13330 3rd Street E, MADEIRA BEACH

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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 $867 (one-bedroom), and $1,350 (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 53% 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 John’s Pass Village is known regionally as a major nightlife and shopping hotspot making it very popular among residents, and tourists alike. MB’s near three-mile sugary-sand beaches attract devotees of sun, and the Gulf’s turquoise-emerald seas. The popularity of fishing is punctuated by MB’s annual October Seafood Festival drawing up to 130,000 for celebration of food, music, arts, and crafts.

Essential Information

MLS® # U8095672

Price $875,000

Acres 0.19

Year Built 1972

Type Residential Income

Sub-Type Multi-Family

Status Active

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Community Information

Address 13330 3rd Street E

Subdivision PAGES REP OF MITCHELLS BEACH

City MADEIRA BEACH

County Pinellas

State FL

Zip Code 33708

Area

St Pete/Madeira Bch/N Redington Bch/Shores

Exterior

Exterior Features Fence,Sidewalk

Foundation Slab

Additional Information

Days on Market 151

Listing Details

Office COLDWELL BANKER RESIDENTIAL

Property History

Jan. 20Price Reduced from $937,500 to $875,000

Oct. 30Price Reduced from $1,100,000 to $937,500