Five-Unit Apartment Building with
For Sale
$1,450,000
4001 GROVELAND AVE, Sarasota, FL 34231
Individually metered units, paved parking, and public water and sewer support flexible rental operations.
Days on Market90
Property Features for 4001 GROVELAND AVE
General Information
Standard status
Active
Property subtype
Quadruplex
Units
Unit Mix
5 x 2BR/1BA
Multifamily Units
5
Additional Details
Utilities to Site
Yes
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
(941) 993-5892
Listed By:
Rachel Tritschler · License #3368249
Source:
Daniellegladdingco
Added: May 6
Changed: Jul 31
Last Checked: Aug 2 at 11:55AM
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
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $99.9k | $23.28 |
| − Vacancy | −$5.5k | −$1.28 |
| EGI | $94.4k | $22.00 |
| − OpEx | −$42.5k | −$9.90 |
| NOI | $51.9k | $12.10 |
4,291 SF · lease $23.28/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$741.7K
$649.0K – $865.3K
NOI $51,920 @ 7.0% cap · market cap 3.58%
Second Best
Hotel Hospitality
$235.9K
$206.4K – $275.2K
NOI $16,510 @ 7.0% cap · market cap 1.14%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,329 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
Explore this area
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
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 - 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 $1,450,000.
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
