Sarasota Multifamily Property Near
For Sale
$3,790,000
3700 BENEVA ROAD #601-613, Sarasota, FL 34232
13-unit multifamily property with updated units and golf course views.
Property Size13,428 SF
Lot Size0.62 Acres
Price / SF$282.25
Days on Market213
Property Features for 3700 BENEVA ROAD #601-613
General Information
Standard status
Active
Size
13,428 SF
Lot size
0.62 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$33,153
Amenities
Central air
Dryer
Washer
Corner Lot
Pool
Public Pool
Central Air Cooling
Landscaped
Near Golf Course
Parking Spaces - 19 to 30
Shingle Roof
Street Lights
Building Details
Year Built
1981
Listing Agency:
FINE PROPERTIES
(941) 782-0000
Listed By:
TRACY SRODES · License #3487593
Source:
Corcoran
Added: Jan 9
Changed: Aug 8
Last Checked: Aug 8 at 1:31PM
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 FINE PROPERTIES
Investment Insights
Based on property information with market context.
This free-standing building contains 13 units, including seven 2-bedroom, 2-bathroom apartments and six 2-bedroom, 2.5-bathroom townhomes. Most units have been updated with new luxury vinyl flooring, new kitchens featuring cabinets and quartz countertops, and new bathrooms with quartz countertops and fixtures. The units also feature new paint, updated molding, and an accent wall. Ground floor units have newly tiled patios and new screen lanais. The property offers views of a golf course and a large backyard. There are 14 covered parking spaces, 10 additional spaces, and 6 shared guest parking spaces. The air conditioning units and water heaters are mostly new or less than 4 years old. Roof replacement is underway and is to be completed prior to closing. The property size is 13428 square feet.
Key Highlights
- Free‑standing building with no HOA fees
- Mix of 2‑bedroom, 2‑bathroom units and 2‑bedroom, 2.5‑bathroom townhomes
- Extensive recent renovations including new luxury vinyl flooring, kitchens with quartz countertops, bathrooms with quartz countertops and fixtures, and new paint
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
$162,476
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
4.29%
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%
$3,249,520
$3.2M
Cap Rate 7%
$2,321,086
$2.3M
Cap Rate 9%
$1,805,289
$1.8M
Market Conditions
NOI Build-Up for 13,428 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
$312.6K $23.28/SF
− Vacancy
−$17.2K −$1.28/SF
EGI
$295.4K $22.00/SF
− OpEx
−$132.9K −$9.90/SF
NOI
$162.5K $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%
$3,249,520
Cap Rate 7%
$2,321,086
Cap Rate 9%
$1,805,289
Alternative Uses
Best Use
Apartment 5plus
$2.32M
$2.03M – $2.71M
NOI $162,476 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.95M
$3.46M – $4.61M
NOI $276,413 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
974
Businesses Nearby
Explore this area
Business Placement
Demographics for 34232, FL
34,671
Population
17,248
Households
2
Avg Household Size
47
Median Age
34%
College-Educated
93%
High-School Grad
11.0 sq mi
ZIP Area
3,152
Density / Sq Mi
$81,041
Median Household Income
$44,166
Median Earnings
$1,836
Median Rent
$332,600
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?
Apartment building - 13-unit multifamily property with updated units and golf course views.
Where is this apartment building located?
The property is located at 3700 BENEVA ROAD #601-613 Sarasota, FL.
What is the asking price?
The asking price for this property is $3,790,000.
What are key features of this property?
This property features: Free‑standing building with no HOA fees; Mix of 2‑bedroom, 2‑bathroom units and 2‑bedroom, 2.5‑bathroom townhomes; Extensive recent renovations including new luxury vinyl flooring, kitchens with quartz countertops, bathrooms with quartz countertops and fixtures, and new paint
