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1614 Cocoanut Ave Sarasota, FL 34236

3 Beds 1 Baths 1,120 sqft Built 1988

$349,900

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $312.41
  • 4 Days on Market
  • MLS # : A4488454
  • Updated Date : 01/15/2021 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,120 sqft
  • Baths : 1 full
Listing Agent

Pamco

Listing Agent's Description

Remodeled home near Downtown and the Bayfront now available! This concrete block home was remodeled just 2 years ago. All appliances and roof are still in like-new condition! The gleaming kitchen features stainless steel appliances and granite countertops. New lighting fixtures throughout the living space will please even the most discerning eyes. The bathroom update is reminiscent of a hotel spa. The large backyard is fully fenced. Located under a 0.5 mile from neighborhood favorites like live music at The Reserve, outdoor dining at Wicked Cantina, and the tennis courts, playground, and trails at Pioneer Park. Under 1 mile to Rosemary District favorites like SaraFresh Juice, the Overton, and Artisan Cheese Company. This fantastic home is also under one mile from The Bay (Sarasota's in-progress 53 acre Bayfront Revitalization project). Located along a popular bike route this home also offers easy bicycle access to Downtown, Lido Beach, and the soon-to-be-completed Legacy Trail. Arts organizations like Ringling College, The VanWezel, Sarasota Contemporary Dance, and Art Center Sarasota are all under 1 mile from this amazing location.

SEE MORE

MARKET HIGHLIGHTS

  • 2nd Best City for Young Entrepreneurs (Forbes)
  • Florida state ranks 4th most favorable in the country in State Business Tax Climate Index (Tax Foundation, 2019). Tampa inherits the rank being part of Florida.
  • Tampa's economy is worth over $156 billion in Gross Metro Product and projected to grow to $165 billion in 2019 (USMayors.org, 2018)
  • Headquarters to several Fortune 1000 companies: Publix Super Markets, Tech Data, Jabil Circuit, WellCare Health Plans, Raymond James Financial, Bloomin’ Brands, HSN, and TECO Energy (Fortune, 2018)
  • #8 in America's Fastest Growing Cities (Forbes, 2018)
  • Tampa metro employment growth is at 2.6% and predicted to grow at 2.1% in 2019 (USMayors.org, 2018)
  • One of the best cost-friendly American cities to do business (KPMG)
  • Tampa metro contributes to 15.4% of Florida state economy i.e. Gross State Product (USMayors.org, 2018)
  • #2 in Homebuilding Prospects #10 in Overall Real Estate Prospects (Emerging Trends in Real Estate 2019, PWC)

PRICE & RENT TRENDS

Neighborhood: Valencia Terrace

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $78k306k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Valencia Terrace

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q21100120013001400150016001700180019002000Rent in $10432059

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Gocio Elementary School Primary Regular 668 50 4
Booker Middle School Middle Magnet 856 62 4
Riverview High School High Magnet 2,483 126 7

Gocio Elementary School

  • Education Level: Primary
  • # of students: 668
  • # of teachers: 50
4
GreatSchools Rating

Booker Middle School

  • Education Level: Middle
  • # of students: 856
  • # of teachers: 62
4
GreatSchools Rating

Riverview High School

  • Education Level: High
  • # of students: 2,483
  • # of teachers: 126
7
GreatSchools Rating
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,215
Property Tax -$369
Property Insurance -$105
Property Management Fees -$129
CASH FLOW
-$138

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$349,900

PROJECTED PRICE

$1,680

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,215

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$12,939

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,680

    LIST RENT
  • $1.5

    LIST RENT PER SQFT
  • $1,204

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$850
1$8502$1,4993$1,5004$1,5955$1,680
$1,680
RENT COMPS ANALYSIS
  • 1614 Cocoanut Ave Sarasota, FL 5
    • 3 beds 1 baths ∙ 1,120 Sqft ∙ Built 1988 3 beds 1 baths ∙ 1,120 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $1.50
    •  
  • 3409 Cocoanut Ave Sarasota, FL 1
    • 3 beds 1 baths ∙ 1,056 Sqft ∙ Built 1979 3 beds 1 baths ∙ 1,056 Sqft ∙ Built 1979
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.80
    •  
  • 2038 Leon Ave Sarasota, FL 2
    • 3 beds 2 baths ∙ 1,276 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,276 Sqft ∙ Built 1995
    property image
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $1.17
    •  
  • 2304 N Orange Ave Sarasota, FL 3
    • 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 1995
    property image
    LEASED 06/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.21
    •  
  • 2220 Seward Cir Sarasota, FL 4
    • 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1985
    property image
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.12
    •  
PROPERTY LISTING DETAILS
Amanda Gilliland
1.941.320.1132
Pamco
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4488454
Last Updated: 01/15/2021
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