Duplex with Separate Private
For Sale
$450,000
993 GARY Street, Sarasota, FL 34234
Residential Income, SARASOTA, FL
Property Size1,679 SF
Lot Size0.22 Acres
Price / SF$268.02
Days on Market101
Property Features for 993 GARY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RMF3
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3
Window features
Double Pane Windows, Blinds, Window Treatments
Patio and Porch features
Porch
Pets allowed
Dogs OK, Cats OK, Yes
Interior features
Ceiling Fans(s), Eat-in Kitchen, Primary Bedroom Main Floor, Solid Surface Counters, Window Treatments
Exterior features
Dog Run, Fence, Private Entrance, Private Mailbox, Private Yard
Fencing
Fenced
Appliances
Disposal, Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
HARRIET SUB
Directions
From US-41 (North Tamiami Trail), turn east on Gary Street. Property is on the corner of Gary Street and Royal Palm Blvd.
Standard status
Active
APN
2004070041
Size
1,679 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 19 HARRIET SUB
Tax Annual Amount
5119
Legal Description
LOT 19 HARRIET SUB
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
private laundry rooms
screened lanais
covered carports
Building Details
Year built
1958
Floors in Building
1
Flooring type
Terrazzo, Tile
Building materials
Block, Concrete
Roof type
Metal
Additional Structures
Kennel/Dog Run
Listing Agency:
DALTON WADE INC
(888) 668-8283
Listed By:
Marius Mocan · License #3517085
(503) 858-3756
Added: May 22
Changed: Aug 28
Last Checked: Aug 30 at 2:06PM
MLS# A4694443
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This block-built duplex at 993 Gary Street in Sarasota contains two private residences, each arranged with two bedrooms, one bathroom, an open living area, an updated kitchen, private laundry, screened lanai, and covered carport with locked storage. The units do not share a common wall or yard space, supporting greater separation between occupants. The property measures 1,679 square feet on 0.22 acres and includes separate utilities, public water and sewer, central air, a metal roof, terrazzo and tile flooring, fenced outdoor space, and private entrances.
The property is across from North Water Tower Park, which provides paved walking trails, disc golf, a playground, covered picnic areas, public restrooms, and a water bottle filling station. It is within Sarasota city limits and classified RMF3, with occupancy use listed as R1 Hotels/Motels/Boarding House. The roof, dual HVAC systems, and water heaters were updated within the past seven years. Downtown Sarasota, SRQ Airport, area colleges, Lakewood Ranch, Bradenton, and Gulf beaches are accessible from the central Sarasota setting.
The property is across from North Water Tower Park, which provides paved walking trails, disc golf, a playground, covered picnic areas, public restrooms, and a water bottle filling station. It is within Sarasota city limits and classified RMF3, with occupancy use listed as R1 Hotels/Motels/Boarding House. The roof, dual HVAC systems, and water heaters were updated within the past seven years. Downtown Sarasota, SRQ Airport, area colleges, Lakewood Ranch, Bradenton, and Gulf beaches are accessible from the central Sarasota setting.
Key Highlights
- Two‑unit duplex with 1,679 square feet on a 0.22‑acre lot
- Each unit includes 2 bedrooms and 1 bathroom
- Separate utilities and solid 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
$22,056
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
4.90%
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%
$441,120
$441.1K
Cap Rate 7%
$315,086
$315.1K
Cap Rate 9%
$245,067
$245.1K
Market Conditions
NOI Build-Up for 1,679 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
$33.2K $19.80/SF
− Vacancy
−$1.7K −$1.03/SF
EGI
$31.5K $18.77/SF
− OpEx
−$9.5K −$5.63/SF
NOI
$22.1K $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%
$441,120
Cap Rate 7%
$315,086
Cap Rate 9%
$245,067
Alternative Uses
Best Use
Multifamily LT 5
$315.1K
$275.7K – $367.6K
NOI $22,056 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$290.2K
$254.0K – $338.6K
NOI $20,316 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$493.7K
$432.0K – $576.0K
NOI $34,562 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
448
Businesses Nearby
Explore this area
Business Placement
Demographics for 34234, FL
20,858
Population
10,257
Households
2
Avg Household Size
42
Median Age
28%
College-Educated
86%
High-School Grad
6.5 sq mi
ZIP Area
3,209
Density / Sq Mi
$56,607
Median Household Income
$33,536
Median Earnings
$1,352
Median Rent
$222,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated units offer private outdoor areas, separate utilities, screened lanais, and covered carports with locked storage.
Where is this duplex located?
The property is located at 993 GARY Street Sarasota, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,679 square feet on a 0.22‑acre lot; Each unit includes 2 bedrooms and 1 bathroom; Separate utilities and solid block construction
