated windows, and entry doors. A backyard provides additional outdoor space, and the property was built in 1961.
The property is located at 974 Tennessee Lane in Sarasota’s Sapphire Shores neighborhood, approximately 0.2 miles from Sarasota Bay. Ringling College of Art and Design is 0.4 miles away, downtown Sarasota is 1.8 miles away, and SRQ airport is 2.1 miles away. Lido Beach is 4.6 miles away, while Siesta Key Main Beach is 9 miles away. The two-unit layout supports both short-term and annual rental strategies.
The property is located at 974 Tennessee Lane in Sarasota’s Sapphire Shores neighborhood, approximately 0.2 miles from Sarasota Bay. Ringling College of Art and Design is 0.4 miles away, downtown Sarasota is 1.8 miles away, and SRQ airport is 2.1 miles away. Lido Beach is 4.6 miles away, while Siesta Key Main Beach is 9 miles away. The two-unit layout supports both short-term and annual rental strategies.
Key Highlights
- Two side‑by‑side 600SF one‑bedroom units totaling 1,200 SF
- Both residences are furnished and include patios
- Recent improvements include HVAC, roof, flooring, appliances, impact windows, and entry doors
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
$15,764
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
2.87%
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%
$315,280
$315.3K
Cap Rate 7%
$225,200
$225.2K
Cap Rate 9%
$175,156
$175.2K
Market Conditions
NOI Build-Up for 1,200 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
$23.8K $19.80/SF
− Vacancy
−$1.2K −$1.03/SF
EGI
$22.5K $18.77/SF
− OpEx
−$6.8K −$5.63/SF
NOI
$15.8K $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%
$315,280
Cap Rate 7%
$225,200
Cap Rate 9%
$175,156
Alternative Uses
Best Use
Multifamily LT 5
$225.2K
$197.1K – $262.7K
NOI $15,764 @ 7.0% cap · market cap 2.87%
Second Best
Apartment 5plus
$207.4K
$181.5K – $242.0K
NOI $14,520 @ 7.0% cap · market cap 2.64%
Theoretical Best
Office A
$352.9K
$308.8K – $411.7K
NOI $24,702 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
431
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 - Two furnished one-bedroom units offer patios, updated systems, and flexible short-term or annual rental use.
Where is this duplex located?
The property is located at 974 TENNESSEE LANE Sarasota, FL.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Two side‑by‑side 600SF one‑bedroom units totaling 1,200 SF; Both residences are furnished and include patios; Recent improvements include HVAC, roof, flooring, appliances, impact windows, and entry doors
