431 N EAST AVE Sarasota, FL 34237
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Square Footage 2,245 sqft
Price per Sqft $444
Subdivision Pos Sub Of Lt 11 Blk N
MLS Listing ID A4703278
Bedrooms 5
HOA Y/N No
Year Built 1959
Annual Tax Amount $7,907
Lot Size 0.290 Acres
Acres 0.29
Property Sub-Type Triplex
Source Stellar MLS
Property Description
Every unit has been rebuilt inside. Large-format marble-look porcelain tile runs wall to wall through all three, with no carpet anywhere in the building. Walls and ceilings are crisp white under flush-mount LED fixtures in every room. Kitchens carry light flat-panel cabinetry, and stainless appliances, with stacked laundry inside the unit rather than a shared machine down the hall. Bathrooms are white vanities, chrome fittings and framed mirrors over the same tile. The finish package is deliberately consistent across all three units, and that consistency is what makes it turnkey: one material palette, one maintenance standard, and no unit sitting in line for work before it can lease.
The mix spans three price points. A three-bedroom, two-bath at $3,800. A two-bedroom, one-bath at $1,900. A studio at $1,500. All three are occupied.
The building is single-story concrete block on a slab under a shingle roof, with central air, public water and public sewer, and off-street parking for ten. Three water meters and three electric meters measure consumption per unit. The parcel sits in Flood Zone X. Between masonry construction and Flood Zone X, the two variables that drive Florida insurance both point the same direction. Ownership is fee simple with no HOA, no condominium association and no CDD fee.
Two levers sit on top of the in-place rent.
The first is vacation rental. The City of Sarasota extended its vacation rental ordinance to the Downtown Neighborhood zone district in March 2024, and this parcel falls inside it. Stays of seven nights or longer are permitted with a city certificate, which is a materially different revenue profile than a twelve-month lease in a location four blocks off Main Street.
The second is the land. A 12,472 square foot corner site, zoned DTN and sitting under the City's Missing Middle Overlay, which can support density beyond the three units standing today where attainable-housing, design and permitting standards are satisfied. Nothing further is approved and any concept requires confirmation with the City, but the parcel carries a second thesis that a stabilized triplex elsewhere does not.
Renovated, occupied, individually metered, insurable, and sitting on urban ground with room to grow. Income now, optionality later.
Location
State FL
County Sarasota
Community Pos Sub Of Lt 11 Blk N
Area 34237 - Sarasota
Zoning DTN
Interior
Interior Features Open Floorplan
Heating Central, Electric
Cooling Central Air
Flooring Tile
Fireplace false
Appliance Dryer, Range, Range Hood, Washer
Laundry Electric Dryer Hookup, Laundry Room, Washer Hookup
Exterior
Exterior Feature Awning(s), Fence, Sidewalk
Parking Features Driveway, Off Street, Open
Utilities Available Electricity Connected, Sewer Connected, Water - Multiple Meters, Water Connected
View Y/N No
Water Access No
View City
Roof Type Shingle
Porch Porch
Garage false
Private Pool No
Building
Lot Description Corner Lot, City Limits, Landscaped, Sidewalk
Foundation Slab
Lot Size Range 1/4 to less than 1/2
Sewer Public Sewer
Water Public
Structure Type Block
New Construction false
Schools
Elementary Schools Tuttle Elementary
Middle Schools Booker Middle
High Schools Booker High
Others
Senior Community No
Ownership Fee Simple
Acceptable Financing Cash, Conventional, FHA, VA Loan
Listing Terms Cash, Conventional, FHA, VA Loan
Special Listing Condition None
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