Caribbean Manor Apartments 2739 Grand Cayman St 16 Unit Apartment Building $2,725,000 ($170,313/Unit) 6.90% Cap Rate Sarasota, FL 34231

Caribbean Manor presents a rare opportunity to acquire a fully renovated, income-producing multifamily asset in one of Sarasota’s most sought-after neighborhoods. This 16-unit complex, comprised of two concrete block buildings on separate parcels, has undergone substantial improvements including new roofs (2024), modern exterior paint, upgraded electrical panels, and refreshed landscaping. Each unit has been remodeled over the past five years with tile flooring, new kitchens, split-system HVAC, and updated bathrooms, ensuring long-term durability and tenant appeal.
The property benefits from centralized utilities, including a well-maintained water well and county sewer connection, with water, sewer, and trash included in rent. Tenants enjoy onsite laundry and a private community feel, fostering strong retention and referral demand in a market where rental housing is scarce. Positioned “East of the Trail,” Caribbean Manor offers unmatched convenience to Siesta Key Beach, Downtown Sarasota, major employers, and retail destinations such as Trader Joe’s and Publix.
With stabilized operations and upside potential through continued rent optimization and ancillary income streams, this asset is ideal for investors seeking a turnkey property with growth opportunities in a high-demand coastal market.