4879 Commonwealth Dr 2,450 SF Specialty Building Offered at $1,895,000 at a 8.65% Cap Rate in Siesta Key, FL 34242

Own a Rare Piece of Sarasota's Architectural History on Siesta Key! Step into timeless design and architectural significance with this rare mid-century modern masterpiece, situated on a private double lot in the heart of Siesta Key. Originally crafted in 1957 by Frank Coleman and TollenTwitchell, two influential figures in the Original Sarasota School of Architecture, this home seamlessly blends historical character with modernluxury.
Boasting 2,500 square feet of light-filled living space, this 4-bedroom, 3-bathroom residence has been meticulously renovated while preserving its original architectural integrity. Clean lines, expansive impact windows, and an open floor plan define the home’s iconic style, inviting the outdoors in and creating a sense of calm sophistication throughout. Inside, the split floor plan provides distinct zones for privacy and connection.
The primary suite is a sanctuary of its own, complete with private access to the outdoors, a luxurious bath featuring a freestanding soaking tub, and a marble-lined walk-in shower. On the opposite side of the home, three additional guest bedrooms provide comfort and style—including a junior suite with its own private bath, full marble detailing, and oversized picture window with views of the pool and deck area.
HIGH-END RENOVATIONS INCLUDE:
* New commercial-grade roof (30-year lifespan)
* High-impact windows and doors throughout the home
* Durable wood-grain tile flooring
* Quartz waterfall countertops & custom wood cabinetry in the kitchen
* Floor to ceiling marble tile in all bathrooms
* All new major appliances including HVAC, pool equipment and water heater
* Spray foam insulation throughout the home for an extra layer of protection
* Designer finishes and curated lighting throughout.
Step outside to your personal paradise: a heated saltwater pool with screened enclosure, surrounded by lush tropical foliage for complete privacy and serenity. The home is ideally located just blocks from Roberts Bay and less than a mile from the award-winning crystal sands of Siesta Key Beach. A true retreat, the lushly landscaped double lot offers unmatched privacy and space—perfect for entertaining or simply relaxing beneath the tropical canopy. Whether you're a collector of architectural homes, a beach lover, or simply someone looking for the rare blend of heritage, location, and luxury, this one-of-a-kind property is your opportunity to own an iconic piece of Sarasota’s rich design legacy.
Home sits on a DOUBLE LOT. Perfect for investors who want to build an ADU - which can bring an additional $10,000/month in income. See attached financials and 2025 pro-forma as well as 2026 pro-forma which includes the ADU addition.
INVESTMENT HIGHLIGHTS:
* $164,000+ NOI before ADU is built. Potential for $284,000+ NOI once new owner builds ADU on property.
* Home sits on a DOUBLE LOT. Perfect for investors who want to build an ADU - which can bring an additional $10,000/month in income. See attached financials and 2025 pro-forma as well as 2026 pro-forma which includes the ADU addition.