Move-In Ready Condo in
For Sale
$425,000
1708 GLENHOUSE DRIVE 414, Sarasota, FL 34231
Condo in waterfront community with resort-style amenities near Siesta Key.
Property Size1,288 SF
Lot Size8.79 Acres
Price / SF$329.97
Days on Market614
Property Features for 1708 GLENHOUSE DRIVE 414
General Information
Standard status
Active
Size
1,288 SF
Lot size
8.79 Acres
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$3,666
Building Details
Year Built
1979
Listing Agency:
MICHAEL SAUNDERS & COMPANY
(941) 400-0601
Listed By:
Susan Katanic · License #0704382
(941) 400-0601
Source:
Exitrealty
Added: Dec 6, 2024
Changed: Aug 8
Last Checked: Aug 12 at 6:20AM
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 MICHAEL SAUNDERS & COMPANY
Investment Insights
Based on property information with market context.
Located in the gated waterfront community of Pelican Cove, this move-in ready condo offers access to amenities including botanical gardens, a bird sanctuary, 86 boat slips, three clubhouses, six heated pools, tennis courts, a fitness center, walking trails, kayaking, fishing, and a program with classes and clubs. The residence features an open floor plan with vaulted ceilings, oversized skylights, and extra windows. Luxury vinyl flooring, crown molding, and an enclosed lanai are present. The kitchen includes granite countertops, wood cabinetry, a wall pantry, and prep space. Upgrades include a new AC (2024), electrical panel (2023), hot water heater (2018), stainless steel appliances, filmed slider windows, and a new LG stackable washer/dryer (2025). Both bathrooms are updated with modern vanities, tile floors, and glass-enclosed showers. Assigned parking and guest space are available at the entry. The property is located minutes from Siesta Key Beach, Legacy Trail, dining, shopping, theaters, and Sarasota’s cultural scene. The property size is 1288 square feet.
Key Highlights
- Move‑in ready condo in the highly desirable, gated waterfront community of Pelican Cove on Little Sarasota Bay.
- Resort‑style living with extensive amenities: 86 boat slips, 3 clubhouses, 6 heated pools, tennis courts, fitness center, walking trails, kayaking, fishing, botanical gardens, and bird sanctuary.
- Significant recent upgrades: New AC (2024), electrical panel (2023), hot water heater (2018), stainless steel appliances, LG washer/dryer (2025), and updated bathrooms.
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
$15,585
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
3.67%
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%
$311,700
$311.7K
Cap Rate 7%
$222,643
$222.6K
Cap Rate 9%
$173,167
$173.2K
Market Conditions
NOI Build-Up for 1,288 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
$30.0K $23.28/SF
− Vacancy
−$1.6K −$1.28/SF
EGI
$28.3K $22.00/SF
− OpEx
−$12.8K −$9.90/SF
NOI
$15.6K $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%
$311,700
Cap Rate 7%
$222,643
Cap Rate 9%
$173,167
Alternative Uses
Best Use
Apartment 5plus
$222.6K
$194.8K – $259.8K
NOI $15,585 @ 7.0% cap · market cap 3.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$378.8K
$331.4K – $441.9K
NOI $26,513 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
744
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condo in waterfront community with resort-style amenities near Siesta Key.
Where is this residential income property located?
The property is located at 1708 GLENHOUSE DRIVE 414 Sarasota, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Move‑in ready condo in the highly desirable, gated waterfront community of Pelican Cove on Little Sarasota Bay.; Resort‑style living with extensive amenities: 86 boat slips, 3 clubhouses, 6 heated pools, tennis courts, fitness center, walking trails, kayaking, fishing, botanical gardens, and bird sanctuary.; Significant recent upgrades: New AC (2024), electrical panel (2023), hot water heater (2018), stainless steel appliances, LG washer/dryer (2025), and updated bathrooms.
