Five-Unit Downtown Apartment
503 N Osprey Ave Sarasota, FL 34236
New
503 N Osprey Ave, Sarasota, FL, 34236
$1,159,999
For Sale
$1,159,999
Five fully rented units on a downtown corner lot, with common area laundry and DTN zoning allowing weekly rentals.
Property Size2,958 SF
Price / SF$392.16
Days on Market3
Property Features for 503 N Osprey Ave
General Information
- Standard status
- Active
- Size
- 2,958 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1949
Listing Agency
RE/MAX ALLIANCE GROUP
(941) 284-7287
Listed by
Patrick Ritchey · License #3028794
Source
Whitesandsfl
Added: Jul 18 Checked: Jul 20 at 3:54 am
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 complex consists of three buildings on a downtown Sarasota corner lot. Building #1 includes two 1-bedroom/1-bath units. Building #2 includes two 2-bedroom/1-bath units. Building #3 is a cottage/studio. The property is fully rented under month-to-month annual agreements, and includes common area laundry as an amenity for tenants.
The property is located in DTN zoning. City zoning allows weekly rentals, and the offering is positioned as both an income-producing purchase and an opportunity to develop under DTN zoning. Public remarks indicate the property is a few blocks from Main Street with downtown restaurants, shops, and bars, and about two blocks from Sarasota City Park with tennis courts, a playground, and a dog park.
The seller is offering owner/seller financing to prospective buyers, with a 60% minimum down payment requirement and attractive financing terms. Minimum balloon options may be considered, and the seller will not enter a second position as a lender.
The property is located in DTN zoning. City zoning allows weekly rentals, and the offering is positioned as both an income-producing purchase and an opportunity to develop under DTN zoning. Public remarks indicate the property is a few blocks from Main Street with downtown restaurants, shops, and bars, and about two blocks from Sarasota City Park with tennis courts, a playground, and a dog park.
The seller is offering owner/seller financing to prospective buyers, with a 60% minimum down payment requirement and attractive financing terms. Minimum balloon options may be considered, and the seller will not enter a second position as a lender.
Key Highlights
- Five‑unit apartment complex built in 1949 on a downtown Sarasota corner lot
- Unit mix: two 1BR/1BA units in Building #1; two 2BR/1BA units in Building #2; one cottage/studio in Building #3
- All units are fully rented on month‑to‑month annual agreements
Local 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 | $68.9k | $23.28 |
| − Vacancy | −$3.8k | −$1.28 |
| EGI | $65.1k | $22.00 |
| − OpEx | −$29.3k | −$9.90 |
| NOI | $35.8k | $12.10 |
2,958 SF · lease $23.28/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$511.3K
$447.4K – $596.5K
NOI $35,791 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$869.9K
$761.1K – $1.01M
NOI $60,890 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five fully rented units on a downtown corner lot, with common area laundry and DTN zoning allowing weekly rentals.
Where is this apartment building located?
The property is located at 503 N Osprey Ave Sarasota, FL.
What is the asking price?
The asking price for this property is $1,159,999.
What are key features of this property?
This property features: Five‑unit apartment complex built in 1949 on a downtown Sarasota corner lot; Unit mix: two 1BR/1BA units in Building #1; two 2BR/1BA units in Building #2; one cottage/studio in Building #3; All units are fully rented on month‑to‑month annual agreements
