17-Unit Income
For Sale
Contact for pricing
2066 Hillview St, Sarasota, FL 34239
17 income-producing units in concrete block construction with interior updates on three parcels near Sarasota Memorial Hospital.
Property Size14,377 SF
Price / SF$243.10
Days on Market158
Property Features for 2066 Hillview St
General Information
Standard status
Active
Size
14,377 SF
Class
C
Property subtype
Land, Multifamily
Zoning
RMF5 - RESIDENTIAL, MULTI-FAMILY
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$225,000
Building Details
Year Built
1946
Year Renovated
2024
Buildings
9
Units
17
Listing Agency:
Dreznin Pappas Commercial Real Estate LLC
Listed By:
Sean Dreznin · License #FL SL3233805
Source:
Crexi
Added: Mar 31
Changed: Aug 19
Last Checked: Sep 3 at 9:10AM
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 Dreznin Pappas Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This 17-unit income property features concrete block construction and interior updates throughout. The asset is currently positioned as income-producing housing, with the 17 units available to operate as rentals. It is also described as offering future options that may support additional value as conditions change.
The property consists of three parcels and is located in close proximity to Sarasota Memorial Hospital and its expanding campus. The remarks also indicate the area is sought after for professional housing needs, particularly for those looking to be near Hillview while remaining “East of the Trail,” as referenced in the provided marketing language.
Overall, the configuration supports straightforward multifamily operation with multiple units generating income, with the potential for enhancements to the existing property as future opportunities arise.
The property consists of three parcels and is located in close proximity to Sarasota Memorial Hospital and its expanding campus. The remarks also indicate the area is sought after for professional housing needs, particularly for those looking to be near Hillview while remaining “East of the Trail,” as referenced in the provided marketing language.
Overall, the configuration supports straightforward multifamily operation with multiple units generating income, with the potential for enhancements to the existing property as future opportunities arise.
Key Highlights
- 17 income‑producing units in concrete block construction across three parcels
- Interior updates included
- Located near Sarasota Memorial Hospital and its expanding campus
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
$173,959
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
4.98%
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%
$3,479,180
$3.5M
Cap Rate 7%
$2,485,129
$2.5M
Cap Rate 9%
$1,932,878
$1.9M
Market Conditions
NOI Build-Up for 14,377 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
$334.7K $23.28/SF
− Vacancy
−$18.4K −$1.28/SF
EGI
$316.3K $22.00/SF
− OpEx
−$142.3K −$9.90/SF
NOI
$174.0K $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%
$3,479,180
Cap Rate 7%
$2,485,129
Cap Rate 9%
$1,932,878
Alternative Uses
Best Use
Apartment 5plus
$2.49M
$2.17M – $2.90M
NOI $173,959 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.23M
$3.70M – $4.93M
NOI $295,948 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 34239, FL
15,049
Population
8,044
Households
1.9
Avg Household Size
52
Median Age
45%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
3,420
Density / Sq Mi
$76,378
Median Household Income
$42,017
Median Earnings
$1,522
Median Rent
$418,300
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?
Apartment building - 17 income-producing units in concrete block construction with interior updates on three parcels near Sarasota Memorial Hospital.
Where is this apartment building located?
The property is located at 2066 Hillview St Sarasota, FL.
What is the asking price?
The asking price for this property is $3,495,000.
What are key features of this property?
This property features: 17 income‑producing units in concrete block construction across three parcels; Interior updates included; Located near Sarasota Memorial Hospital and its expanding campus
