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    Turnkey Furnished Siesta Key Condo Title is generated by Realmo AI

    6157 MIDNIGHT PASS ROAD E65, Sarasota, FL 34242

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    For Sale
    $547,500

    2-bed, 2-bath condo near Siesta Key Beach.

    Type:Condo/Townhome
    Property size:
    1,101 SF
    Lot size:
    4.25 Acres
    Price / SF:
    $497/SF
    Added:
    Sep 16, 2024
    Days on Market:
    626
    Last Refresh:
    May 20 at 2:39 am

    Property Features for 6157 MIDNIGHT PASS ROAD E65

    General Information

    Standard status
    Active
    Size
    1,101 SF
    Lot size
    4.25 Acres
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    1974

    We can help!

    Listing Contact
    Roni-Marie Gold, PA
    Roni-Marie Gold, PA

    Listing agent Roni-Marie Gold, PA License #3105300

    Listing office COLDWELL BANKER REALTY

    Listing date Sep 16, 2024

    Source Exitrealty

    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 COLDWELL BANKER REALTY

    HighLights

    • Proven Income‑Generating Potential: $51,500 in rental revenue in 2023 with weekly rental allowance and future bookings.
    • Turnkey Furnished Penthouse Condo: Ready for immediate use or rental, located within walking distance to Siesta Key Beach.
    • New 2024 Air Conditioner and New Laminate Floors: Recent upgrades ensure comfort and reduce maintenance.
    • Low Monthly Fees: Affordable fees cover essential services and amenities including water, sewer, roof maintenance, cable, pest control, exterior upkeep, and elevator.
    • Desirable Amenities: Heated pool, tennis courts, community room with pool table, waterfront grilling, and fishing dock.
    • Prime Location: Close to Siesta Key Beach, shops, restaurants, and free trolley access; building has passed milestone inspections.

    Overview

    This 2-bed, 2-bath penthouse condo offers an opportunity to enjoy the Florida Lifestyle and generate income. The unit is being sold turnkey furnished and is located within walking distance of Siesta Key Beach. The condo is suitable for personal use or as an investment with weekly rental allowance. In 2023, it generated $51,500 in revenue as a part-time vacation rental. The interior is decorated with a tropical vibe. New laminate floors have been installed throughout, and a new 2024 air conditioner is in place. Each bedroom has a large walk-in closet and ensuite bathroom. The kitchen is fully equipped with butcher block countertops. A full-size washer and dryer are located just off the kitchen. There are additional washer and dryers in the common areas of the building. The spacious porch has a large storage closet and a view of the community pool. Monthly fees cover water, sewer, roof maintenance, cable, pest control, exterior upkeep, elevator, and access to amenities such as a heated pool, tennis courts, a community room with a pool table, outdoor waterfront grilling, and a fishing dock on the bay. The Bay Oaks Condo Complex has completed and passed its building milestone inspections. The property size is 1101 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bay Oaks Condominium Condominium Complex Coastal Comfort by ... Hotel & Motel Midnight Pass Properties ... Condominium Complex Men of Means Vacation Rental Duncan's Vacation Rentals Vacation Rental

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Manatee
    State
    Florida
    Longitude
    -82.5367544
    Latitude
    27.2598723

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    FAQs

    What type of property is this?
    Short term rental property - 2-bed, 2-bath condo near Siesta Key Beach.
    Where is this short term rental property located?
    The property is located at 6157 MIDNIGHT PASS ROAD E65 Sarasota, FL.
    What is the asking price?
    The asking price for this property is $547,500.
    What are key features of this property?
    This property features: Proven Income‑Generating Potential: $51,500 in rental revenue in 2023 with weekly rental allowance and future bookings.; Turnkey Furnished Penthouse Condo: Ready for immediate use or rental, located within walking distance to Siesta Key Beach.; New 2024 Air Conditioner and New Laminate Floors: Recent upgrades ensure comfort and reduce maintenance.
    (941) 487-0105
    We can help!
    Listing Contact
    Roni-Marie Gold, PA
    Roni-Marie Gold, PA
    Real Estate License ID: 3105300
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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