Four-Unit Multifamily
For Sale
$1,895,000
2119-2131 MONTCLAIR DRIVE, Sarasota, FL 34231
Four residences across two masonry buildings with garages, pools, screened outdoor areas, and separately parceled components.
Property Size5,857 SF
Price / SF$323.54
Days on Market523
Property Features for 2119-2131 MONTCLAIR DRIVE
General Information
Standard status
Active
Size
5,857 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$15,640
Building Details
Year Built
2007
Listing Agency:
THE MULTIFAMILY FIRM LLC
(941) 444-6160
Listed By:
Phil Ginexi · License #3266689
(631) 404-6060
Source:
Exitrealty
Added: Mar 29, 2025
Changed: Sep 2
Last Checked: Sep 1 at 6:42PM
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 THE MULTIFAMILY FIRM LLC
Investment Insights
Based on property information with market context.
This four-unit multifamily property covers 5,857 square feet on 0.49 acres and includes two masonry buildings. The larger component contains two three-bedroom, 2.5-bath townhome-style residences completed in 2007, each with an attached two-car garage, private pool, screened lanai or patio, and individual yard. One pool is screened. The second building, constructed in 1972, is a duplex with one two-bedroom, two-bath residence and one one-bedroom, one-bath residence; both include garages, screened exterior space, and private yards.
The property is in FEMA Zone X, identified as a non-flood zone, and consists of four parcels overall. The townhome residences are separately parceled, with an additional common-area parcel, while the duplex occupies its own parcel. Electric service is separately metered for every unit, and the townhomes have individual water and sewer meters. The duplex uses a RUBS system, with utilities paid by tenants.
The property is in FEMA Zone X, identified as a non-flood zone, and consists of four parcels overall. The townhome residences are separately parceled, with an additional common-area parcel, while the duplex occupies its own parcel. Electric service is separately metered for every unit, and the townhomes have individual water and sewer meters. The duplex uses a RUBS system, with utilities paid by tenants.
Key Highlights
- Four‑unit multifamily property totaling 5,857 SF on 0.49 acres
- Two 3‑bedroom, 2.5‑bath townhome‑style units built in 2007
- Duplex includes 1 2‑bedroom, 2‑bath unit and 1 1‑bedroom, 1‑bath unit
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
$70,868
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
3.74%
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%
$1,417,360
$1.4M
Cap Rate 7%
$1,012,400
$1.0M
Cap Rate 9%
$787,422
$787.4K
Market Conditions
NOI Build-Up for 5,857 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
$136.4K $23.28/SF
− Vacancy
−$7.5K −$1.28/SF
EGI
$128.9K $22.00/SF
− OpEx
−$58.0K −$9.90/SF
NOI
$70.9K $12.10/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,417,360
Cap Rate 7%
$1,012,400
Cap Rate 9%
$787,422
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$885.9K – $1.18M
NOI $70,868 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,565 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
520
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?
Multifamily property - Four residences across two masonry buildings with garages, pools, screened outdoor areas, and separately parceled components.
Where is this multifamily property located?
The property is located at 2119-2131 MONTCLAIR DRIVE Sarasota, FL.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Four‑unit multifamily property totaling 5,857 SF on 0.49 acres; Two 3‑bedroom, 2.5‑bath townhome‑style units built in 2007; Duplex includes 1 2‑bedroom, 2‑bath unit and 1 1‑bedroom, 1‑bath unit
