Five-Unit Apartment Building with
For Sale
$1,375,000
4001 GROVELAND AVE, Sarasota, FL 34231
Individually metered units, paved parking, and public water and sewer support flexible rental operations.
Property Size4,291 SF
Days on Market180
Property Features for 4001 GROVELAND AVE
General Information
Standard status
Active
Size
4,291 SF
Property subtype
Quadruplex
Units
Unit Mix
5 x 2BR/1BA
Multifamily Units
5
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$13,013
Amenities
heated and cooled swimming pool
screened patio room
tropical outdoor space
Building Details
Building Size
4,291 SF
Year Built
1974
Listing Agency:
RE/MAX ALLIANCE GROUP
Listed By:
Rachel Tritschler · License #3368249
(941) 993-5892
Source:
Daniellegladdingco
Added: May 6
Changed: Oct 31
Last Checked: Oct 30 at 10:09PM
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 RE/MAX ALLIANCE GROUP
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Investment Insights
Based on property information with market context.
This five-unit apartment building in Sarasota was built in 1974 and includes five two-bedroom, one-bath units. Long-term tenants are currently in place, and the property has availability to hold a motel/hotel license, supporting multiple rental operation options. Units include remodeled kitchens in Units 2, 3, and 4 completed in 2024, along with updated bathrooms. Major plumbing replacement was completed in 2009 and 2010, the roof was replaced in 2014, and blown-in roof insulation was added.
The property is located at 4001 Groveland Ave, approximately 4 miles from Siesta Key Beach, and is in a non-flood zone. Site features include individually metered utilities, public water and sewer, paved parking, a heated and cooled swimming pool, screened patio room, and tropical outdoor space. Exterior paint was completed in 2024.
The property is located at 4001 Groveland Ave, approximately 4 miles from Siesta Key Beach, and is in a non-flood zone. Site features include individually metered utilities, public water and sewer, paved parking, a heated and cooled swimming pool, screened patio room, and tropical outdoor space. Exterior paint was completed in 2024.
Key Highlights
- Five‑unit apartment building with five 2‑bedroom, 1‑bath units
- Approximately 4 miles from Siesta Key Beach and located in a non‑flood zone
- Heated and cooled swimming pool, screened patio room, and tropical outdoor space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,078
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$781,560
$781.6K
Cap Rate 7%
$558,257
$558.3K
Cap Rate 9%
$434,200
$434.2K
Market Conditions
NOI Build-Up for 4,291 SF
Gross rent
$79.3K $18.48/SF
− Vacancy
−$8.2K −$1.92/SF
EGI
$71.1K $16.56/SF
− OpEx
−$32.0K −$7.45/SF
NOI
$39.1K $9.11/SF
Area
Sarasota County, FL
Vacancy
10.40%
Lease Rate
$18.48 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$781,560
Cap Rate 7%
$558,257
Cap Rate 9%
$434,200
Alternative Uses
Best Use
Apartment 5plus
$558.3K
$488.5K – $651.3K
NOI $39,078 @ 7.0% cap · market cap 2.84%
Second Best
Hotel Hospitality
$235.9K
$206.4K – $275.2K
NOI $16,510 @ 7.0% cap · market cap 1.20%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,368 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
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Business Placement
Demographics for 34231, FL
31,492
Population
19,017
Households
1.7
Avg Household Size
55
Median Age
38%
College-Educated
95%
High-School Grad
9.4 sq mi
ZIP Area
3,350
Density / Sq Mi
$69,721
Median Household Income
$40,608
Median Earnings
$1,707
Median Rent
$363,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Individually metered units, paved parking, and public water and sewer support flexible rental operations.
Where is this apartment building located?
The property is located at 4001 GROVELAND AVE Sarasota, FL.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Five‑unit apartment building with five 2‑bedroom, 1‑bath units; Approximately 4 miles from Siesta Key Beach and located in a non‑flood zone; Heated and cooled swimming pool, screened patio room, and tropical outdoor space
