Residential Income Property with
New
For Sale
Under Contract
$335,000
589 SPANISH Drive N, Longboat Key, FL 34228
Residential, LONGBOAT KEY, FL
Property Size1,429 SF
Price / SF$234.43
Days on Market3
Property Features for 589 SPANISH Drive N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R3MX
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1, Laundry Room
Parking features
Open
Spa
1
Window features
Double Pane Windows
Patio and Porch features
Porch, Patio
Pets allowed
Size Limit, Number Limit, Dogs OK
Interior features
Walk-In Closet(s)
Appliances
Dishwasher, Disposal, Electric Water Heater, Exhaust Fan, Microwave, Range, Refrigerator
Subdivision
SPANISH MAIN YACHT CLUB CONDO
Lot features
Flood Zone, Near Marina, Near Public Transit, Street Dead- End, Paved, Private
Directions
5700 block of Gulf of Mexico on Longboat Key. Closer to the northern end. Turn left at 5700 Gulf of Mexico into the Spanish Main Yacht Club. Make immediate left and follow down to address. Villa on the left.
Standard status
Active Under Contract
APN
7903500002
Size
1,429 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 11 SPANISH MAIN YACHT CLUB CONDOMINIUM PI#79035.0000/2
Tax Annual Amount
2897
Legal Description
UNIT 11 SPANISH MAIN YACHT CLUB CONDOMINIUM PI#79035.0000/2
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
pool
private beach access
boating
Building Details
Year built
1968
Floors in Building
1
Flooring type
Vinyl
Building materials
Block, Stucco
Roof type
Membrane, Tile
Listing Agency:
PREMIER SOTHEBY'S INTERNATIONAL REALTY
(941) 364-4000
Listed By:
Kimberly Freiwald
(941) 256-6775
Added: Sep 25
Changed: Sep 27
Last Checked: Sep 27 at 11:06PM
MLS# A4707412
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.
Offering 1,429 square feet, this residential property has two bedrooms, two bathrooms, a laundry room, and a walk-in closet. The interior has vinyl flooring and central air conditioning, with electric heat. A kitchen is equipped with a range, refrigerator, microwave, dishwasher, disposal, and exhaust fan. The home also includes a patio and porch; construction dates to 1968, with block and stucco materials.
Located within Spanish Main Yacht Club on Longboat Key, the property has private beach access, boating access, and use of a pool. Public water and sewer serve the property. Zoning is R3MX.
Located within Spanish Main Yacht Club on Longboat Key, the property has private beach access, boating access, and use of a pool. Public water and sewer serve the property. Zoning is R3MX.
Key Highlights
- 1,429 square feet with two bedrooms and two bathrooms
- Private beach access and boating access at Spanish Main Yacht Club
- Pool access
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
$17,291
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
5.16%
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%
$345,820
$345.8K
Cap Rate 7%
$247,014
$247.0K
Cap Rate 9%
$192,122
$192.1K
Market Conditions
NOI Build-Up for 1,429 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
$33.3K $23.28/SF
− Vacancy
−$1.8K −$1.28/SF
EGI
$31.4K $22.00/SF
− OpEx
−$14.1K −$9.90/SF
NOI
$17.3K $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%
$345,820
Cap Rate 7%
$247,014
Cap Rate 9%
$192,122
Alternative Uses
Best Use
Apartment 5plus
$247.0K
$216.1K – $288.2K
NOI $17,291 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$420.2K
$367.7K – $490.3K
NOI $29,416 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Explore this area
Business Placement
Demographics for 34228, FL
7,505
Population
9,865
Households
0.8
Avg Household Size
71
Median Age
69%
College-Educated
99%
High-School Grad
4.1 sq mi
ZIP Area
1,830
Density / Sq Mi
$143,365
Median Household Income
$78,438
Median Earnings
$2,969
Median Rent
$959,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The 1,429-square-foot residence includes two bedrooms, two bathrooms, central air, and a patio.
Where is this residential income property located?
The property is located at 589 SPANISH Drive N Longboat Key, FL.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,429 square feet with two bedrooms and two bathrooms; Private beach access and boating access at Spanish Main Yacht Club; Pool access
