Income-Generating Duplex With Updated
For Sale
$450,000
993 Gary Street A & B, Sarasota, FL 34234
Duplex in flood zone X with two 2-bedroom, 1-bath units, screened lanais, private laundry, and covered carports with storage.
Property Size1,679 SF
Price / SF$268.02
Days on Market91
Property Features for 993 Gary Street A & B
General Information
Standard status
Active
Size
1,679 SF
Property subtype
Multi-Family
Building Details
Year Built
1958
Listing Agency:
DALTON WADE INC
Listed By:
Marius Mocan · License #3517085
(503) 858-3756
Source:
Whitesandsfl
Added: Jul 20
Changed: Oct 2
Last Checked: Oct 7 at 5:42PM
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 DALTON WADE INC
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Investment Insights
Based on property information with market context.
Exceptional income-producing duplex within Sarasota city limits, located in Flood Zone X where no flood insurance is required. The property is constructed with solid block and features two private units, each with 2 bedrooms and 1 bathroom. Interiors include updated kitchens with shaker cabinetry and quartz countertops, restored terrazzo flooring, open-concept living areas, and private laundry rooms. Each unit offers a screened lanai and a covered carport with locked storage, and the units do not share a common wall or yard space.
The duplex is directly across from North Water Tower Park and its paved walking trails, disc golf course, playground, covered picnic areas, public restrooms, and water bottle filling station. According to the City of Sarasota permitting website, the occupancy use is listed as R1 Hotels/Motels/Boarding House.
Major capital improvements completed within the past seven years include the roof, dual HVAC systems, and water heaters. The property also includes separate utilities, supporting flexible rental use. Unit B has operated as a short-term rental through Airbnb and VRBO since January 2026, and Unit A is currently owner-occupied.
The duplex is directly across from North Water Tower Park and its paved walking trails, disc golf course, playground, covered picnic areas, public restrooms, and water bottle filling station. According to the City of Sarasota permitting website, the occupancy use is listed as R1 Hotels/Motels/Boarding House.
Major capital improvements completed within the past seven years include the roof, dual HVAC systems, and water heaters. The property also includes separate utilities, supporting flexible rental use. Unit B has operated as a short-term rental through Airbnb and VRBO since January 2026, and Unit A is currently owner-occupied.
Key Highlights
- Duplex in Sarasota city limits in Flood Zone X, with separate units (no shared common wall or yard space) for added privacy.
- Each unit offers 2 bedrooms and 1 bathroom plus updated kitchens with shaker cabinetry and quartz countertops, and restored terrazzo flooring.
- Units include private laundry rooms, screened lanais, and covered carports with locked storage.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,159
Cap Rate
3.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$343,180
$343.2K
Cap Rate 7%
$245,129
$245.1K
Cap Rate 9%
$190,656
$190.7K
Market Conditions
NOI Build-Up for 1,679 SF
Gross rent
$27.2K $16.20/SF
− Vacancy
−$2.7K −$1.60/SF
EGI
$24.5K $14.60/SF
− OpEx
−$7.4K −$4.38/SF
NOI
$17.2K $10.22/SF
Area
Sarasota County, FL
Vacancy
9.88%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$343,180
Cap Rate 7%
$245,129
Cap Rate 9%
$190,656
Alternative Uses
Best Use
Multifamily LT 5
$245.1K
$214.5K – $286.0K
NOI $17,159 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$218.4K
$191.1K – $254.9K
NOI $15,291 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$477.2K
$417.5K – $556.7K
NOI $33,403 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
448
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Duplex in flood zone X with two 2-bedroom, 1-bath units, screened lanais, private laundry, and covered carports with storage.
Where is this duplex located?
The property is located at 993 Gary Street A & B 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: Duplex in Sarasota city limits in Flood Zone X, with separate units (no shared common wall or yard space) for added privacy.; Each unit offers 2 bedrooms and 1 bathroom plus updated kitchens with shaker cabinetry and quartz countertops, and restored terrazzo flooring.; Units include private laundry rooms, screened lanais, and covered carports with locked storage.
