Duplex Opportunity for Restoration or
For Sale
$599,900
3615 HIGEL Avenue, Sarasota, FL 34242
MULTI_FAMILY - SARASOTA, FL
Property Size1,550 SF
Lot Size0.30 Acres
Price / SF$387.03
Days on Market232
Property Features for 3615 HIGEL Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RSF2
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 3
Interior features
Ninguno
Subdivision
SIESTA REV OF
Directions
U.S.-41 (Tamiami Trail) in Sarasota, take Stickney Point Road west toward Siesta Key. Continue onto Siesta Drive, then follow signs to Higel Avenue. Turn north on Higel Ave and proceed about 1.5 miles; 3615 Higel Ave will be on your right.
Standard status
Active
APN
2019140065
Size
1,550 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 4 & 5 BLK 26 & NLY 7.5 FT OF VACATED ALLEY REVISED PLAT OF SIESTA
Tax Annual Amount
19585
Legal Description
LOTS 4 & 5 BLK 26 & NLY 7.5 FT OF VACATED ALLEY REVISED PLAT OF SIESTA
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1951
Floors in Building
1
Number of units
2
Flooring type
Concrete
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
GENSTONE REALTY
(833) 396-0092
Listed By:
Tammy Hall · License #3433828
(815) 791-9910
Added: Dec 27, 2025
Changed: Aug 13
Last Checked: Aug 16 at 6:06PM
MLS# TB8460558
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex property with two units is offered as-is, with flexibility to restore the existing structure or rebuild to suit your plans. The home is constructed with block and stucco and features concrete flooring. Heating is electric, and the roof is shingle. Public water and public sewer services are available, with electricity also available. The property was built in 1951.
Set on a 0.3-acre lot at 3615 HIGEL Avenue in Sarasota, it is positioned just minutes from Shell Beach and Siesta Key Public Beach, providing convenient access to the area’s dining and shopping.
The layout includes multiple bedrooms and bathrooms across the two-unit duplex configuration, making it suitable for buyers seeking an income-producing duplex experience or a coastal redevelopment project in a highly desirable island setting.
Set on a 0.3-acre lot at 3615 HIGEL Avenue in Sarasota, it is positioned just minutes from Shell Beach and Siesta Key Public Beach, providing convenient access to the area’s dining and shopping.
The layout includes multiple bedrooms and bathrooms across the two-unit duplex configuration, making it suitable for buyers seeking an income-producing duplex experience or a coastal redevelopment project in a highly desirable island setting.
Key Highlights
- Duplex property with two units offered as‑is
- 0.3‑acre lot at 3615 HIGEL Avenue, Sarasota, FL 34242
- RSF2 zoning
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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
79
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 - Duplex on an RSF2 lot with public water and sewer, offered as-is with block and stucco construction.
Where is this duplex located?
The property is located at 3615 HIGEL Avenue 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: Duplex property with two units offered as‑is; 0.3‑acre lot at 3615 HIGEL Avenue, Sarasota, FL 34242; RSF2 zoning
