October 28, 2021
The Multifamily Firm is proud to announce the sale of the Gulf Gate Manor by Siesta Key apartment building in Sarasota, Florida. Located in the south Sarasota submarket of Gulf Gate, the property consists of 4 units, in 1 masonry building, on 1 parcel of approximately 0.28 acres of land. Comprised of all two-bedroom units averaging 1,050 SF each, with washer/dryer hookups & outdoor patios, the property was highly demanded on a national stage.
As such, the offering generated multiple offers within a week and sold within 60 days of contract execution for $805,000: equating to $201,250 per unit and 97% of list price. An all-cash deal with a substantial deposit nonrefundable in 21 days, the sale marks a record-setting price per unit for apartment properties consisting of 4 units or higher in the Gulf Gate area. Furthermore, the sale price achieved equates to 102.55% of the broker opinion of value price presented by The Multifamily Firm to the sellers prior to marketing the property!
Gulf Gate Manor was owner-managed at the time of sale and occupied by nearly all long-term tenants. In a favorable location with superior unit sizes, the offering presented massive upside potential with implementing interior updates and the buyer’s ability to recognize that opportunity was an essential component of the deal! Additionally, located within a 5-minute drive of Siesta Key, the location also provided the unique flexibility to capitalize on the highly demanded seasonal months and reposition the asset to vacation rentals if desired.
The marketing & sale of Gulf Gate Manor was brokered by Phil Ginexi & Kyle Keelan of The Multifamily Firm. Through a meticulous marketing campaign, the offering generated 247 registered buyers from 36 States and ultimately resulted in the sourcing of a new to market out of state cash buyer!
For additional details on the sale and/or upcoming offerings, please contact us directly to join our distribution list for new exclusive listings!
APARTMENT BUILDING SALE IN SARASOTA, FL HIGHLIGHTS:
- Sale Price: $805,000 ($201,250 Per Unit)
- Record-Setting Sale Price Per Unit
- Sold at 102.55% of Broker Opinion of Value Presented Price
- All-Cash Deal that Sold at 97% of List Price
- Generated Multiple Offers Within a Week & Sold Within 60 days
- Sourced an Out of State New to Market Cash Buyer