Multifamily
Sarasota Palms
2725 Coconut Bay Ln, Sarasota, FL 34237
Listing Price: $21,120,000
Investment Overview
132 condominium units within 248 centrally-located and highly-amenitized community. *Seller owns 84 units and has contractual option rights on 48 units, allowing 132 total units to be conveyed.
Sarasota Palms
Investment Highlights
- 132 condominium units within 248 centrally-located and highly-amenitized community
- 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
- Seller owns 174 of community's 182 storage units
- Several recent substantial capital improvements, including new impact doors and windows and water heaters in all units
- 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
Exclusively Listed By
Financing By
Listing Price: $21,120,000
Investment Highlights
- 132 condominium units within 248 centrally-located and highly-amenitized community
- 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
- Seller owns 174 of community's 182 storage units
- Several recent substantial capital improvements, including new impact doors and windows and water heaters in all units
- 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
Investment Overview
132 condominium units within 248 centrally-located and highly-amenitized community. *Seller owns 84 units and has contractual option rights on 48 units, allowing 132 total units to be conveyed.
Exclusively Listed By
Financing By
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