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PALMADELIA APARTMENTS | 10-UNIT SARASOTA MULTIFAMILY INVESTMENT Discover an established income-producing apartment community at 2700 Palmadelia Avenue, Sarasota, FL 34234. Offered at $2,750,000, this 10-unit multifamily property combines existing rental income, a desirable Sarasota location, and potential value-add opportunities near Downtown Sarasota. THE PROPERTY | Ten apartments consisting of eight 3-bedroom, 1-bathroom residences and two 2-bedroom, 1-bathroom residences. Built in 1980, the two-story apartment building offers approximately 7,744 square feet of living area on a 0.54-acre parcel with approximately 23 on-site parking spaces. Ownership reports full occupancy. RENTAL INCOME | Current scheduled gross rental income of $204,000 annually, averaging $1,700 per apartment monthly. These figures represent scheduled rents, not independently verified historical collections. VALUE-ADD POTENTIAL | Existing rental rates offer opportunities to evaluate future rent adjustments, lease renewals, and operational improvements, subject to market conditions, existing lease agreements, applicable laws, and buyer due diligence. Investment underwriting identifies potential rental growth without requiring a substantial redevelopment strategy. PROPERTY FEATURES | Established 10-unit multifamily building with a combination of spacious two- and three-bedroom apartments, on-site parking, and an existing rental history. The property's unit mix provides flexibility for long-term residential rental operations. LOCATION | Situated in Sarasota's Newtown neighborhood, near Downtown Sarasota, with convenient access to US-301, major employment centers, shopping, dining, and regional Gulf Coast amenities. THE OPPORTUNITY | An established Sarasota multifamily investment property for buyers seeking existing rental income, operational flexibility, and potential long-term value creation. Suitable for consideration by private multifamily investors and 1031 exchange purchasers. Offering memorandum, current rent roll, and investment underwriting available for qualified purchasers. All income, expenses, occupancy, leases, property details, and investment projections are subject to independent buyer verification.
| DAYS ON MARKET | 4 | LAST UPDATED | 10/19/2026 |
|---|---|---|---|
| TRACT | NEWTOWN HEIGHTS FIRST ADD TO | YEAR BUILT | 1980 |
| COMMUNITY | 34234 - Sarasota | COUNTY | Sarasota |
| STATUS | Active | PROPERTY TYPE(S) | Commercial |
| ADDITIONAL DETAILS | |
| AIR | Other |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | 34234 - Sarasota |
| CONSTRUCTION | Block |
| LOT | 0.54 acre(s) |
| SEWER | Public Sewer |
| SUBDIVISION | NEWTOWN HEIGHTS FIRST ADD TO |
| TAXES | 17978 |
| UTILITIES | Electricity Available |
| WATER | Public |
MORTGAGE CALCULATOR
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Listing provided by Rex Glasson, DOUGLAS ELLIMAN, 941-867-6199
The information contained herein has been provided by My Florida Regional MLS DBA Stellar MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. Listings last updated 10/23/26 6:30 AM PDT.
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