Englewood Multifamily Investment
For Sale
Contact for pricing
602 Harvard Street, Englewood, FL 34223
Fully furnished, 10-unit apartment community in Sarasota County, Florida.
Property Size5,650 SF
Price / SF$292.04
Days on Market127
Property Features for 602 Harvard Street
General Information
Standard status
Active
Size
5,650 SF
Property subtype
Multifamily
Zoning
RSF3
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$100,972
Building Details
Year Built
1973
Buildings
5
Units
10
Tenancy
Multi
Listing Agency:
Colliers - Tampa, Florida
Listed By:
Colton Williams · License #FL SL3573846
(813) 605-4473
Source:
Crexi
Added: May 22
Changed: Sep 15
Last Checked: Sep 24 at 9:19AM
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 Colliers - Tampa, Florida
Investment Insights
Based on property information with market context.
This fully furnished, 10-unit apartment community, known as Botanic Bungalows, is located in the Englewood submarket of Sarasota County, Florida. The property is 100% occupied. The property is situated a half-mile from Englewood's downtown and less than 2 miles from Manasota Key. The submarket has a median age of 68 and average household incomes of $100,000 within 10 minutes. Four of the ten tenants have been in place since 2021 or earlier. The property features a newly installed well, freshly serviced HVAC systems, and metal roofs.
Key Highlights
- High annual return after debt of 20%
- 100% occupied, 10‑unit fully furnished community
- Located in the affluent Englewood submarket of Sarasota County, Florida, near downtown and Manasota Key
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
$49,882
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
3.02%
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%
$997,640
$997.6K
Cap Rate 7%
$712,600
$712.6K
Cap Rate 9%
$554,244
$554.2K
Market Conditions
NOI Build-Up for 5,650 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
$113.2K $20.04/SF
− Vacancy
−$22.5K −$3.99/SF
EGI
$90.7K $16.05/SF
− OpEx
−$40.8K −$7.22/SF
NOI
$49.9K $8.83/SF
Area
Charlotte County, FL
Vacancy
19.90%
Lease Rate
$20.04 /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%
$997,640
Cap Rate 7%
$712,600
Cap Rate 9%
$554,244
Alternative Uses
Best Use
Apartment 5plus
$712.6K
$623.5K – $831.4K
NOI $49,882 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,498 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 34223, FL
19,118
Population
14,484
Households
1.3
Avg Household Size
66
Median Age
39%
College-Educated
96%
High-School Grad
41.9 sq mi
ZIP Area
456
Density / Sq Mi
$70,155
Median Household Income
$39,486
Median Earnings
$1,288
Median Rent
$358,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully furnished, 10-unit apartment community in Sarasota County, Florida.
Where is this apartment building located?
The property is located at 602 Harvard Street Englewood, FL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: High annual return after debt of 20%; 100% occupied, 10‑unit fully furnished community; Located in the affluent Englewood submarket of Sarasota County, Florida, near downtown and Manasota Key
