431 EAST AVENUE

Property Details

Description

Three renovated units, one corner parcel, four blocks from Main Street. A fully occupied Sarasota triplex producing $7,200 per month, or $86,400 annually, against a $999,000 asking price. That is an 8.65% gross yield and a basis of $333,000 per door. 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.

Facts & Costs

Property type

Triplex

Units

3

Current rent (total)

$7,200 / month

Gross income

$86,400 / year

Net income

$67,662 / year

Zoning

DTN

Year built

1959

Lot size

0.29 acres

Price per sq ft

$445

Days on market

42

Private pool

No

Waterfront

No

Community

Gillespie Park Sub

Subdivision

POS SUB OF LT 11 BLK N

County

Sarasota

Flood zone

X

Monthly & yearly costs

Property taxes

$7,907 / year (2025)

As reported by the listing agent. Verify with the HOA and county.

Construction & systems

Heating

Central, Electric

Cooling

Central Air

Flooring

Tile

Roof

Shingle

Construction

Block

Parking

Driveway, Off Street, Open

View

City

Payment Estimate

$5,710 / month

Principal & interest

$5,051

Property taxes

$659

HOA

$0

Home insurance

enter below

Estimate only, not a loan offer. Rate is a starting value; taxes and HOA are as reported by the listing agent. Florida insurance (including flood) varies widely. Ask George for a lender referral.

Location

Features & Amenities

• Dryer
• Range
• Range Hood
• Washer
• Open Floorplan
• Awning(s)
• Fence
• Sidewalk