$1,275,000
Investment Summary
- Monthly Cash Flow
- -$3,562
- Cap Rate
- 2.8%
- Cash-on-Cash Return
- -14.6%
- Debt Coverage Ratio
- 0.45
- Internal Rate of Return (5 years)
- -10.1%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual cash flow divided by initial cash invested.
Calculation:
Annual Cash Flow / Cash Invested
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Calculation:
(Future Value / Present Value) ** (1 / Years) - 1
Property Description
Discover the epitome of coastal beachfront living with unparalleled gulf views in this beautifully renovated turnkey top-floor, corner-unit condominium with two bedrooms, two baths plus office/den that could become a third bedroom, in the sought-after Club Longboat Beach and Tennis Condos. Offered fully furnished, this exquisite residence boasts floor-to-ceiling sliding glass doors in the living room and primary bedroom with breathtaking views of the Gulf of Mexico’s crystal-clear turquoise waters. Wake up to the soothing sounds of waves and savor spectacular sunsets from the comfort of your private oasis. Experience stress-free living from Longboat Key’s 10-mile sugary sandy beaches with your private beach access. Designed for effortless living, the unit includes luxurious updates with ceramic tile flooring throughout, designer high-end furniture, Hunter Douglas remote-controlled accordion shades, custom-built closets, quartz counters and recessed lighting. This move-in ready unit provides an open kitchen, spacious living room and dining room, office/den with sliding doors for privacy, family room, interior laundry room and two private balconies of 140 square feet with panoramic water views. The captivating kitchen is designed for culinary enthusiasts with quartz counters, stainless steel appliances, interior cabinet and under cabinet lighting, counter-built outlets, glass tile backsplash, soft-close drawers, custom-built cabinetry with dual Lazy Susan shelves, breakfast bar and instant hot water dispenser. The primary bedroom has an en-suite updated bath, dual custom-built closets and a private balcony to enjoy your morning coffee and sunset views. In the guest bedroom you will find dual closets and an adjacent updated bath. This luxurious condominium is beautifully maintained, has extra storage including an outdoor storage closet for your beach toys, covered parking for one car and plenty of additional parking for guests. On the top floor, the unit is accessible by elevator or stairs. No community age restrictions! This friendly community offers the best tennis courts on the Island, with eight Har-Tru Tennis courts, lights for night play, a dedicated tennis pro and a ball machine to allow you hours of practice your tennis game. Club Longboat Beach and Tennis community offers amazing amenities, including private beach access with lounge chairs and beach umbrellas, tennis, pickleball, fitness center, shuffleboard, barbeque area, clubhouse with regular social events, sauna, spa and two heated swimming pools. Club Longboat has 85 well-managed units and is a pet-friendly community allowing up to two pets. The condominium fees include exterior maintenance and insurance, cable, water, sewer and trash. Make it your home or a rental property. The minimum lease is one month and can be rented up to 12 times a year. Only a short drive to many fine restaurants, shops, Anna Maria Island, St. Armands Circle and the City of Sarasota. Sarasota is a well-known center for arts and culture including the Asolo Theater, Van Wezel Performing Arts Center and Ringling Museum. Make your appointment today to see this amazing home!
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Location
Property Details
Parking
- Description: Assigned, Guest, Off Street
- Details: Assigned, Covered, Deeded, Guest, Open
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 9
- # of Stories: 3
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable or Hip
- Roof Material: Tile
- Pool Community: Yes
HOA
- Association: Associa Gulf Coast
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 79981.01559
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Style: Elevated, Florida
- Year Built: 1973
Tax Information
- Annual Tax: $11,565
Utilities
- Water & Sewer: Public
- Heating: Central, Electric
- Cooling: Central Air
Location
- County: Manatee
Listing Details
Investment Summary
- Monthly Cash Flow
- -$3,562
- Cap Rate
- 2.8%
- Cash-on-Cash Return
- -14.6%
- Debt Coverage Ratio
- 0.45
- Internal Rate of Return (5 years)
- -10.1%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual cash flow divided by initial cash invested.
Calculation:
Annual Cash Flow / Cash Invested
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Calculation:
(Future Value / Present Value) ** (1 / Years) - 1
Purchase Details
|
The price paid for the property. Purchase price:
| $1,275,000 |
|---|---|
|
The amount of the purchase financed through a loan. Amount financed:
| -$1,020,000 |
Down paymentThe initial payment made towards the purchase. Calculation:Purchase price - Amount financed Down payment:
| $255,000 |
Closing costsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $38,250 |
|
Costs incurred to repair or improve the property. Rehab costs:
| $0 |
Initial cash investedTotal initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $293,250 |
|
The total square footage (SQFT) of the property. Square feet:
| 1,624 |
|
Cost per square foot of the property. Calculation:Purchase price / Square feet Cost per square foot:
| $785 |
|
Monthly rent divided by square footage. Calculation:Monthly rent / Square feet Monthly rent per square foot:
| $3.51 |
Financing Details
Loan amountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,020,000 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan typeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.625% |
Principle & Interest (PI)The principle is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money.
Principle & interest:
| $6,531 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. Calculation:Assumes 12% of gross rental income, unless public tax records are available.
Property tax:
| $964 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $399 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
|
The fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $7,894 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $5,700 | $68,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$342 | -$4,104 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,358 | $64,296 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. Calculation:Assumes 12% of gross rental income, unless public tax records are available. | 17% | -$964 | -$11,566 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$399 | -$4,788 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$456 | -$5,472 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$285 | -$3,420 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$285 | -$3,420 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. Calculation:Assumes 0% gross rental income, unless specified.. | 0% | $0 | $0 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 42% | -$2,389 | -$28,666 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $2,969 | $35,628 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$6,531 | -$78,372 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $3,562 | $42,744 |