Renovated Duplex
For Sale
$1,075,000
2047 & 2051 FIESTA DRIVE, Sarasota, FL 34231
Two one-story duplexes offer four private-entry units with updated systems, individual yards, and off-street parking.
Property Size3,172 SF
Price / SF$338.90
Days on Market16
Property Features for 2047 & 2051 FIESTA DRIVE
General Information
Standard status
Active
Size
3,172 SF
Property subtype
Duplex
Additional Details
Road Access
Yes
Amenities
in-unit washer and dryer
ceiling fans
private entrance
yard space
Building Details
Year Built
1974
Buildings
2
Stories
1
Construction
block
Tenancy
Multi
Listing Agency:
KW COASTAL LIVING III
(941) 900-4151
Listed By:
Toni Zarghami · License #3283821
Source:
Dennisrealty
Added: Jul 30
Changed: Aug 14
Last Checked: Aug 14 at 6:10AM
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 KW COASTAL LIVING III
Investment Insights
Based on property information with market context.
This offering combines two side-by-side, one-story block duplexes into a four-unit package across two separate tax parcels. Built in 1974, the property includes four two-bedroom units, each with one full bath and a half bath in the primary bedroom. Private entrances, in-unit washers and dryers, luxury vinyl plank flooring, ceiling fans, storage, individual yard areas, and off-street parking serve each residence.
Capital improvements completed since 2023 include new electrical panels in all four units, replacement of attic ductwork, cast-iron drain line remediation, one new A/C system, and kitchen and bathroom renovations in select units. Both buildings received permitted roof replacements in 2024 with sealed roof decks and third-nail wind mitigation retrofits. The property is near Landings Plaza, the Gulf Gate corridor, Legacy Trail, and Siesta Key beaches. The duplexes are offered together and will not be sold separately.
Capital improvements completed since 2023 include new electrical panels in all four units, replacement of attic ductwork, cast-iron drain line remediation, one new A/C system, and kitchen and bathroom renovations in select units. Both buildings received permitted roof replacements in 2024 with sealed roof decks and third-nail wind mitigation retrofits. The property is near Landings Plaza, the Gulf Gate corridor, Legacy Trail, and Siesta Key beaches. The duplexes are offered together and will not be sold separately.
Key Highlights
- Four rentable units across two side‑by‑side duplexes
- Each unit has 2 bedrooms, 1 full bath, and a half bath in the primary bedroom
- Both buildings received permitted new roofs in 2024
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
$41,669
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
3.88%
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%
$833,380
$833.4K
Cap Rate 7%
$595,271
$595.3K
Cap Rate 9%
$462,989
$463.0K
Market Conditions
NOI Build-Up for 3,172 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
$62.8K $19.80/SF
− Vacancy
−$3.3K −$1.03/SF
EGI
$59.5K $18.77/SF
− OpEx
−$17.9K −$5.63/SF
NOI
$41.7K $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%
$833,380
Cap Rate 7%
$595,271
Cap Rate 9%
$462,989
Alternative Uses
Best Use
Multifamily LT 5
$595.3K
$520.9K – $694.5K
NOI $41,669 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$548.3K
$479.8K – $639.7K
NOI $38,381 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$932.8K
$816.2K – $1.09M
NOI $65,295 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
740
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?
Duplex - Two one-story duplexes offer four private-entry units with updated systems, individual yards, and off-street parking.
Where is this duplex located?
The property is located at 2047 & 2051 FIESTA DRIVE Sarasota, FL.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Four rentable units across two side‑by‑side duplexes; Each unit has 2 bedrooms, 1 full bath, and a half bath in the primary bedroom; Both buildings received permitted new roofs in 2024
