993 GARY Street, Unit 0
Property Description
Under contract-accepting backup offers. Unit A is currently owner-occupied, while Unit B-previously operated as a short-term rental-has recently been converted to a long-term rental with a tenant paying $2,050 monthly, excluding utilities. This current setup perfectly demonstrates the property's income flexibility and "house hacking" potential, allowing an owner-occupant to live in one unit while generating rental income from the other. Exceptional income-producing duplex located within the Sarasota city limits in desirable Flood Zone X, meaning no flood insurance is required. This solid block construction property offers multiple investment opportunities including owner-occupancy, short-term rentals, long-term rentals, student housing, or a hybrid income strategy. Located directly across from the revitalized North Water Tower Park, residents and guests can enjoy paved walking trails, a disc golf course, playground, covered picnic areas, public restrooms, and a water bottle filling station. Each private unit features 2 bedrooms and 1 bathroom with beautifully updated kitchens showcasing shaker cabinetry, quartz countertops, timeless restored terrazzo flooring, open-concept living areas, private laundry rooms, screened lanais, and covered carports with locked storage. Unlike many duplexes, the units do not share a common wall or yard space, offering enhanced privacy and reduced noise between occupants. Major capital improvements have already been completed within the past seven years, including the roof, dual HVAC systems, and water heaters. Additional investor-friendly features include separate utilities and durable block construction. The property's central location provides quick access to Downtown Sarasota, Bradenton, Lakewood Ranch, SRQ Airport, Ringling College, New College, University of South Florida, and world-famous Gulf beaches, supporting a strong tenant and guest pipeline with future rental growth potential. According to the City of Sarasota permitting website, the occupancy use is listed as R1 Hotels/Motels/Boarding House, creating flexibility for multiple income-producing uses. The current owners originally purchased the property using FHA financing as their primary residence, further illustrating the property's potential for buyers interested in "house hacking" by living in one unit while offsetting expenses with rental income from the other. With three major colleges nearby, the property also presents excellent potential for student housing demand. Whether you are an investor seeking cash flow, a buyer looking to offset monthly expenses through owner-occupancy, or someone searching for a flexible income-producing property in a rapidly growing Sarasota location, this duplex offers outstanding versatility and long-term upside potential.Broker Details
Dalton Wade, Inc. (727) 888-4175
MLS ID: 281540586 State License Number: 3517085
Key Property Information
| Listing Status: | Under Contract |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $450,000 |
| Year Built: | 1958 |
| Lot Size: | 1,679.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
| Number of Bedrooms: | 4 |
| Number of Bathrooms: | 2 |
ID: 3yd-MFRMLSFL-A4694443
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