Historic Short-Term Rental
New
For Sale
$1,500,000
2830 BAY SHORE CIRCLE, Sarasota, FL 34234
Gated Sarasota property with three residences, period architectural details, and a seven-day minimum rental period.
Property Size5,545 SF
Price / SF$270.51
Days on Market4
Property Features for 2830 BAY SHORE CIRCLE
General Information
Standard status
Active
Size
5,545 SF
Property subtype
Mixed Use
Units
Unit Mix
1 x 3BR/3BA, 1 x studio, 1 x 2BR/1BA
Multifamily Units
3
Amenities
gated
screened porch
courtyard with fountain and reflecting pool
fireplace
Building Details
Year Built
1925
Buildings
2
Construction
Spanish Eclectic
Listing Agency:
RE/MAX ALLIANCE GROUP
(941) 954-5454
Listed By:
Donna Palm, PA · License #3046653
Source:
Dennisrealty
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 30 at 4:01PM
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 1925, this 4,512-square-foot estate combines a 3-bedroom, 3-bath main residence with a historic carriage house containing a downstairs studio and an upstairs 2-bedroom, 1-bath apartment. Original features include hardwood floors, a hardwood staircase, Italian-style tile, ornate crown molding, chandeliers, French doors, a masonry fireplace, and a wrap-around screened porch. The property is situated on nearly half an acre and includes a gated courtyard with a fountain, reflecting pool, concrete arches, and mosaics.
The estate was designated a historic structure by the City of Sarasota in 1987. It is near Sarasota Bay, Indian Beach, the John and Mable Ringling Museum and Mansion, downtown Sarasota, SRQ Airport, beaches, restaurants, and cultural attractions. Short-term rentals with a seven-day minimum are allowed, creating three potential residential rental spaces with separate entries for the carriage-house units.
The estate was designated a historic structure by the City of Sarasota in 1987. It is near Sarasota Bay, Indian Beach, the John and Mable Ringling Museum and Mansion, downtown Sarasota, SRQ Airport, beaches, restaurants, and cultural attractions. Short-term rentals with a seven-day minimum are allowed, creating three potential residential rental spaces with separate entries for the carriage-house units.
Key Highlights
- 4,512‑square‑foot estate on nearly half an acre
- Main residence offers 3 bedrooms and 3 full baths
- Historic carriage house includes a studio and a 2‑bed/1‑bath apartment
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
$67,093
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
4.47%
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%
$1,341,860
$1.3M
Cap Rate 7%
$958,471
$958.5K
Cap Rate 9%
$745,478
$745.5K
Market Conditions
NOI Build-Up for 5,545 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
$129.1K $23.28/SF
− Vacancy
−$7.1K −$1.28/SF
EGI
$122.0K $22.00/SF
− OpEx
−$54.9K −$9.90/SF
NOI
$67.1K $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%
$1,341,860
Cap Rate 7%
$958,471
Cap Rate 9%
$745,478
Alternative Uses
Best Use
Apartment 5plus
$958.5K
$838.7K – $1.12M
NOI $67,093 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,143 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
388
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?
Short term rental property - Gated Sarasota property with three residences, period architectural details, and a seven-day minimum rental period.
Where is this short term rental property located?
The property is located at 2830 BAY SHORE CIRCLE Sarasota, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 4,512‑square‑foot estate on nearly half an acre; Main residence offers 3 bedrooms and 3 full baths; Historic carriage house includes a studio and a 2‑bed/1‑bath apartment
