2725 Coconut Bay Ln - Apartments FOR SALE


Sarasota, FL 34237- Downtown Sarasota | 
$21,120,000 USD
813-334-1184
2725 Coconut Bay Ln, Sarasota, FL for Sale
$21,120,000 USD
Apartments - FOR SALE
1/29
null | 6.95% Cap Rate

2725 Coconut Bay Ln
Sarasota, FL 34237
Downtown Sarasota


HIGHLIGHTS

  • Recent multifamily sale comparables support 25%+ exit valuation increase
  • Seller owns 174 of community’s 182 storage units
  • Sarasota Palms’ location combines proximity to Downtown Sarasota within a residential setting east of the city’s primary commercial and cultural core
  • Situated two blocks north of Fruitville Road, a principal east-west corridor connecting the downtown area with eastern Sarasota and Interstate 75
  • The Pompano Trailhead of The Legacy Trail is located nearby, offering a paved, dog-friendly bicycling and recreation corridor
  • Minutes to vibrant downtown Sarasota, stunning beaches and University Town Center (UTC)

OVERVIEW

132 condominium units within 248 centrally-located and highly-amenitized community (seller owns 84 units and has exclusive option rights on 48 units, allowing 132 total units to be conveyed). Unique opportunity to acquire majority-control of association through bulk acquisition and further acquire units for reversion to multifamily use. Recent multifamily sale comparables support 25%+ exit valuation increase. Community features an unparalleled comprehensive amenity set, including an expansive sparkling swimming pool, recently upgraded large fitness center, tennis courts, playground, dog park, picnic area, sauna, theater/media facilities, business and conference areas, game rooms, elevators, controlled access, complimentary community-wide resident Wi-Fi, and an EV charging area (see pp 17, 22-26). Several recent substantial capital improvements, including new impact doors and windows and water heaters in all units (see page 15 for Timeline of Capital Improvements). Sarasota’s tourism industry attracts approximately 2- to 3-million visitors annually, generating billions of dollars in economic impact; with healthcare, insurance, and manufacturing employers serving as important components of the regional economy. The Sarasota area is distinguished by white-sand beaches, year-round sunshine, dining, shopping, outdoor activities, and a vibrant arts and culture scene. Known as Florida’s “Culture Coast” the area offers venues such as the Sarasota Opera House, John and Mable Ringling Museum of Art, Mote Marine Laboratory & Aquarium and Marie Selby Botanical Gardens. Community is across the street from both Tuttle Elementary School and Ed Smith Stadium, the Spring Training home of Major League Baseball’s Baltimore Orioles. 2.9 miles to Sarasota Memorial Hospital. 5.3 miles to Sarasota-Bradenton International Airport, serving a wide-range of year-round nonstop markets

FOR SALE DETAILS

PRICE

$21,120,000 USD

PRICE/SF

$202 USD /SF

# OF UNITS

132

PRICE/UNIT

$160,000

CAP RATE

6.95%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Sarasota Palms

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1974

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Ned RobertsRPH MultifamilyMore Info
813-334-1184

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Ned RobertsRPH MultifamilyMore Info
813-334-1184

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.