Sarabay Real Estate Realtor buys Siesta Village rentals

BUYER: Holderness Enterprises LLC (principal: Michael Holderness), Sarasota
SELLER: Bonus Properties Inc.
PROPERTY: 124 Columbus Blvd., units 1-9, and 110 Avenida Veneccia, Sarasota
PRICE: $2.55 million
PREVIOUS PRICE: $290,000, February 2007
LAW FIRM ON DEED: Berlin-Patten PLLC, Sarasota

PLANS, DESCRIPTION:
Michael Holderness Jr., a Realtor with Sarabay Real Estate Inc., purchased a nine-unit residential building and a nearby two-unit building on Siesta Key for $2.55 million.

The price equated to $231,818 per unit. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The two buildings are operated under the name of Tropical Breeze. They feature a swimming pool and are located near a public beach.

“Location is what I buy, and this is basically a bulls eye in the Siesta Key Village,” Holderness says. “There are virtually no hotels on that area of the key right now, which makes it very attractive. I'm going to upgrade them a little bit cosmetically.”

He plans to continue to operate them as rentals and to increase the amenities sometime in the future.

The purchase entity, Holderness Enterprises LLC, mortgaged the property to Gateway Bank of Southwest Florida for $2.04 million.