Two-Unit Duplex
For Sale
$599,900
3615 Higel Ave, Sarasota, FL 34242
As-is duplex offering options to restore the existing structure or pursue a new build.
Property Size1,550 SF
Price / SF$387.03
Days on Market19
Property Features for 3615 Higel Ave
General Information
Standard status
Active
Size
1,550 SF
Property subtype
Multi-Family
Building Details
Year Built
1951
Listing Agency:
GENSTONE REALTY
(815) 791-9910
Listed By:
Tammy Hall · License #3433828
Source:
Susannelosso
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 29 at 7:06PM
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 GENSTONE REALTY
Investment Insights
Based on property information with market context.
This duplex includes two residential units and is offered in its present as-is condition. The existing structure dates to 1951 and contains 1,550 square feet. The property can be evaluated for restoration or redevelopment as a rebuilt duplex, subject to applicable approvals.
The property is located on Siesta Key, minutes from Shell Beach and Siesta Key Public Beach. Dining and shopping are also nearby, providing a coastal setting for a residential income property or owner-occupied duplex.
The property is located on Siesta Key, minutes from Shell Beach and Siesta Key Public Beach. Dining and shopping are also nearby, providing a coastal setting for a residential income property or owner-occupied duplex.
Key Highlights
- Two‑unit duplex property on Siesta Key
- 1,550 square feet of existing structure
- Built in 1951
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
$20,362
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
3.39%
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%
$407,240
$407.2K
Cap Rate 7%
$290,886
$290.9K
Cap Rate 9%
$226,244
$226.2K
Market Conditions
NOI Build-Up for 1,550 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
$30.7K $19.80/SF
− Vacancy
−$1.6K −$1.03/SF
EGI
$29.1K $18.77/SF
− OpEx
−$8.7K −$5.63/SF
NOI
$20.4K $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%
$407,240
Cap Rate 7%
$290,886
Cap Rate 9%
$226,244
Alternative Uses
Best Use
Multifamily LT 5
$290.9K
$254.5K – $339.4K
NOI $20,362 @ 7.0% cap · market cap 3.39%
Second Best
Apartment 5plus
$267.9K
$234.4K – $312.6K
NOI $18,755 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$455.8K
$398.8K – $531.8K
NOI $31,906 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 34242, FL
7,417
Population
10,418
Households
0.7
Avg Household Size
65
Median Age
66%
College-Educated
97%
High-School Grad
3.6 sq mi
ZIP Area
2,060
Density / Sq Mi
$122,143
Median Household Income
$75,313
Median Earnings
$2,408
Median Rent
$995,900
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?
Duplex - As-is duplex offering options to restore the existing structure or pursue a new build.
Where is this duplex located?
The property is located at 3615 Higel Ave Sarasota, FL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit duplex property on Siesta Key; 1,550 square feet of existing structure; Built in 1951
