$2,750,000
About this home
MAGELLAN APARTMENTS | 16-UNIT SARASOTA MULTIFAMILY INVESTMENT Discover an established income-producing apartment community at 1410 Magellan Drive, Sarasota, FL 34243. Offered at $2,750,000, this 16-unit property combines existing rental income, month-to-month tenancy and potential value-add opportunities in the Sarasota-Bradenton investment market. THE PROPERTY | Sixteen efficiency apartments in a two-story garden-style building. Ownership reports full occupancy, with all 16 units operating on month-to-month rental arrangements. The property features block construction, a slab foundation and approximately 5,163 square feet of building area, according to MLS property information. RENTAL INCOME | Current scheduled gross rental income of $192,000 annually, averaging $1,000 per apartment monthly. These figures represent scheduled rents, not independently verified historical collections. VALUE-ADD POTENTIAL | Month-to-month leases provide flexibility to evaluate future rental adjustments and operational improvements, subject to applicable laws and existing tenant rights. Investment underwriting identifies potential rent growth without requiring a substantial renovation program. PROPERTY IMPROVEMENTS | Major interior renovations are reported during 2016–2018, with a permit-documented reroof during 2019–2020. Buyers should verify the scope and condition of improvements. LOCATION | Located in the Whitfield area near the Sarasota-Manatee County line, with convenient access to US-41, Sarasota Bradenton International Airport, Downtown Sarasota and regional employment centers. THE OPPORTUNITY | An established 16-unit multifamily property for investors seeking existing rental income, operational flexibility and potential long-term value creation. Offering memorandum and financial underwriting available for qualified purchasers. All income, expenses, occupancy, leases, property details and investment projections are subject to independent buyer verification.
Property details
- MLS
- Stellar MLS
- MLS #
- MFRA4710044
- Property type
- Multi-Family 5+
- Subdivision
- WHITFIELD COUNTRY CLUB HEIGHTS UN 1&2
- Status
- Active
- Days on market
- N/A
- On market date
- October 19, 2026
- Stories
- N/A
- Total bathrooms
- N/A
- Garage spaces
- N/A
- Parking spaces
- N/A
- Lot size
- 0.34 acres
Location
Get directions →Nearby schools
Within 10 miles. School directory data from the National Center for Education Statistics (NCES), accessed via the Urban Institute Education Data API. Local Score is calculated by INNOVATE Real Estate; where a state rating is shown, it comes from that state's own official school report card.
- Enrollment
- 11
- Student:teacher ratio
- 2.2:1
- District
- MANATEE
- Enrollment
- 780
- Student:teacher ratio
- 16.6:1
- District
- MANATEE
- Enrollment
- 46
- Student:teacher ratio
- 5.8:1
- District
- MANATEE
Walkability
Blended score for SARASOTA's center, calculated by INNOVATE Real Estate from two sources: the EPA's National Walkability Index (street network, transit, land-use mix) and Google Places amenity data (what's actually reachable on foot from this point). 60% EPA National Walkability Index + 40% nearby-amenity density (Google Places).
Market position
How this listing compares to current activity in SARASOTA, from live MLS data.
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Data source: Listing information provided by Stellar MLS (mfrmls) via Trestle/CoreLogic. Last updated 23 hr ago.
Information herein deemed reliable but not guaranteed; all measurements, school assignments, HOA fees, taxes, and feature lists are approximate and should be independently verified. Equal Housing Opportunity.