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684 FREELING DRIVE
About This Property
With 64,529 square feet of land (excluding additional submerged land), the site provides city-approved flexibility to be developed as a single grand estate or divided into two premier waterfront homesites. A 12,000 SF concept by MHK Architecture offers just one example of the boundless potential to create a masterpiece with panoramic water views, optimal southern exposure, and every modern luxury imagined.
The existing property features an all-weather dock, platform boat lift, rare boat house with lift, and two jet ski lifts, ensuring effortless access to Sarasota's renowned waterways. Situated on deep sailboat water with no fixed bridges to the Gulf, this is a premier destination for boating enthusiasts. The estate is also walled and gated for ultimate privacy, offering a sanctuary of exclusivity.
A 2,600-square-foot modern guest house, alongside a Lucas Lagoon grotto-style pool and tiki hut, can be seamlessly integrated into a new site plan or removed to allow for a completely uninhibited vision.
This is not just a property-it is a legacy opportunity to curate an architectural statement in an unrivaled setting. Build without compromise. Live without limits.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 19, 2025 | Listed by KW COASTAL LIVING III | $9,900,000 | |
| Listed by KW COASTAL LIVING III | |||
| Mar 6, 2025 | Listed | $5,500,000 | |
| Listed | |||
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An extraordinary chance to own one of Sarasota’s most coveted waterfront homesites, this 29,902-square-foot parcel offers an unparalleled setting for a custom estate on North Siesta Key. With 61 feet of water frontage along the pristine expanse of Roberts Bay, this property provides deep sailboat water access to the Gulf with no fixed bridges, making it a premier location for boating enthusiasts.
This exclusive lot is city-approved for subdivision and represents one half of a larger 1.5-acre estate, which may be purchased in its entirety for those seeking a truly exceptional waterfront compound (see adjacent property at 620 Freeling Dr). With ample space to create a world-class residence, the site is primed for architectural excellence, optimal southern exposure, and every amenity imaginable.
The existing property features a 2,600-square-foot modern guest house, which can be relocated or removed, alongside a Lucas Lagoon grotto-style pool and tiki hut, which can be seamlessly integrated into a new site plan or removed to allow for a completely uninhibited vision. With plenty of room to configure a new custom dock, the property ensures seamless access to Sarasota’s renowned waterways. The estate is also walled and gated for privacy, offering an exclusive retreat in one of Florida’s most sought-after locations.
Perfectly positioned to capture breathtaking, unobstructed views of Roberts Bay, this property offers a rare blend of seclusion, space, and direct water access—all just moments from the world-renowned beaches, dining, and culture of Sarasota. A waterfront lifestyle without compromise.
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| Feb 12, 2025 | Listed | $5,500,000 | |
| Listed | |||
| | |||
|
An extraordinary chance to own one of Sarasota’s most coveted waterfront homesites, this 29,902-square-foot parcel offers an unparalleled setting for a custom estate on North Siesta Key. With 61 feet of water frontage along the pristine expanse of Roberts Bay, this property provides deep sailboat water access to the Gulf with no fixed bridges, making it a premier location for boating enthusiasts.
This exclusive lot is city-approved for subdivision and represents one half of a larger 1.5-acre estate, which may be purchased in its entirety for those seeking a truly exceptional waterfront compound (see adjacent property at 620 Freeling Dr). With ample space to create a world-class residence, the site is primed for architectural excellence, optimal southern exposure, and every amenity imaginable.
The existing property features a 2,600-square-foot modern guest house, which can be relocated or removed, alongside a Lucas Lagoon grotto-style pool and tiki hut, which can be seamlessly integrated into a new site plan or removed to allow for a completely uninhibited vision. With plenty of room to configure a new custom dock, the property ensures seamless access to Sarasota’s renowned waterways. The estate is also walled and gated for privacy, offering an exclusive retreat in one of Florida’s most sought-after locations.
Perfectly positioned to capture breathtaking, unobstructed views of Roberts Bay, this property offers a rare blend of seclusion, space, and direct water access—all just moments from the world-renowned beaches, dining, and culture of Sarasota. A waterfront lifestyle without compromise.
| |||
| Apr 29, 2020 | Sold | ||
| Sold | |||
| May 29, 2014 | Sold | ||
| Sold | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017