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651 MADISON COURT

SARASOTA , FL 34236

MLS#: GC538888

$1,299,000

Status: Active
Listing number: GC538888
Listing provided by: COASTAL REAL ESTATE PROFESSIONALS LLC
Listing agent phone: None
Last update: 2 days ago
New on site 4 days ago
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WASHINGTON PARK - Residential Income

Property

Beds

3

Full Baths

None

1/2 Baths

None

Year Built

1953

Sq.Footage

1,680

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. Please do not disturb tenants. Access by appointment only.

Features & Amenities

Interior

  • Other Interior Features

    Eat-in Kitchen

  • Total Bedrooms

    3

  • Bathrooms

    N/A

  • Cooling YN

    YES

  • Cooling

    Zoned

  • Fireplace YN

    NO

  • Heating YN

    YES

  • Heating

    Central, Electric, Heat Pump, Zoned

  • Pet friendly

    N/A

Exterior

  • Garage

    No

  • Construction Materials

    Block, Stucco

  • Other Exterior Features

    Garden, Lighting

  • Pool

    No

  • Waterfront YN

    NO

  • View

    City, Trees/Woods

Area & Lot

  • Lot Features

    Landscaped, Level, Near Public Transit, Paved

  • Lot Size(acres)

    0.15

  • Property Type

    Residential Income

  • Property Sub Type

    Triplex

Price

  • Sales Price

    $1,299,000

  • Tax Amount

    $12,724

  • Sq. Footage

    1, 680

  • Price/SqFt

    $773

HOA

  • Association

    No

School District

  • Elementary School

    Southside Elementary

  • Middle School

    Booker Middle

  • High School

    Sarasota High

Property Features

  • Foundation Details

    Block, Pillar/Post/Pier

  • Ownership

    Fee Simple

  • Senior Community YN

    NO

  • Sewer

    Public Sewer

  • Tax Lot

    41

  • Water Source

    Public

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Location

County

Sarasota

Elementary School

Southside Elementary

Middle School

Booker Middle

High School

Sarasota High

Listing Courtesy of Zachary Greenberg , COASTAL REAL ESTATE PROFESSIONALS LLC

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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. Please do not disturb tenants. Access by appointment only.

651 MADISON COURT

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