Commercial Sale · Multi Family (5+)
1410 MAGELLAN DRIVE, SARASOTA, FL, 34243
Active19 days on marketListed Oct 19, 2026MLS #A4710044
About this property
The property at a glance
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.
5,163
Building sq ft
$533
Price / sq ft
0.34
Lot acres
1974
Year built
16
Units
1
Building
RSF3
Zoning
Multi Family (5+)
Property type
The numbers
Investment snapshot
4.59%
Cap rate
$126,183
Net operating income
$192,000
Gross income (yr)
$171,875
Price / unit
16
Units
Estimated payment (illustrative)
Estimated payment
$16,100/mo
Illustrative only. Commercial loans are underwritten on the property’s income (DSCR, cap rate) — typically 25–35% down with lender-set terms. Ask a commercial lender for real numbers. Taxes reflect the most recent bill on record; insurance is a typical-Florida estimate. Your lender’s numbers will differ. CENTURY 21 Edge partners with Florida’s best lenders.
Financing
Commercial financing works differently from a home loan — expect roughly 25–35% down with terms driven by the property’s income and your lender’s underwriting (DSCR, cap rate), not FHA or VA programs. Ask Kathy to connect you with a commercial lender for real numbers.
Where it sits
Location & trade area
What’s nearby
Business data © OpenStreetMap contributors
The area
Who's around this property
32,594
Population
$43,084
Median income
50
Median age
2
Avg household
$172,838
Median home value
$1,282/mo
Median rent
2,945
Households w/ kids
Consumer profile
This population loves working on and showing off their cars, trucks and motorcycles. You can find them researching car shows and the hottest models on the lot.
A population characterized by healthy eating. Often pre-planning for meals for the purpose of fitness and convenience. Likely to participate in meal prep trends.
Interested in the finer things life has to offer, this population wants to display their lifestyle by discussing luxury products. Often references jewelry, cars, and home features.
These people are hunting discounts, contests, and promotions. The population loves a good sale, and they can't wait to share their bargain finds and winnings with friends and family.
This population lives as fast as the culture. They like to keep up with the latest trends, especially when it comes to apparel and accessories.
The only thing more beautiful than handmade decor? The hands that made it. This population appreciates the time and care put into one-of-a-kind pieces.
Recent sales
What actually sold near 1410 MAGELLAN DRIVE
The most comparable commercial properties that changed hands nearby. No two are identical — ask us for a full comparative analysis.
$1,650,000
5275 OFFICE PARK BOULEVARD
5,312 sqft · $311/sqft · Sold Oct 5, 2026
$15,000
1505 60TH AVENUE W
5,480 sqft · $3/sqft · Sold Jul 29, 2026
$1,350,000
2007 WHITFIELD PARK DRIVE
6,000 sqft · $225/sqft · Sold Apr 21, 2025
Your team
The pros in your corner
Your agent
Kathy Miller
real estate agent · CENTURY 21 Edge
Tours, offers, and every question about 1410 MAGELLAN DRIVE — start here.
Financing contact
Andrew Acosta
Acosta Home Loans with PRMG · NMLS #1468866
Ask about commercial financing options for 1410 MAGELLAN DRIVE.
See it in person
Schedule a tour
Live availability from Kathy's calendar — pick a time and it's booked.
Keep looking
Similar properties nearby
Listing courtesy of DOUGLAS ELLIMAN · Rex Glasson. MLS #A4710044.
IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by Stellar MLS.
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