Updated Duplex with Two
For Sale
$449,777
3731 PAPAI DR, Sarasota, FL 34232
Two leased residences remain occupied through 3/31/2026, with the landlord paying electric and water service.
Property Size1,818 SF
Lot Size0.18 Acres
Price / SF$247.40
Days on Market122
Property Features for 3731 PAPAI DR
General Information
Standard status
Active
Size
1,818 SF
Lot size
0.18 Acres
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,818
Building Details
Building Size
1,818 SF
Year Built
1960
Buildings
1
Tenancy
Multi
Listing Agency:
RELAX PROPERTY GROUP, LLC
Listed By:
Dane Peterson · License #3346860
(239) 357-5692
Source:
Daniellegladdingco
Added: Jun 15
Changed: Oct 10
Last Checked: Oct 13 at 1:08AM
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 RELAX PROPERTY GROUP, LLC
Investment Insights
Based on property information with market context.
Built in 1960, this duplex contains two separately leased residences with approximately 1,818 square feet of combined living area on a 7,800-square-foot lot. The front residence has three bedrooms, one bathroom, and a dedicated laundry room. The rear residence includes two bedrooms, one bathroom, and access to the backyard.
Both leases run through 3/31/2026. Electric and water are not separately metered and are paid by the landlord. Property improvements include a roof replacement completed in 2019, updated HVAC in 2023, and an updated electrical panel in 2023; the rear residence uses window units. The property is positioned in central Sarasota near shopping, dining, schools, employment centers, downtown Sarasota, and Gulf Coast beaches.
Both leases run through 3/31/2026. Electric and water are not separately metered and are paid by the landlord. Property improvements include a roof replacement completed in 2019, updated HVAC in 2023, and an updated electrical panel in 2023; the rear residence uses window units. The property is positioned in central Sarasota near shopping, dining, schools, employment centers, downtown Sarasota, and Gulf Coast beaches.
Key Highlights
- Two‑unit duplex with approximately 1,818 square feet of combined living area
- 7,800‑square‑foot lot with front and rear residences
- Front unit: 3 bedrooms, 1 bathroom, and dedicated laundry room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,579
Cap Rate
4.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$371,580
$371.6K
Cap Rate 7%
$265,414
$265.4K
Cap Rate 9%
$206,433
$206.4K
Market Conditions
NOI Build-Up for 1,818 SF
Gross rent
$29.5K $16.20/SF
− Vacancy
−$2.9K −$1.60/SF
EGI
$26.5K $14.60/SF
− OpEx
−$8.0K −$4.38/SF
NOI
$18.6K $10.22/SF
Area
Sarasota County, FL
Vacancy
9.88%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$371,580
Cap Rate 7%
$265,414
Cap Rate 9%
$206,433
Alternative Uses
Best Use
Multifamily LT 5
$265.4K
$232.2K – $309.7K
NOI $18,579 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$236.5K
$207.0K – $275.9K
NOI $16,556 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$516.7K
$452.1K – $602.8K
NOI $36,168 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
515
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences remain occupied through 3/31/2026, with the landlord paying electric and water service.
Where is this duplex located?
The property is located at 3731 PAPAI DR Sarasota, FL.
What is the asking price?
The asking price for this property is $449,777.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,818 square feet of combined living area; 7,800‑square‑foot lot with front and rear residences; Front unit: 3 bedrooms, 1 bathroom, and dedicated laundry room
