Palm Aire Condo For
For Sale
$249,000
7304 W COUNTRY CLUB N DRIVE 213, Sarasota, FL 34243
Two-bedroom, two-bathroom condo with updated features and optional country club.
Property Size886 SF
Lot Size4.72 Acres
Price / SF$281.04
Days on Market567
Property Features for 7304 W COUNTRY CLUB N DRIVE 213
General Information
Standard status
Active
Size
886 SF
Lot size
4.72 Acres
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$2,800
Building Details
Year Built
1973
Listing Agency:
PALM AIRE REALTY PARTNERS LLC
(941) 539-7501
Listed By:
Stephen Sowards, Jr · License #3274022
(941) 539-7501
Source:
Exitrealty
Added: Jan 23, 2025
Changed: Aug 8
Last Checked: Aug 12 at 5:53AM
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 PALM AIRE REALTY PARTNERS LLC
Investment Insights
Based on property information with market context.
This is a two-bedroom, two-bathroom condo located in Palm Aire. Situated on the second floor, this end unit features hurricane impact windows. The condo has new flooring and fresh paint. The primary bathroom has been updated. The property is located close to a variety of dining and entertainment options and is a short drive to beaches. Palm Aire Country Club offers optional memberships with access to 36 holes of golf, tennis courts, pickleball courts, and dining.
Key Highlights
- Hurricane impact windows provide peace of mind.
- Optional Palm Aire Country Club membership with golf, tennis, pickleball, and dining.
- Updated primary bathroom.
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
$10,720
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
4.31%
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%
$214,400
$214.4K
Cap Rate 7%
$153,143
$153.1K
Cap Rate 9%
$119,111
$119.1K
Market Conditions
NOI Build-Up for 886 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
$20.6K $23.28/SF
− Vacancy
−$1.1K −$1.28/SF
EGI
$19.5K $22.00/SF
− OpEx
−$8.8K −$9.90/SF
NOI
$10.7K $12.10/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.28 /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%
$214,400
Cap Rate 7%
$153,143
Cap Rate 9%
$119,111
Alternative Uses
Best Use
Apartment 5plus
$153.1K
$134.0K – $178.7K
NOI $10,720 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$260.5K
$228.0K – $304.0K
NOI $18,238 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
154
Businesses Nearby
Explore this area
Business Placement
Demographics for 34243, FL
30,107
Population
16,287
Households
1.8
Avg Household Size
54
Median Age
43%
College-Educated
95%
High-School Grad
18.0 sq mi
ZIP Area
1,673
Density / Sq Mi
$79,799
Median Household Income
$42,586
Median Earnings
$1,960
Median Rent
$395,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bathroom condo with updated features and optional country club.
Where is this residential income property located?
The property is located at 7304 W COUNTRY CLUB N DRIVE 213 Sarasota, FL.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Hurricane impact windows provide peace of mind.; Optional Palm Aire Country Club membership with golf, tennis, pickleball, and dining.; Updated primary bathroom.
