Mid-Century Quadplex with
New
For Sale
$799,900
3509 NORWOOD COURT, Sarasota, FL 34234
Concrete block income property with a private pool, carports, and individual laundry rooms.
Property Size1,792 SF
Price / SF$446.37
Days on Market6
Property Features for 3509 NORWOOD COURT
General Information
Standard status
Active
Size
1,792 SF
Property subtype
Quadruplex
Amenities
0.28 acres
In Ground
Public Sewer
Additional parcels description:, Parcel Number: 2005020060, Public Survey Range: 17E, Public Survey Section: 12, Annual Amount: $5,504.01, Tax Block: B, Tax Book Number: A-43, Legal Description: LOTS 12 & 14, BLK B, DE SOTO TERRACE, Lot: 12, Year: 2025, Zoning: RMF4
Central Air
Central, Electric
Inside, Laundry Room
Listing ID: MFRA4701502, Standard Status: Active, MLS Status: Active, Property Subtype: Quadruplex, On market as of 2026-08-25, 1 day on market, Special Conditions: None
4 carport spaces, Covered, Ground Level
Elementary School: Emma E. Booker Elementary, Middle School: Booker Middle, High School: Booker High
8 total bedrooms
Built in 1960, Living area: 1792, Living area units: Square Feet, Levels: One, Construction Materials: Block
Subdivision: DESOTO TERRACE, MLS Area (Major): 34234 - Sarasota, County/Parish: Sarasota
4 total bathrooms
Cable Available, Electricity Connected, Public, Sewer Connected, Water Connected, Water Source: Public
Slab
Electricity
Road Responsibility: Public Maintained Road, Road Surface: Asphalt
Courtyard
Ceiling Fans(s)
Dishwasher, Range, Refrigerator
Building Details
Year Built
1960
Listing Agency:
MICHAEL SAUNDERS & COMPANY
(941) 966-8000
Listed By:
Bob Moffatt · License #0447791
Source:
Miharaandassociates
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 10:36PM
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 MICHAEL SAUNDERS & COMPANY
Investment Insights
Based on property information with market context.
Built in 1960, this four-unit property comprises two duplex-style buildings arranged around a private pool reserved for the complex. Each residence includes 2 bedrooms, 1 bathroom, a dedicated carport, and an individual laundry room. The rear two units have been remodeled and include new appliances. Concrete block construction adds to the property's established physical profile, while the combination of four residences and shared outdoor space creates a clearly defined multifamily layout.
The property is located in Sarasota's Indian Beach neighborhood, with access to Ringling College, Downtown Sarasota, US-41, and area beaches described as minutes away. Two units are occupied and two are vacant, providing a mix of existing tenancy and available units within the same four-unit asset.
The property is located in Sarasota's Indian Beach neighborhood, with access to Ringling College, Downtown Sarasota, US-41, and area beaches described as minutes away. Two units are occupied and two are vacant, providing a mix of existing tenancy and available units within the same four-unit asset.
Key Highlights
- Four‑unit property built in 1960
- Two duplex‑style buildings arranged around a private pool
- Each unit has 2 bedrooms, 1 bathroom, a carport, and individual laundry
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
$23,541
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
2.94%
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%
$470,820
$470.8K
Cap Rate 7%
$336,300
$336.3K
Cap Rate 9%
$261,567
$261.6K
Market Conditions
NOI Build-Up for 1,792 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
$35.5K $19.80/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$33.6K $18.77/SF
− OpEx
−$10.1K −$5.63/SF
NOI
$23.5K $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%
$470,820
Cap Rate 7%
$336,300
Cap Rate 9%
$261,567
Alternative Uses
Best Use
Multifamily LT 5
$336.3K
$294.3K – $392.4K
NOI $23,541 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$309.8K
$271.0K – $361.4K
NOI $21,683 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$527.0K
$461.1K – $614.8K
NOI $36,888 @ 7.0% cap · market cap 4.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
415
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?
Quadplex - Concrete block income property with a private pool, carports, and individual laundry rooms.
Where is this quadplex located?
The property is located at 3509 NORWOOD COURT Sarasota, FL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Four‑unit property built in 1960; Two duplex‑style buildings arranged around a private pool; Each unit has 2 bedrooms, 1 bathroom, a carport, and individual laundry
