1116 Cocoanut Ave., Sarasota, FL 34236

Desirable apartment building with huge upside potential. Extensive new multifamily construction is happening nearby, and the property is zoned RMF-3. Current loss-to-lease is $1,475/month and there is the ability to further increase revenue with modest renovations. Cap rate with existing leases pushed to market is 6%, higher with any renovations. Two units have been turned within the last 18 months with new paint and flooring. There are two central HVAC units and two mini-split systems, and there is coin-operated laundry on-site. HVACs, windows, and roofs are relatively new. The lot has lush low-maintenance landscaping with inviting common areas. Walk to restaurants, night life, and grocery stores. One block to bay front water. Sarasota-Bradenton International Airport is a 10 minute drive, 3.9 miles.