Three-Bedroom Duplex with
For Sale
$570,000
2803 HOPE STREET, Sarasota, FL 34231
Two residential units offer private screened porches, updated kitchens, vaulted living areas, and attached garage access.
Property Size2,462 SF
Days on Market48
Property Features for 2803 HOPE STREET
General Information
Standard status
Active
Size
2,462 SF
Property subtype
Residential Income
Zoning
RMF1
Property Condition
Severity
Repairs Needed
Evidence
additional work and updates
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$6,063
Amenities
screened porches
Building Details
Building Size
2,462 SF
Year Built
1992
Buildings
1
Stories
1
Listing Agency:
RE/MAX ALLIANCE GROUP
(941) 685-2879
Listed By:
Ryan Carson · License #3240511
(941) 685-2879
Source:
Bonjorn
Added: Jul 14
Changed: Aug 29
Last Checked: Aug 29 at 4:36PM
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 RE/MAX ALLIANCE GROUP
Investment Insights
Based on property information with market context.
Built in 1992, this duplex in Sarasota contains two residential units, with each side offering 3 bedrooms, 2 baths, and a 2-car garage. Both residences include large screened porches, vaulted ceilings in the main living areas, and kitchens updated with shaker cabinetry and newer appliances. The property also includes RMF1 zoning.
Located on Hope Street in Sarasota, the duplex sits just blocks from Riverview High School. The configuration provides separate living spaces within one property, while the existing improvements and additional update needs create a defined renovation scope for an owner or investor with a hands-on approach.
Located on Hope Street in Sarasota, the duplex sits just blocks from Riverview High School. The configuration provides separate living spaces within one property, while the existing improvements and additional update needs create a defined renovation scope for an owner or investor with a hands-on approach.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 baths on each side
- Each unit includes a 2‑car garage and a large screened porch
- Kitchens feature shaker cabinets and newer appliances
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
$32,342
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
5.67%
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%
$646,840
$646.8K
Cap Rate 7%
$462,029
$462.0K
Cap Rate 9%
$359,356
$359.4K
Market Conditions
NOI Build-Up for 2,462 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
$48.7K $19.80/SF
− Vacancy
−$2.5K −$1.03/SF
EGI
$46.2K $18.77/SF
− OpEx
−$13.9K −$5.63/SF
NOI
$32.3K $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%
$646,840
Cap Rate 7%
$462,029
Cap Rate 9%
$359,356
Alternative Uses
Best Use
Multifamily LT 5
$462.0K
$404.3K – $539.0K
NOI $32,342 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$425.6K
$372.4K – $496.5K
NOI $29,790 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$724.0K
$633.5K – $844.7K
NOI $50,680 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
386
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 residential units offer private screened porches, updated kitchens, vaulted living areas, and attached garage access.
Where is this duplex located?
The property is located at 2803 HOPE STREET Sarasota, FL.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 baths on each side; Each unit includes a 2‑car garage and a large screened porch; Kitchens feature shaker cabinets and newer appliances
