Renovated
For Sale
$360,000
605 KING STREET, Nokomis, FL 34275
Two-unit residential property with substantial system and interior updates for continued rental use.
Property Size1,694 SF
Price / SF$212.51
Days on Market662
Property Features for 605 KING STREET
General Information
Standard status
Active
Size
1,694 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,269
Building Details
Year Built
1957
Buildings
1
Listing Agency:
BEYCOME OF FLORIDA LLC
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Source:
Exitrealty
Added: Dec 22, 2024
Changed: Oct 11
Last Checked: Oct 11 at 5:30AM
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 BEYCOME OF FLORIDA LLC
Investment Insights
Based on property information with market context.
This duplex in Nokomis, Florida, contains two residential units within a 1,694-square-foot property built in 1957. Improvements include a newer roof, septic system, lift station, PEX piping, kitchen cabinetry, air-conditioning equipment, hot water heaters, and electrical panels.
Located at 605 King Street, the property offers a two-unit configuration suited to residential income use. The combination of updated major systems and refreshed unit components provides a practical foundation for continued operation as a duplex.
Located at 605 King Street, the property offers a two-unit configuration suited to residential income use. The combination of updated major systems and refreshed unit components provides a practical foundation for continued operation as a duplex.
Key Highlights
- Two‑unit duplex at 605 King Street, Nokomis, FL 34275
- 1,694‑square‑foot property built in 1957
- Updated roof, septic system, and lift station
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,312
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$346,240
$346.2K
Cap Rate 7%
$247,314
$247.3K
Cap Rate 9%
$192,356
$192.4K
Market Conditions
NOI Build-Up for 1,694 SF
Gross rent
$27.4K $16.20/SF
− Vacancy
−$2.7K −$1.60/SF
EGI
$24.7K $14.60/SF
− OpEx
−$7.4K −$4.38/SF
NOI
$17.3K $10.22/SF
Area
Sarasota County, FL
Vacancy
9.88%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$346,240
Cap Rate 7%
$247,314
Cap Rate 9%
$192,356
Alternative Uses
Best Use
Multifamily LT 5
$247.3K
$216.4K – $288.5K
NOI $17,312 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$220.4K
$192.8K – $257.1K
NOI $15,427 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$481.4K
$421.3K – $561.7K
NOI $33,701 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 34275, FL
20,570
Population
13,139
Households
1.6
Avg Household Size
63
Median Age
43%
College-Educated
97%
High-School Grad
25.7 sq mi
ZIP Area
800
Density / Sq Mi
$84,503
Median Household Income
$48,094
Median Earnings
$1,459
Median Rent
$435,600
Median Home Value
Check the figures for this property
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?
Duplex - Two-unit residential property with substantial system and interior updates for continued rental use.
Where is this duplex located?
The property is located at 605 KING STREET Nokomis, FL.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two‑unit duplex at 605 King Street, Nokomis, FL 34275; 1,694‑square‑foot property built in 1957; Updated roof, septic system, and lift station
