Renovated 2-Unit Multifamily
2655 BAY STREET Sarasota, FL 34237
New
2655 BAY STREET, Sarasota, FL, 34237
$1,149,000
For Sale
$1,149,000
Fully renovated two-unit property with a legal attached 1-bedroom apartment and separate utilities.
Property Size3,432 SF
Price / SF$334.79
Days on Market4
Property Features for 2655 BAY STREET
General Information
- Standard status
- Active
- Size
- 3,432 SF
- Property subtype
- Duplex
Building Details
- Year Built
- 2024
Listing agency
KELLER WILLIAMS ON THE WATER S
(941) 803-7522
Listed by
David Litvinov · License #3565848
Source
Miharaandassociates
Added: Jul 18 Updated: Jul 21 at 7:15AM Checked: Jul 21 at 7:15AM
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.
Fully renovated, professionally designed two-unit multifamily property featuring a 6-bedroom, 5-bath main residence and a legal 1-bedroom, 1-bath attached apartment. The main home offers an open-concept layout with two bedrooms on the first level and four en-suite bedrooms upstairs, including a primary suite with multiple closets and a spa-inspired bath. A full-width second-story deck connects to the family room, and the kitchen is equipped with GE appliances, shaker cabinetry, and quartz waterfall countertops. Improvements include a brand-new roof, impact-rated windows, updated plumbing and electrical, new water service and sewer, and smart thermostats and a doorbell system.
The property is positioned just east of Downtown Sarasota and adjacent to the Legacy Trail. It is also described as being minutes from downtown and a short drive to Siesta Key Beach. The circular driveway provides ample parking for multiple vehicles, and the oversized backyard offers space for future outdoor amenities, with a covered lanai ready for a potential outdoor kitchen.
The main residence and the attached apartment have separate utilities. The attached apartment is stated as legal, with use options discussed as subject to applicable licensing and buyer verification.
The property is positioned just east of Downtown Sarasota and adjacent to the Legacy Trail. It is also described as being minutes from downtown and a short drive to Siesta Key Beach. The circular driveway provides ample parking for multiple vehicles, and the oversized backyard offers space for future outdoor amenities, with a covered lanai ready for a potential outdoor kitchen.
The main residence and the attached apartment have separate utilities. The attached apartment is stated as legal, with use options discussed as subject to applicable licensing and buyer verification.
Key Highlights
- 2‑unit multifamily built in 2024 with a legal attached 1‑bedroom, 1‑bath apartment and a 6‑bedroom, 5‑bath main residence
- Main residence layout includes 2 bedrooms downstairs and 4 en‑suite bedrooms upstairs, plus a primary suite with multiple closets and a spa‑inspired bath
- Full‑gut renovation includes brand‑new roof and impact‑rated windows, with plumbing, water service, sewer, and electrical replaced
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $68.0k | $19.80 |
| − Vacancy | −$3.5k | −$1.03 |
| EGI | $64.4k | $18.77 |
| − OpEx | −$19.3k | −$5.63 |
| NOI | $45.1k | $13.14 |
3,432 SF · lease $19.80/SF/yr · vacancy 5.22% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$644.1K
$563.6K – $751.4K
NOI $45,084 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$593.2K
$519.1K – $692.1K
NOI $41,526 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$1.01M
$883.1K – $1.18M
NOI $70,647 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Bay Street Manor
Vacation Rental
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Fully renovated two-unit property with a legal attached 1-bedroom apartment and separate utilities.
Where is this duplex located?
The property is located at 2655 BAY STREET Sarasota, FL.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 2‑unit multifamily built in 2024 with a legal attached 1‑bedroom, 1‑bath apartment and a 6‑bedroom, 5‑bath main residence; Main residence layout includes 2 bedrooms downstairs and 4 en‑suite bedrooms upstairs, plus a primary suite with multiple closets and a spa‑inspired bath; Full‑gut renovation includes brand‑new roof and impact‑rated windows, with plumbing, water service, sewer, and electrical replaced
