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 Market77
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
(239) 357-5692
Listed By:
Dane Peterson · License #3346860
Source:
Daniellegladdingco
Added: Jun 15
Changed: Aug 23
Last Checked: Aug 29 at 4:46PM
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 = 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
$23,882
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
5.31%
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%
$477,640
$477.6K
Cap Rate 7%
$341,171
$341.2K
Cap Rate 9%
$265,356
$265.4K
Market Conditions
NOI Build-Up for 1,818 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
$36.0K $19.80/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$34.1K $18.77/SF
− OpEx
−$10.2K −$5.63/SF
NOI
$23.9K $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%
$477,640
Cap Rate 7%
$341,171
Cap Rate 9%
$265,356
Alternative Uses
Best Use
Multifamily LT 5
$341.2K
$298.5K – $398.0K
NOI $23,882 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$314.2K
$275.0K – $366.6K
NOI $21,997 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$534.6K
$467.8K – $623.7K
NOI $37,423 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - 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
