Residential Property - Single Family Residence in Sarasota

Listing Price: $1,400,000Days on Market: 346

Description of Property

Rare Investment Opportunity in Downtown Sarasota’s Development Wave! Four contiguous lots across two parcels totaling approximately 0.44 acres (19,200 SF) at 1721 & 1743 8th Street, located in the heart of one of downtown Sarasota’s most exciting transformation zones. This restored vintage home with an effective year built of 2000 sits in a rapidly evolving neighborhood becoming one of the city’s most desirable addresses. Just steps from the beloved 10-acre Gillespie Park, featuring grand oaks, tennis and basketball courts, scenic pond, dog park, fitness trail, and walking paths. Enjoy walking distance to Main Street’s shops, galleries, and restaurants, and only 0.7 miles to Sarasota’s waterfront and The Bay, the city’s new 53-acre signature park. The property lies within an Opportunity Zone with no HOA and no deed restrictions, offering exceptional flexibility for investors and developers. Close to the downtown business district and minutes from the Westcoast Black Theatre Troupe, surrounded by Sarasota’s vibrant cultural and commercial scene. Prime Development Potential: Build 4–6 residential units in this rapidly appreciating neighborhood where new projects are transforming the landscape, ideal for townhomes, multi-family residences, or custom urban homes. The location offers the walkability, green space, and downtown access today’s buyers seek. Existing structures may offer potential savings on impact fees, adding further value for developers. Investment Strategies: Buy and hold by renting the existing 2-bedroom, 2-bath home for income while land values continue to rise, or develop now and capitalize on downtown Sarasota’s growth. Residents enjoy convenient access to downtown dining, arts, and entertainment, including Van Wezel Performing Arts Hall, Sarasota Orchestra, Marie Selby Botanical Gardens, and the Bayfront Marina. This is a rare opportunity to secure a property in the path of Sarasota’s continued downtown development.The average asking price for a 2 bedroom/2 bath single family residence in this Zip code is $2,018,750. This single family residence is listed at about 69% of the average asking price. This is the only 2 bedroom/2 bath single family residence between $1,200,000 and $1,600,000 currently listed for sale in this Zip code.