Remodeled Duplex with
New
For Sale
$699,000
2214 Michele Dr, Sarasota, FL 34231
Two updated residences provide separate utility metering and flexible owner-occupancy or leasing options.
Property Size1,840 SF
Price / SF$379.89
Days on Market5
Property Features for 2214 Michele Dr
General Information
Standard status
Active
Size
1,840 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Furnished
Yes
Utilities to Site
Yes
Building Details
Year Built
1977
Listing Agency:
KELLER WILLIAMS ON THE WATER S
(941) 404-8389
Listed By:
Karie Backman · License #3310745
Source:
Whitesandsfl
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 2:25PM
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 KELLER WILLIAMS ON THE WATER S
Investment Insights
Based on property information with market context.
This 1,840-square-foot duplex contains two remodeled residences, each configured with two bedrooms, two bathrooms, and a single-car garage. Separate water and electric meters serve the units. One residence is furnished, while both offer updated interiors and adaptable living arrangements. Recent capital improvements include a roof installed in 2022 and AC units updated in 2022 and 2024.
The property is located at 2214 Michele Dr in Sarasota, near Siesta Key Beach and within minutes of golf courses, shopping, dining, and Sarasota’s arts and cultural offerings. The layout supports multiple occupancy approaches, including living in one residence while leasing the other, leasing both units, or using the property for multigenerational living.
The property is located at 2214 Michele Dr in Sarasota, near Siesta Key Beach and within minutes of golf courses, shopping, dining, and Sarasota’s arts and cultural offerings. The layout supports multiple occupancy approaches, including living in one residence while leasing the other, leasing both units, or using the property for multigenerational living.
Key Highlights
- Duplex totaling 1,840 square feet with two 2‑bedroom, 2‑bathroom residences
- Each unit includes a single‑car garage and separate water and electric meters
- Both residences have been remodeled; one unit is furnished
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
$24,171
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
3.46%
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%
$483,420
$483.4K
Cap Rate 7%
$345,300
$345.3K
Cap Rate 9%
$268,567
$268.6K
Market Conditions
NOI Build-Up for 1,840 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
$36.4K $19.80/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$34.5K $18.77/SF
− OpEx
−$10.4K −$5.63/SF
NOI
$24.2K $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%
$483,420
Cap Rate 7%
$345,300
Cap Rate 9%
$268,567
Alternative Uses
Best Use
Multifamily LT 5
$345.3K
$302.1K – $402.9K
NOI $24,171 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$318.1K
$278.3K – $371.1K
NOI $22,264 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$541.1K
$473.5K – $631.3K
NOI $37,876 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
520
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 updated residences provide separate utility metering and flexible owner-occupancy or leasing options.
Where is this duplex located?
The property is located at 2214 Michele Dr Sarasota, FL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Duplex totaling 1,840 square feet with two 2‑bedroom, 2‑bathroom residences; Each unit includes a single‑car garage and separate water and electric meters; Both residences have been remodeled; one unit is furnished
