Masonry-Block 4-Unit
For Sale
Contact for pricing
6273 Draw Lane, Sarasota, FL 34238
Four-unit residential income property with a varied unit mix and RMF1 multifamily zoning.
Property Size5,534 SF
Price / SF$234.01
Days on Market152
Property Features for 6273 Draw Lane
General Information
Standard status
Active
Size
5,534 SF
Class
B
Property subtype
Multifamily
Zoning
RMF1 - RESIDENTIAL, MULTI FAMILY
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$73,000
Units
Unit Mix
1 x 3/2, 2 x 2/2, 1 x 1/1
Multifamily Units
4
Building Details
Year Built
1987
Year Renovated
2023
Buildings
1
Stories
1
Units
4
Construction
Masonry/Block
Listing Agency:
Dreznin Pappas Commercial Real Estate LLC
Listed By:
Sean Dreznin · License #FL SL3233805
Source:
Crexi
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 6:42PM
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 Dreznin Pappas Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This four-unit quadplex contains 5,534 square feet and was built in 1987. The configuration includes one three-bedroom, two-bath unit, two two-bedroom, two-bath units, and one one-bedroom, one-bath unit. Masonry-block construction provides the primary building system.
The property is located at 6273 Draw Lane in Sarasota, Florida, within an RMF1 — Residential, Multi Family zoning designation. Surrounding development consists of condominium and single-family residential properties, creating a primarily residential setting for the four-unit asset.
The property is located at 6273 Draw Lane in Sarasota, Florida, within an RMF1 — Residential, Multi Family zoning designation. Surrounding development consists of condominium and single-family residential properties, creating a primarily residential setting for the four-unit asset.
Key Highlights
- Four‑unit configuration with one 3/2, two 2/2, and one 1/1 units
- 5,534 SF quadplex built in 1987
- Masonry/Block construction
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
$72,697
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
5.61%
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%
$1,453,940
$1.5M
Cap Rate 7%
$1,038,529
$1.0M
Cap Rate 9%
$807,744
$807.7K
Market Conditions
NOI Build-Up for 5,534 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
$109.6K $19.80/SF
− Vacancy
−$5.7K −$1.03/SF
EGI
$103.9K $18.77/SF
− OpEx
−$31.2K −$5.63/SF
NOI
$72.7K $13.14/SF
Area
Manatee County, FL
Vacancy
5.22%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,453,940
Cap Rate 7%
$1,038,529
Cap Rate 9%
$807,744
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$908.7K – $1.21M
NOI $72,697 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$956.6K
$837.0K – $1.12M
NOI $66,960 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$1.63M
$1.42M – $1.90M
NOI $113,916 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 34238, FL
22,050
Population
14,301
Households
1.5
Avg Household Size
64
Median Age
54%
College-Educated
97%
High-School Grad
13.2 sq mi
ZIP Area
1,670
Density / Sq Mi
$94,583
Median Household Income
$52,322
Median Earnings
$1,828
Median Rent
$532,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential income property with a varied unit mix and RMF1 multifamily zoning.
Where is this quadplex located?
The property is located at 6273 Draw Lane Sarasota, FL.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Four‑unit configuration with one 3/2, two 2/2, and one 1/1 units; 5,534 SF quadplex built in 1987; Masonry/Block construction
