Listing Details for MLS #N6124661
133 W Bay Street, Osprey Fl 34229, Osprey, Fl

Residential Property - Single Family Residence in Osprey

Listing Price: $2,579,000 (Mortgage Calculator →)Days on Market: 226

Description of Property

This gated bayfront compound, sitting on half an acre with 100 feet of bay frontage and a brand-new 150-foot dock with boat moorings, offers a range of possibilities. You can use it as a family compound with two duplexes featuring a total of four residences. Alternatively, it could be configured as a primary residence with two additional one-bedroom apartments in a separate building, perfect for family or generating income. Additionally, you have the option to maintain the four current income-producing apartments while creating a 4,600-square-foot bayfront primary residence, as depicted in the artist's renditions in the photos. Located in the upscale Osprey Village-Spanish Point area, this property features four charmingly updated "Old Florida" bungalows from the 1950s, blending historic charm with modern amenities. The main house offers two bedrooms and two bathrooms with stunning bay views, while the duplex includes two one-bedroom, one-bath apartments. Recent upgrades encompass four entirely new HVAC systems with new ductwork throughout and four new hot water tanks. Pristine oak flooring graces the interior, and all four kitchens are equipped with top-of-the-line Bosch appliances, marble backsplashes, quartz countertops, and beautiful marble bathrooms. From the inviting screened porches or the private grounds featuring a 150-year-old Grand Oak Tree, a private beach area, pathways, and mature natural Florida landscaping, you can enjoy picturesque bay views across to North Casey Key and breathtaking sunsets, uninterrupted by condominiums, much like a century ago. All four residences are fully furnished and equipped, including new beds, kitchen wares, linens, furniture, window coverings, and more. On-site laundry facilities are also available. The premium residence boasts full bay views and a spacious private patio, ideal for entertaining. Osprey Village is rapidly developing into one of Sarasota County's premier bayfront communities, with neighboring projects including nine multimillion-dollar homes by Parrot Cove to the north, 49 approved luxury townhomes to the south at the corner of W Bay St & Hwy 41, and proposals for 22 luxury condos a block further south. This property offers ample room for expansion, whether you envision a pool, garage, or pickleball court. Preliminary architectural drawings, included in the photos, showcase a luxury bayfront residence that can be built while retaining the two existing duplexes. These designs incorporate amenities such as a bayside pool, sauna, fitness center, covered parking, and storage on the ground floor. The current duplexes provide instant occupancy or income generation while you work on plans and permits for expansion. The property's prime West of The Trail location makes it an easy walk to Historic Spanish Point, waterfront restaurants, additional dining options, and shopping. You'll also have convenient access to Nokomis Beach, Legacy Trail, Siesta Key, medical facilities, UTC Mall, downtown Sarasota, St. Armand's Circle, The Island of Venice, and all area airports. Private air travel options available on The Island of Venice. Currently zoned RMF1, there is potential to up-zone to maximize the property's potential. This is truly a once-in-a-lifetime opportunity for a gated waterfront compound in a unique part of Little Sarasota Bay. Viewings are by appointment only, and unauthorized entry onto the property is strictly prohibited.The average asking price for a 4 bedroom/4 bath single family residence in this Zip code is $2,543,180. This single family residence is listed at about 101% of the average asking price. This is the only 4 bedroom/4 bath single family residence between $2,200,000 and $3,000,000 currently listed for sale in this Zip code.