133 W Bay Street

Osprey, FL 34229

This property offers immediate income generation through a well-maintained 4-Plex. Situated on half an acre with 100 feet of direct bayfront access, it is currently zoned RMF1 with the potential for up-zoning to RMF2 or RMF3. Located within a Special High-Density Overlay District, it allows for significant development opportunities. The existing model, designed for RMF1 zoning, can accommodate a 15, 840-square-foot living space over parking on a 7, 920-square-foot buildable area, adhering to County setbacks. Upzoning to RMF2 or RMF3 would enable even more living space, making it the optimal use for this land. This property is perfectly positioned for luxury condominium development, the creation of a luxury compound, or the construction of a high-end single-family residence while retaining the existing duplexes. It features a newly constructed 150-foot dock with mooring for multiple boats and the potential for expansion. Situated in the affluent Osprey Village-Spanish Point, one of the most rapidly developing areas in the region and the fastest-growing bayfront walking community in Sarasota County. The property currently includes a unique 4-Plex consisting of two duplexes with two addresses on a single parcel. An additional advantage is that the 4-Plex is already connected to County water, with County sewer and a central gas line available within 150 feet. Adjacent to this property, Parrot Cove is constructing nine multi-million-dollar homes, while 49 luxury townhouses have been approved to the southeast at the corner of Tamiami Trail, and 22 luxury condos are proposed a block south. This property offers a unique opportunity as the existing duplexes provide immediate income generation, allowing time for planning and permitting, and potentially serving as a construction office. Enjoy picturesque bay views across to North Casey Key, stunning sunsets, and an unobstructed view reminiscent of a century ago. The lush grounds include a 150-year-old Grand Oak Tree by the bay, a private beach area with a firepit, pathways, and mature natural Florida landscaping. The four existing residences are classic open loft bungalows from the 1950s, updated with modern amenities while preserving their historic charm. All four units are fully furnished, equipped with kitchens and wares, new beds, linens, window coverings, and have been meticulously maintained. On-site laundry facilities are available. The property's fantastic West of The Trail location is one block distance of Historic Spanish Point, numerous restaurants, and shopping. It offers easy access to Nokomis Beach, Legacy Trail, Siesta Key, shopping centers, medical facilities, UTC Mall, downtown Sarasota, St. Armand's Circle, The Island of Venice, and all area airports. Private air travel options are also accessible on The Island of Venice. The seller has been renovating the property since acquiring it and has recently secured lucrative rentals for both units in the East Duplex for February and March, generating substantial monthly income. Developers recognize this as a once-in-a-lifetime opportunity to develop bayfront property in this special part of Little Sarasota Bay. Viewings are by appointment only, and unauthorized entry onto the property is prohibited.

Listing courtesy of AYERS AND ASSOCIATES REAL ESTATE



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Data last updated at: 2023-10-04 09:50 AM EDT