5-Unit DTN Apartment
For Sale
Under Contract
$1,159,999
503 N OSPREY Avenue, Sarasota, FL 34236
Residential Income, SARASOTA, FL
Property Size2,958 SF
Lot Size0.23 Acres
Price / SF$392.16
Days on Market263
Property Features for 503 N OSPREY Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
DTN
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 5, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 2
Interior features
Ceiling Fans(s), Window Treatments
Exterior features
Outbuildings
Appliances
Range, Refrigerator
Subdivision
CENTRAL PARK SUB
View
City
Directions
Downtown Corner of Osprey Ave and 5th Street
Standard status
Active Under Contract
APN
2026100018
Size
2,958 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOTS 11 & 12 BLK 2 CENTRAL PARK UNIT 1
Tax Annual Amount
8951
Legal Description
LOTS 11 & 12 BLK 2 CENTRAL PARK UNIT 1
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
common area laundry
Building Details
Year built
1949
Number of units
5
Flooring type
Laminate, Tile
Building materials
Block
Roof type
Shingle
Additional Structures
Outbuilding
Listing Agency:
RE/MAX ALLIANCE GROUP · RE/MAX International
(941) 954-5454
Listed By:
Patrick Ritchey · License #3028794
(941) 284-7287
Added: Dec 10, 2025
Changed: Aug 20
Last Checked: Aug 30 at 10:06PM
MLS# A4674885
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,958-square-foot apartment property contains five units across three buildings on a 0.23-acre corner lot. The first building includes two 1-bedroom, 1-bath units, while the second has two 2-bedroom, 1-bath units. A separate cottage serves as the fifth residence. Common-area laundry supports tenant use, and the improvements feature block construction, shingle roofing, laminate and tile flooring, electric heat, ranges, refrigerators, ceiling fans, and window treatments.
The property is located in downtown Sarasota, a few blocks from Main Street and two blocks from a city park with tennis courts, a playground, a dog park, and a lake. DTN zoning allows weekly rentals. Three units are leased month to month and two have one-year leases; all five units are currently rented.
The property is located in downtown Sarasota, a few blocks from Main Street and two blocks from a city park with tennis courts, a playground, a dog park, and a lake. DTN zoning allows weekly rentals. Three units are leased month to month and two have one-year leases; all five units are currently rented.
Key Highlights
- Five‑unit apartment property totaling 2,958 square feet
- 0.23‑acre DTN‑zoned corner lot in downtown Sarasota
- Unit mix includes two 1‑bedroom units, two 2‑bedroom units, and one cottage/studio
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
$35,791
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
3.09%
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%
$715,820
$715.8K
Cap Rate 7%
$511,300
$511.3K
Cap Rate 9%
$397,678
$397.7K
Market Conditions
NOI Build-Up for 2,958 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
$68.9K $23.28/SF
− Vacancy
−$3.8K −$1.28/SF
EGI
$65.1K $22.00/SF
− OpEx
−$29.3K −$9.90/SF
NOI
$35.8K $12.10/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$715,820
Cap Rate 7%
$511,300
Cap Rate 9%
$397,678
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,319
Businesses Nearby
Explore this area
Business Placement
Demographics for 34236, FL
14,083
Population
11,661
Households
1.2
Avg Household Size
66
Median Age
62%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
3,912
Density / Sq Mi
$96,400
Median Household Income
$48,828
Median Earnings
$2,010
Median Rent
$917,100
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 - Corner-lot multifamily asset with common-area laundry and varied lease terms.
Where is this apartment building located?
The property is located at 503 N OSPREY Avenue 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 property totaling 2,958 square feet; 0.23‑acre DTN‑zoned corner lot in downtown Sarasota; Unit mix includes two 1‑bedroom units, two 2‑bedroom units, and one cottage/studio
