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9022 Midnight Pass Rd 9 Unit Apartment Building $8,420,337 CAD ($935,593 CAD/Unit) 9.90% Cap Rate Sarasota, FL 34242
Investment Highlights
- Nine unit waterfront condominium assemblage, packaged with 4 docks, located at Turtle Beach in Siesta Key, FL - one of the top beaches in USA
Executive Summary
Exceptionally Rare Assemblage of a 9-Unit Waterfront Condominium Complex - Turtle Beach in South Siesta Key, Florida
An exceptionally rare opportunity to acquire an assemblage of nine recently renovated, income-producing waterfront condominiums as a complex located adjacent to Turtle Beach on world-renowned Siesta Key. Coral Shores offers immediate short-term rental income opportunity, paired with long-term redevelopment and appreciation potential, in one of Florida’s most supply-constrained coastal markets.
Property Highlights:
• Nine (9) condominium unit assemblage, sold as a package
• Just under 0.50-acre waterfront site
• Direct Sarasota Bay to Gulf of Mexico access – no bridges
• Four private docks with eight slips (up to ~40’+ vessels)
• Heated in-ground swimming pool
• Large central parking lot for tenants and guests
• Shared coin laundry, ice machine and owner storage lockers
• Predominantly 2BR units with select 1BR and studio layouts
Renovations & Interior Upgrades:
Units have recently completed extensive renovations featuring modern coastal interiors, updated kitchens with stone countertops and new cabinetry, glass-enclosed contemporary bathrooms, new flooring, trim, windows, and select in-unit laundry. The property is fully turnkey for continued short-term rental use.
Income & Zoning Upside:
Currently operating as weekly short-term rentals with strong seasonal occupancy. Zoned for low-rise condominiums (2–3 stories), with surrounding properties zoned mid-rise (4–6 stories), providing future redevelopment or density expansion potential subject to approvals.
An exceptionally rare opportunity to acquire an assemblage of nine recently renovated, income-producing waterfront condominiums as a complex located adjacent to Turtle Beach on world-renowned Siesta Key. Coral Shores offers immediate short-term rental income opportunity, paired with long-term redevelopment and appreciation potential, in one of Florida’s most supply-constrained coastal markets.
Property Highlights:
• Nine (9) condominium unit assemblage, sold as a package
• Just under 0.50-acre waterfront site
• Direct Sarasota Bay to Gulf of Mexico access – no bridges
• Four private docks with eight slips (up to ~40’+ vessels)
• Heated in-ground swimming pool
• Large central parking lot for tenants and guests
• Shared coin laundry, ice machine and owner storage lockers
• Predominantly 2BR units with select 1BR and studio layouts
Renovations & Interior Upgrades:
Units have recently completed extensive renovations featuring modern coastal interiors, updated kitchens with stone countertops and new cabinetry, glass-enclosed contemporary bathrooms, new flooring, trim, windows, and select in-unit laundry. The property is fully turnkey for continued short-term rental use.
Income & Zoning Upside:
Currently operating as weekly short-term rentals with strong seasonal occupancy. Zoned for low-rise condominiums (2–3 stories), with surrounding properties zoned mid-rise (4–6 stories), providing future redevelopment or density expansion potential subject to approvals.
Data Room Click Here to Access
Property Facts
| Price | $8,420,337 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $935,593 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.45 AC |
| Cap Rate | 9.90% | Building Size | 7,494 SF |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1981/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.33/1,000 SF |
| Zoning | RMF3 - Residential Multi Family | ||
| Price | $8,420,337 CAD |
| Price Per Unit | $935,593 CAD |
| Sale Type | Investment |
| Cap Rate | 9.90% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.45 AC |
| Building Size | 7,494 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1981/2025 |
| Parking Ratio | 1.33/1,000 SF |
| Zoning | RMF3 - Residential Multi Family |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Bay Window
- Ceiling Fans
- Tile Floors
- Double Vanities
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Views
- Walk-In Closets
- Breakfast Nook
- Deck
- Dining Room
- Dock
- Double Pane Windows
- Linen Closet
- Pantry
- Patio
- Porch
- Window Coverings
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Picnic Area
- Pool
- Waterfront
- Furnished Units Available
- Gas Range
- Storage Space
- Dock
- Sundeck
- Public Transportation
- Individual Locking Bedrooms
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 2 | - | 1,016 - 1,460 |
| 2+1 | 5 | - | 865 - 936 |
| 1+1 | 1 | - | 622 |
| Studios | 1 | - | 560 |
1 1
Not walkable
10/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,327,964 CAD | |
| Land Assessment | $0 CAD | Total Assessment | $3,815,541 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$0 CAD
Improvements Assessment
$3,327,964 CAD
Total Assessment
$3,815,541 CAD
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9022 Midnight Pass Rd
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