Remodeled Duplex with Single-Car
For Sale
$699,000
2214 MICHELE Drive, Sarasota, FL 34231
MULTI_FAMILY - SARASOTA, FL
Property Size1,840 SF
Lot Size0.26 Acres
Price / SF$379.89
Days on Market149
Property Features for 2214 MICHELE Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RMF1
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 1, Bathroom 3, Bathroom 4, Dining Room, Bedroom 1, Bathroom 2, Family Room, Bedroom 4, Bedroom 3
Parking features
Boat
Interior features
Eat-in Kitchen, Kitchen/Family Room Combo, Living Room/Dining Room Combo, Open Floorplan
Exterior features
Sidewalk
Appliances
Dishwasher, Disposal, Dryer, Range, Refrigerator, Washer
Subdivision
PHILLIPPI GARDENS
Lot features
Cul-De-Sac, Sidewalk, Paved
Elementary school
Phillippi Shores Elementary
Middle school
Brookside Middle
High school
Riverview High
Directions
US 41 (Tamiami Trail) to east on Constitution to north on America to west on Montclair to the right on Michele, duplex on the left.
Standard status
Active
APN
0086120017
Size
1,840 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 17 MONTICELLO UNIT 1
Tax Annual Amount
6622
Legal Description
LOT 17 MONTICELLO UNIT 1
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1977
Floors in Building
1
Number of units
2
Flooring type
Tile - Ceramic, Laminate, Carpet, Vinyl
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS ON THE WATER S · Keller Williams Realty
(941) 803-7522
Listed By:
Karie Backman · License #3310745
(941) 404-8389
Added: Mar 12
Changed: Aug 7
Last Checked: Aug 7 at 8:06AM
MLS# A4686063
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 remodeled duplex includes two spacious units, each featuring two bedrooms and two bathrooms, plus a single-car garage. Each unit has its own water and electric meter, supporting flexible living or rental arrangements. Interior features include eat-in kitchen and open floorplan layouts, with living and dining combinations such as living room/dining room combo and kitchen/family room combo.
Built in 1977, the property is constructed with block and stucco and features a shingle roof. Updates include a roof installed in 2022, along with updated AC units installed in 2022 and 2024. The duplex connects to public water and public sewer and includes side walks. Appliances listed include dishwasher, disposal, range, refrigerator, washer, and dryer.
The property is in Sarasota, FL (34231) and is zoned RMF1 on a 0.26-acre lot. A unit is listed as being sold furnished and ready for immediate rental.
Built in 1977, the property is constructed with block and stucco and features a shingle roof. Updates include a roof installed in 2022, along with updated AC units installed in 2022 and 2024. The duplex connects to public water and public sewer and includes side walks. Appliances listed include dishwasher, disposal, range, refrigerator, washer, and dryer.
The property is in Sarasota, FL (34231) and is zoned RMF1 on a 0.26-acre lot. A unit is listed as being sold furnished and ready for immediate rental.
Key Highlights
- Two remodeled units with two bedrooms and two bathrooms each
- Each unit has its own water and electric meter
- Roof installed in 2022 plus AC units updated in 2022 and 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
$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 - RMF1 duplex with two remodeled 2 bed, 2 bath units, each with its own water and electric meter.
Where is this duplex located?
The property is located at 2214 MICHELE Drive 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: Two remodeled units with two bedrooms and two bathrooms each; Each unit has its own water and electric meter; Roof installed in 2022 plus AC units updated in 2022 and 2024
