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Multifamily

The Residences at Madeira Beach

115 145th Ave, Madeira Beach, FL 33708

Listing Price: $2,495,000

Cap Rate
4.56%
Number of Units
9
Price/Unit
$277,222
Price/Gross SF
$389.84
Gross SF
6,400

Investment Overview

9-unit multifamily community, steps from gorgeous Gulf of Mexico in Madeira Beach, Florida (Tampa Bay MSA)

Investment Highlights

  • Turnkey asset – all units recently renovated with granite countertops, new appliances, updated bathrooms, new baseboards and fresh interior & exterior paint
  • Upside opportunity to increase Effective Gross Income by 12.8% through common area upgrades
  • $72,014 two-mile Median Household Income is 24.8% higher than statewide median
  • Incredible walkability – three minutes to pristine Gulf of Mexico beach and a wide variety of local bars & restaurants; 1.4 miles to John's Pass Village & Boardwalk, with numerous dining and entertainment options
  • Adjacent to Gulf Boulevard with 25,000 vehicles per day and public transportation access
  • Madeira Beach Town Center development, 'crown jewel' of community, set to break ground by year-end, one-half-mile from asset
  • Less than 30 minutes to CBDs of St. Petersburg and Clearwater; Tampa's Westshore Business District and CDB are less than 45 minutes away

Exclusively Listed By

Multifamily

The Residences at Madeira Beach

Listing Price: $2,495,000

Cap Rate
4.56%
Number of Units
9
Price/Unit
$277,222
Price/Gross SF
$389.84
Gross SF
6,400

Investment Highlights

  • Turnkey asset – all units recently renovated with granite countertops, new appliances, updated bathrooms, new baseboards and fresh interior & exterior paint
  • Upside opportunity to increase Effective Gross Income by 12.8% through common area upgrades
  • $72,014 two-mile Median Household Income is 24.8% higher than statewide median
  • Incredible walkability – three minutes to pristine Gulf of Mexico beach and a wide variety of local bars & restaurants; 1.4 miles to John's Pass Village & Boardwalk, with numerous dining and entertainment options
  • Adjacent to Gulf Boulevard with 25,000 vehicles per day and public transportation access
  • Madeira Beach Town Center development, 'crown jewel' of community, set to break ground by year-end, one-half-mile from asset
  • Less than 30 minutes to CBDs of St. Petersburg and Clearwater; Tampa's Westshore Business District and CDB are less than 45 minutes away

Investment Overview

9-unit multifamily community, steps from gorgeous Gulf of Mexico in Madeira Beach, Florida (Tampa Bay MSA)

Exclusively Listed By

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