Vacant Duplex with Covered
For Sale
$249,999
1764 24TH Street, Sarasota, FL 34234
Residential Income, SARASOTA, FL
Property Size1,599 SF
Lot Size0.13 Acres
Price / SF$156.35
Days on Market30
Property Features for 1764 24TH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RSF4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1, Bedroom 1
Subdivision
NEWTOWN
Directions
Turn left (south) onto US-41 S / N Tamiami Trail. Continue approximately 3.5 miles. Turn left onto 24th Street. Continue to 1764 24th St, which will be on your left. Distance: Approximately 7 miles Drive Time: About 15-20 minutes, depending on traffic.
Standard status
Active
APN
2024020046
Size
1,599 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 11 BLK 6 NEWTOWN SUB
Tax Annual Amount
2444
Legal Description
LOT 11 BLK 6 NEWTOWN SUB
Utilities
Sewer type
Public Sewer
Water source
Private
Building Details
Year built
1961
Building materials
Block, Concrete
Roof type
Shingle
Listing Agency:
RICHARD PETERS REALTY LLC
(786) 418-1388
Listed By:
Ronald Ryder · License #3593068
(305) 302-9806
Added: Aug 5
Changed: Aug 27
Last Checked: Sep 3 at 8:06PM
MLS# TB8536167
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This vacant duplex at 1764 24TH Street includes 1,599 square feet on a 0.13-acre lot. The property has a covered carport, gated entry, fenced front yard, separate entrances for each unit, and a covered walkway between the residences. Front and side yard areas provide additional outdoor space. One unit has an open living and dining area, kitchen, ceramic tile flooring, built-in bedroom closets, a full bathroom with tub and shower, plus an attached utility and storage room. The second unit is secured, with keys unavailable for inspection, and its layout and condition should be independently verified.
Built in 1961, the property has block and concrete construction, a shingle roof installed in 2023, private water, and public sewer. Utilities are currently off. RSF4 zoning, no HOA, and no rental restrictions are also reported. The property is being sold as-is.
Built in 1961, the property has block and concrete construction, a shingle roof installed in 2023, private water, and public sewer. Utilities are currently off. RSF4 zoning, no HOA, and no rental restrictions are also reported. The property is being sold as-is.
Key Highlights
- Vacant duplex with 1,599 square feet on a 0.13‑acre lot
- Brand‑new shingle roof installed in 2023
- Separate private entrances and covered walkway between 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
8.40%
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 8.40%
Second Best
Apartment 5plus
$276.4K
$241.9K – $322.5K
NOI $19,348 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$470.2K
$411.4K – $548.6K
NOI $32,915 @ 7.0% cap · market cap 13.17%
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
854
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - RSF4 zoning, no HOA, and no rental restrictions support flexible ownership and leasing options.
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 $249,999.
What are key features of this property?
This property features: Vacant duplex with 1,599 square feet on a 0.13‑acre lot; Brand‑new shingle roof installed in 2023; Separate private entrances and covered walkway between units
