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    651 MADISON Ct Sarasota, FL 34236

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    For Sale
    $1,199,000

    Updated triplex in desirable location with long-term tenants.

    Type:Investment
    Property size:
    1,680 SF
    Lot size:
    1.02 Acres
    Price / SF:
    $713/SF
    Added:
    Apr 24, 2026
    Days on Market:
    10
    Last Refresh:
    Apr 24 at 3:37 pm

    Property Features for 651 MADISON Ct

    General Information

    Standard status
    Active
    Size
    1,680 SF
    Lot size
    1.02 Acres
    Property subtype
    Investment

    Building Details

    Year Built
    1953

    We can help!

    Listing Contact
    Zachary Greenberg

    Listing agent Zachary Greenberg License #3252794

    Listing office

    Listing date Apr 24, 2026

    Source Elliman

    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 Zachary Greenberg

    Overview

    Renovated Triplex in Laurel Park

    Located in the Laurel Park neighborhood adjacent to downtown Sarasota, 651 Madison Court is a multi-family home featuring three one-bedroom, one-bathroom apartments. Constructed in 1953 and extensively renovated in 2023, the 1680 sq/ft concrete block structure includes a 2023 metal roof and updates to the electrical and plumbing systems. The property also features impact windows, new kitchens and bathrooms, tile floors, and HVAC systems. The apartments are fully rented with long-term tenants and are separately metered for electricity and city services, with tenants paying all utilities. The lot is located at the end of a non-thru street, near the Sarasota senior friendship center, new construction homes, the Hudson Bayou waterway and Laurel park kayak launch, downtown Sarasota, and Selby Gardens. Situated within the City of Sarasota, future use for short-term rentals (7-night minimum) is possible. The property is located within the City of Sarasota Qualified Opportunity Zone 1.02.
    Location Intelligence

    Current Use by Public Records

    Melrose Group (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Sarasota
    County
    Manatee
    State
    Florida
    Longitude
    -82.5331858
    Latitude
    27.3304345

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    FAQs

    What type of property is this?
    Triplex - Updated triplex in desirable location with long-term tenants.
    Where is this triplex located?
    The property is located at 651 MADISON Ct Sarasota, FL.
    What is the asking price?
    The asking price for this property is $1,199,000.
    What are key features of this property?
    This property features: Extensively renovated in 2023 with new metal roof, electrical and plumbing updates, impact windows, stylish kitchens and bathrooms, tile floors, and HVAC systems.; Located in the highly desirable Laurel Park neighborhood, adjacent to downtown Sarasota, Selby Gardens, and the Hudson Bayou waterway.; Fully rented with three long‑term tenants, providing immediate rental income.
    (561) 310-9672
    We can help!
    Listing Contact
    Zachary Greenberg
    Real Estate License ID: 3252794
    Learn More
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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.

    More about this property
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    651 MADISON Ct, Sarasota, FL 34236

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