$937,500

13330 3rd Street E

MADEIRA BEACH FL, 33708

Description

This offering presents a UNIQUE and RARELY available Madeira Beach investment real estate property operational as a stable, turnkey, incoming-producing asset with minimal expectation of extensive near-term capex, and exceptional land-bank potential for future development of a Luxury Beach Estate. The MB Apartments are comprised of three structures, a Beach Cottage and two Duplexes, consisting of five total units (three one-bedroom, and two two-bedrooms), each with a full bath, kitchen, and living room. Residents sign annual leases, have a history of on-time payment, and are responsible for electric utilities per separate meters. Owner pays water/sewer/trash. Current rents average $817 (one-bedroom), and $888 (two-bedrooms). HVAC are a combination of central and thru-wall / window systems. Each residence has been well-maintained. Features include expansive living area, tile, laminate, and carpet flooring. Many kitchen and bathroom upgrades have been completed. Common amenities include on-site laundry, ample off-street paved parking, and a private patio courtyard. Positioned on an expansive parcel (.2 +/- acre lot of 80 x 104), the Property has historically been 100% occupied, and is projected to operate with total expenses equal to roughly 45% of EGI. Located in a quiet, secluded residential enclave between Gulf Boulevard and the Intracoastal, the Property is ideally situated three blocks to public beach access at 133rd and 134th Avenues, and one block to a public park on the Intracoastal. Roughly equidistant between Clearwater and St Petersburg, MB is a highly desired community due to its quaint coastal ambiance, and predominance of single-family homes. Largely serving year-round residences, MB has relatively fewer tourist hotels and condos. Local Johns Pass Village is known regionally as a major nightlife and shopping hotspot making it very popular among residents, and tourists alike. MBs near three-mile sugary-sand beaches attract devotees of sun, and the Gulfs turquoise-emerald seas. The popularity of fishing is punctuated by MBs annual October Seafood Festival drawing up to 130,000 for celebration of food, music, arts, and crafts.

Details

MLS#U8095672
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1972
Days On Site90

Features

SQ Feet3,216
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Area Information
StateFL
CountyPinellas
CityMADEIRA BEACH
Zip Code33708
Area33708 - St PeteMadeira BchN Redington BchShores
Listing VS Median (in 33708)
Price:
$937,500
low | high
Med:
$435,000
100% of Average
SqFt:
3,216
low | high
Med:
1,150
100% of Average
$ / SqFt:
$292
low | high
Med:
$378
20.241391304348% of Average
On Site:
90
low | high
Med:
25
100% of Average
Listing Updated: November 16, 2020 3:01:58 AM PST
Patrick Whitney LogoMLS Number: U8095672
Listing Provided By:
Patrick Whitney  of  COLDWELL BANKER RESIDENTIAL

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