2111 Palm Terrace Sarasota, FL 34231
South Sarasota Neighborhood
6
Beds
4
Baths
2,068
Sq Ft
9,864
Sq Ft Lot
Highlights
- No HOA
- Patio
- Tile Flooring
- Phillippi Shores Elementary School Rated A
- Laundry closet
- Landscaped
About This Home
As of August 2024PRICE IMPROVEMENT! SELLER MOTIVATED! RARE 4plex investment opportunity in the heart of Sarasota, 6% cap rate, with potential for further income growth!! ! This well-maintained fully rented 4-plex is ideally situated in a the heart of Sarasota on a quiet dead-end street, within one of the best school districts in the area. The units boast modern updates with new kitchens, new flooring, open floor plans, and plenty of natural light. This property offers unparalleled convenience, with Trader Joe’s and Publix within walking distance and the stunning Siesta Key beaches just a 10-minute drive away. Tenants are already in place in all 4 units, ensuring a stable income stream. The expansive lot offers ample backyard space with a privacy fence. Thoughtfully designed driveway and parking area accommodate all units. Key updates included a new metal roof installed 2021 and roof clipping was completed in May 2022, significantly lowering insurance costs. Units A and B received new central A/C systems in 2020-2021, Unit C had a window unit installed in 2021 and Unit D a window unit installed in 2023. All units have been completely remodeled with new kitchens with new cabinets, granite countertops, subway tile backsplash, stunning fixtures and matching appliances. Units A & B boast LVP flooring and units C and D had tile floors, all installed between 2022 and 2023. Additional improvements include a new electrical panel and breakers in April 2022. On-site laundry facilities are currently operated by a third party, presenting an opportunity for additional revenue if switched to owner-operated machines. A termite bond is in place, providing extra peace of mind. With strong rental demand, excellent income potential, and significant recent updates, this 4-plex is an outstanding addition to any real estate portfolio. Don’t miss out on this rare chance to own a valuable piece of Sarasota real estate! Please do not disturb tenants. Ask about special financing options.
Last Agent to Sell the Property
SHOWTIME REALTY Brokerage Phone: 941-822-0890 License #3525696 Listed on: 06/12/2024
Last Buyer's Agent
SHOWTIME REALTY Brokerage Phone: 941-822-0890 License #3525696 Listed on: 06/12/2024
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $7,774
Year Built
- Built in 1950
Lot Details
- 9,864 Sq Ft Lot
- Lot Dimensions are 79 x 124
- Fenced
- Landscaped
- Level Lot
Home Design
- Quadruplex
- Slab Foundation
- Metal Roof
- Block Exterior
Interior Spaces
- 2,068 Sq Ft Home
- Ceiling Fan
- Range<<rangeHoodToken>>
Flooring
- Tile
- Luxury Vinyl Tile
Bedrooms and Bathrooms
- 6 Bedrooms
- 4 Bathrooms
Laundry
- Laundry closet
- Dryer
- Washer
Parking
- Driveway
- Open Parking
- Off-Street Parking
Outdoor Features
- Patio
Schools
- Phillippi Shores Elementary School
- Brookside Middle School
- Riverview High School
Utilities
- Central Heating and Cooling System
- Cooling System Mounted To A Wall/Window
- Heating System Mounted To A Wall or Window
- Thermostat
Listing and Financial Details
- Visit Down Payment Resource Website
- Tenant pays for electricity, water
- Legal Lot and Block 10 / A
- Assessor Parcel Number 0075040058
Community Details
Overview
- No Home Owners Association
- 2,348 Sq Ft Building
- Harbor Oaks Community
- Harbor Oaks Subdivision
Amenities
- Laundry Facilities
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
Nov 15, 2024
Sold by
Garden Niles T
Bought by
Palm Terrace Holdings Inc
Current Estimated Value
Purchase Details
Listed on
Jun 12, 2024
Closed on
Jul 30, 2024
Sold by
Zhang Jingqing and Hilmer Andrew
Bought by
Garden Niles
Seller's Agent
Melissa Godio
SHOWTIME REALTY
Buyer's Agent
Melissa Godio
SHOWTIME REALTY
List Price
$1,150,000
Sold Price
$1,000,000
Premium/Discount to List
-$150,000
-13.04%
Views
16
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-2.84%
Original Mortgage
$750,000
Interest Rate
6.87%
Mortgage Type
New Conventional
Purchase Details
Closed on
Sep 1, 2020
Sold by
Dubbs Daniel W and Dubbs Debra K
Bought by
Putt Mission For Needy Llc
Purchase Details
Closed on
Jan 1, 2017
Sold by
Dubbs Debra K and Dubbs Daniel W
Bought by
Fan Andy Z
Purchase Details
Closed on
Oct 25, 1996
Sold by
Kerrigan John S and Kerrigan Frances M
Bought by
Dubbs Daniel W and Dubbs Debra K
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$50,000
Interest Rate
8.28%
Purchase Details
Closed on
Oct 17, 1996
Sold by
Kerrigan John S and Kerrigan Frances M
Bought by
Dubbs Daniel W and Dubbs Debra K
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$50,000
Interest Rate
8.28%
Similar Homes in Sarasota, FL
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Quit Claim Deed | $100 | None Listed On Document | |
| Warranty Deed | $1,000,000 | None Listed On Document | |
| Warranty Deed | $190,000 | Attorney | |
| Deed | $64,862 | None Available | |
| Joint Tenancy Deed | $80,000 | -- | |
| Joint Tenancy Deed | -- | -- |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $750,000 | New Conventional | |
| Previous Owner | $80,000 | Unknown | |
| Previous Owner | $50,000 | No Value Available | |
| Previous Owner | $50,000 | No Value Available |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/02/2024 08/02/24 | Sold | $1,000,000 | -4.8% | $484 / Sq Ft |
| 07/14/2024 07/14/24 | Pending | -- | -- | -- |
| 06/21/2024 06/21/24 | Price Changed | $1,050,000 | -8.7% | $508 / Sq Ft |
| 06/12/2024 06/12/24 | For Sale | $1,150,000 | +35.3% | $556 / Sq Ft |
| 05/06/2022 05/06/22 | Sold | $850,000 | -5.6% | $387 / Sq Ft |
| 04/28/2022 04/28/22 | Pending | -- | -- | -- |
| 04/08/2022 04/08/22 | Price Changed | $899,997 | -10.0% | $410 / Sq Ft |
| 04/08/2022 04/08/22 | Price Changed | $999,997 | +25.0% | $455 / Sq Ft |
| 04/07/2022 04/07/22 | For Sale | $799,997 | -- | $364 / Sq Ft |
Source: Stellar MLS
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $8,098 | $564,900 | $173,100 | $391,800 |
| 2023 | $8,098 | $541,900 | $188,500 | $353,400 |
| 2022 | $4,433 | $249,500 | $145,000 | $104,500 |
| 2021 | $4,045 | $184,500 | $98,500 | $86,000 |
| 2020 | $3,969 | $180,000 | $74,200 | $105,800 |
| 2019 | $3,415 | $146,300 | $81,700 | $64,600 |
| 2018 | $3,373 | $162,800 | $81,700 | $81,100 |
| 2017 | $3,210 | $124,331 | $0 | $0 |
| 2016 | $3,031 | $139,400 | $63,400 | $76,000 |
| 2015 | $3,018 | $138,800 | $57,400 | $81,400 |
| 2014 | $2,755 | $84,920 | $0 | $0 |
Source: Public Records
Agents Affiliated with this Home
-
Melissa Godio
Seller's Agent in 2024
Melissa Godio
SHOWTIME REALTY
(941) 822-0890
2 in this area
14 Total Sales
-
Kimberly Bailey
K
Buyer Co-Listing Agent in 2024
Kimberly Bailey
ONE WORLD REALTY OF SARASOTA
(941) 373-5532
1 in this area
9 Total Sales
-
Gabriel Reed
G
Seller's Agent in 2022
Gabriel Reed
BRIGHT REALTY
(941) 677-5060
1 in this area
67 Total Sales
Map
Source: Stellar MLS
MLS Number: A4613502
APN: 0075-04-0058
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Listing Information presented by local MLS brokerage: Ten-X - (888)-952-6393
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