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Kenny Medina

kennymedina.realtor@gmail.com +1(407) 412-4190

$ 1,299,000

Est. payment | -/mo

3 Beds

3 Baths

1,680 SqFt

Save

$ 1,299,000

Est. payment | -/mo

Save

3 Beds

3 Baths

1,680 SqFt

Key Details

Property Type Multi-Family

Sub Type Triplex

Listing Status Active

Purchase Type For Sale

Square Footage 1,680 sqft

Price per Sqft $773

Subdivision Washington Park

MLS Listing ID GC538888

Bedrooms 3

HOA Y/N No

Year Built 1953

Annual Tax Amount $12,724

Lot Size 6,534 Sqft

Acres 0.15

Property Sub-Type Triplex

Source Stellar MLS

Property Description

651 Madison Court is a tidy & attractive multi-family home located in the highly desirable neighborhood of Laurel Park, adjacent to downtown Sarasota. They property, consists of (3) one bedroom, one bathroom apartments, originally constructed in 1953, and extensively renovated in 2023, is fully rented with 3 excellent long term (annual) tenants. The lot location is quiet and attractive, at the end of non-thru street, with neighbors including the Sarasota senior friendship center, multi million dollar new construction homes, the Hudson Bayou waterway and Laurel park kayak launch, downtown Sarasota, Selby Gardens and it's marina & waterfront. The 1680 sq/ft concrete block structure includes a 2023 metal roof, 2023 updates to electrical and plumbing systems, impact windows, stylish new kitchens and bathrooms, tile floors, and HVAC systems. The apartments are separately metered for electricity and city services and tenants are paying all utilities individually. Though currently occupied with wonderful annual tenants, the City of Sarasota location makes future use for short term rentals possible, at a 7 night minimum, and there are several other STR's in close proximity. Based on current (actual) rents of approximately $6k- monthly, and at listed price the property represents a reasonable 5.5% cap rate, with strong property appreciation potential and a steady alternative to a volatile equities market. It would be a wonderful 1031 exchange, and is located within the City of Sarasota Qualified Opportunity Zone 1.02, for additional tax advantaged investment, for a potential buyer. 3% to buyers agents. Please do not disturb tenants. Access by appointment only.

Location

State FL

County Sarasota

Community Washington Park

Area 34236 - Sarasota

Zoning RSM9

Interior

Interior Features Ceiling Fans(s), Eat-in Kitchen, Primary Bedroom Main Floor, Solid Surface Counters

Heating Central, Electric, Heat Pump, Zoned

Cooling Mini-Split Unit(s), Zoned

Flooring Tile

Fireplace false

Appliance Electric Water Heater, Microwave, Range, Range Hood, Refrigerator, Washer

Laundry Electric Dryer Hookup, Inside, Laundry Closet, Washer Hookup

Exterior

Exterior Feature Garden, Lighting

Community Features Sidewalks

Utilities Available Cable Connected, Electricity Connected, Public, Sewer Connected, Water Connected

View City, Trees/Woods

Roof Type Metal

Garage false

Private Pool No

Building

Lot Description Historic District, Landscaped, Level, Near Public Transit, Sidewalk, Street Dead-End, Paved

Entry Level One

Foundation Block, Crawlspace, Pillar/Post/Pier

Lot Size Range 0 to less than 1/4

Sewer Public Sewer

Water Public

Structure Type Block,Stucco

New Construction false

Schools

Elementary Schools Southside Elementary

Middle Schools Booker Middle

High Schools Sarasota High

Others

Senior Community No

Ownership Fee Simple

Acceptable Financing Cash, Conventional, FHA, VA Loan

Listing Terms Cash, Conventional, FHA, VA Loan

Special Listing Condition None

Listed by Zachary Greenberg COASTAL REAL ESTATE PROFESSIONALS LLC

Schools and Properties Nearby

651 MADISON CT Sarasota, FL 34236