10-Unit Apartment
For Sale
Contact for pricing
2700 Palmadelia Avenue, Sarasota, FL 34234
CBN zoning supports multifamily use within Sarasota’s Newtown Redevelopment Area.
Property Size7,744 SF
Lot Size0.54 Acres
Price / SF$355.11
Days on Market10
Property Features for 2700 Palmadelia Avenue
General Information
Standard status
Active
Size
7,744 SF
Net Rentable
7,744 SF
Class
C
Total Parking Spaces
23
Lot size
0.54 Acres
Property subtype
Multifamily
Zoning
Commercial Business Newtown
Investment Type
Stabilized
Financials
Asking Price
$2,750,000
Gross Income
$192,000
Units
Unit Mix
8 x 2BR/1BA, 2 x 3BR/1BA
Multifamily Units
10
Building Details
Year Built
1980
Year Renovated
2004
Buildings
1
Stories
2
Units
10
Tenancy
Multi
Listing Agency:
DOUGLAS ELLIMAN
(941) 587-6135
Listed By:
Rex Glasson · License #FL BK3067512
Source:
Crexi
Added: Jul 28
Changed: Aug 5
Last Checked: Aug 6 at 3:55AM
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 DOUGLAS ELLIMAN
Investment Insights
Based on property information with market context.
This 10-unit apartment building, constructed in 1980, contains approximately 7,744 square feet of rentable space. The unit mix includes eight two-bedroom, one-bath residences and two three-bedroom, one-bath residences. The property sits on a 23,500-square-foot site with 23 on-site parking spaces.
Located at 2700 Palmadelia Avenue in Sarasota, the property is within the Newtown Redevelopment Area and carries Commercial Business Newtown (CBN) zoning. The zoning supports continued multifamily use and provides flexibility for future redevelopment or repositioning. The asset may be acquired individually or as part of a larger five-property portfolio offering.
Located at 2700 Palmadelia Avenue in Sarasota, the property is within the Newtown Redevelopment Area and carries Commercial Business Newtown (CBN) zoning. The zoning supports continued multifamily use and provides flexibility for future redevelopment or repositioning. The asset may be acquired individually or as part of a larger five-property portfolio offering.
Key Highlights
- 10‑unit apartment building built in 1980
- Eight two‑bedroom/one‑bath units and two three‑bedroom/one‑bath units
- Approximately 7,744 square feet of rentable space
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
$93,701
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
3.41%
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%
$1,874,020
$1.9M
Cap Rate 7%
$1,338,586
$1.3M
Cap Rate 9%
$1,041,122
$1.0M
Market Conditions
NOI Build-Up for 7,744 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
$180.3K $23.28/SF
− Vacancy
−$9.9K −$1.28/SF
EGI
$170.4K $22.00/SF
− OpEx
−$76.7K −$9.90/SF
NOI
$93.7K $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%
$1,874,020
Cap Rate 7%
$1,338,586
Cap Rate 9%
$1,041,122
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,701 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,409 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
Explore this area
Business Placement
Demographics for 34234, FL
20,858
Population
10,257
Households
2
Avg Household Size
42
Median Age
28%
College-Educated
86%
High-School Grad
6.5 sq mi
ZIP Area
3,209
Density / Sq Mi
$56,607
Median Household Income
$33,536
Median Earnings
$1,352
Median Rent
$222,900
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 - CBN zoning supports multifamily use within Sarasota’s Newtown Redevelopment Area.
Where is this apartment building located?
The property is located at 2700 Palmadelia Avenue Sarasota, FL.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 10‑unit apartment building built in 1980; Eight two‑bedroom/one‑bath units and two three‑bedroom/one‑bath units; Approximately 7,744 square feet of rentable space
