Vacant Duplex with Covered
For Sale
$258,900
1764 24TH STREET, Sarasota, FL 34234
Two units have separate entrances, while fenced yard areas and an attached utility room add practical flexibility.
Property Size1,599 SF
Price / SF$161.91
Days on Market12
Property Features for 1764 24TH STREET
General Information
Standard status
Active
Size
1,599 SF
Property subtype
Duplex
Property Condition
Severity
Minor
Evidence
cosmetic updates
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
0.13 acres, Dimensions: 50x115
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 2024020046, Public Survey Range: 18E, Public Survey Section: 18, Annual Amount: $2,444.23, Tax Block: 6, Tax Book Number: A-53, Legal Description: LOT 11 BLK 6 NEWTOWN SUB, Lot: 11, Year: 2025, Zoning: RSF4
Listing ID: MFRTB8536167, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-08-05, 2 days on market, Special Conditions: None
2 carport spaces
4 total bedrooms
Built in 1961, Living area: 1599, Living area units: Square Feet, Construction Materials: Block, Concrete
Subdivision: NEWTOWN, MLS Area (Major): 34234 - Sarasota, County/Parish: Sarasota
2 total bathrooms
Water Source: Private
Slab
Close Of Escrow
Road Surface: Asphalt, Concrete
Building Details
Year Built
1961
Buildings
1
Abandoned
Yes
Listing Agency:
RICHARD PETERS REALTY LLC
(786) 418-1388
Listed By:
Ronald Ryder · License #3593068
Source:
Miharaandassociates
Added: Aug 5
Changed: Aug 16
Last Checked: Aug 16 at 6:29AM
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 RICHARD PETERS REALTY LLC
Investment Insights
Based on property information with market context.
This vacant duplex contains 1,599 square feet and was built in 1961. The property includes two units with individual entrances and a covered walkway between them. One unit has an open living and dining area, kitchen, bedrooms with built-in closets, ceramic tile flooring, a full bathroom with tub and shower, and an attached utility and storage room. The second unit is secured, with keys unavailable; its layout and condition should be verified during due diligence.
Exterior features include a covered carport, gated fencing at the front yard, and additional front and side yard areas. A new roof was installed in 2023. Utilities are currently off, and the property is being sold as-is. The source information states there is no HOA and no rental restrictions.
Exterior features include a covered carport, gated fencing at the front yard, and additional front and side yard areas. A new roof was installed in 2023. Utilities are currently off, and the property is being sold as-is. The source information states there is no HOA and no rental restrictions.
Key Highlights
- 1,599‑square‑foot duplex built in 1961
- Two units with separate private entrances
- Covered carport and walkway connecting both units
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
$21,005
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
8.11%
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%
$420,100
$420.1K
Cap Rate 7%
$300,071
$300.1K
Cap Rate 9%
$233,389
$233.4K
Market Conditions
NOI Build-Up for 1,599 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
$31.7K $19.80/SF
− Vacancy
−$1.7K −$1.03/SF
EGI
$30.0K $18.77/SF
− OpEx
−$9.0K −$5.63/SF
NOI
$21.0K $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%
$420,100
Cap Rate 7%
$300,071
Cap Rate 9%
$233,389
Alternative Uses
Best Use
Multifamily LT 5
$300.1K
$262.6K – $350.1K
NOI $21,005 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$276.4K
$241.9K – $322.5K
NOI $19,348 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$470.2K
$411.4K – $548.6K
NOI $32,915 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
476
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 units have separate entrances, while fenced yard areas and an attached utility room add practical flexibility.
Where is this duplex located?
The property is located at 1764 24TH STREET Sarasota, FL.
What is the asking price?
The asking price for this property is $258,900.
What are key features of this property?
This property features: 1,599‑square‑foot duplex built in 1961; Two units with separate private entrances; Covered carport and walkway connecting both units
