Rare development opportunity on Golden Gate Point! Existing duplex (2/2 with 1-car garage each side) is currently 100% occupied with annual leases in place and generates $4,800/ month. Short term rentals are also permitted (min. 8 days) allowing for cash flow during your re-development planning phase. The highest and best use for this property is re-developing it, as allowed by current zoning, to a 4-unit, 4-story structure with a maximum height of 50'' over 15'' garages (total height 65''). Each unit could be 2,500'' to 3,000'' with private parking. Recent new construction comps range from $600 to $900/foot. Tremendous potential in an outstanding location! Or, enjoy living in this outstanding Golden Gate Point duplex and supplement your income by leasing out the other side. You will be able to keep a close eye on your property and each unit conveniently has separate electric meters as well as natural gas water heaters. You will be within a short walk to Sarasota''s vibrant downtown, with many excellent restaurants, shops and attractions as well as Marina Jacks. You will also enjoy "walking the bridge" on your way to St. Armand''s and Lido Beach. What better location could there be in all of Sarasota?
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
