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516 7th Avenue W 1, Palmetto, FL 34221
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516 7th Avenue W 1
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Priced at Only: $512,000
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Address: 516 7th Avenue W 1, Palmetto, FL 34221
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  • MLS#: TB8401410 ( Residential )
  • Street Address: 516 7th Avenue W 1
  • Viewed: 8
  • Price: $512,000
  • Price sqft: $167
  • Waterfront: No
  • Year Built: 1906
  • Bldg sqft: 3072
  • Bedrooms: 4
  • Total Baths: 4
  • Full Baths: 4
  • Days On Market: 15
  • Additional Information
  • Geolocation: 27.5157 / -82.5714
  • County: MANATEE
  • City: Palmetto
  • Zipcode: 34221
  • Subdivision: Willis Add To Palmetto
  • Provided by: RICHARD PETERS REALTY LLC
  • DMCA Notice
  • Description
    Rare cash flowing 4 plex in the heart of Palmetto, fully leased month to month with huge value add upside. Just a few blocks from the water and nestled in a walkable, bikeable pocket of Palmetto near marinas, shops, restaurants, and downtown events, this property is perfectly positioned for long term growth and steady returns. So what makes this one so special? 1) Four separate 1 bed / 1 bath units, each with a full kitchen, living room, private bathroom, and access to a shared breezy front balcony with ceiling fans. 2) Large parking area and rear yard for added tenant convenience. 3) All tenants are on under market month to month leases, providing flexibility for future adjustments or improvements as needed. 4) Separate electric meters for each unit, with one shared water meter to streamlined billing. 5) Southern facing windows were replaced ~7 years ago. 6) Lowest price/sq ft for a quadplex in the area. Investor notes: LTR: 4,100/mo current on month to month leases. Market comps support 1,300 1,400/mo each unit, for a potential gross of 5,200 5,600/mo without major updates. Very little nearby competition for quality 1 bedroom rentals. High demand area with walkability, steady tenant base, and long term appreciation potential. Whether youre a local investor looking to boost cash flow or a 1031 buyer seeking a low hassle asset in a prime Florida location, this one checks all the boxes. Easy to show. No HOA/CDD. Feel free to soft pitch before writing anything up. Ask me anything, big or small. If this is NOT ON MY MLS, disclosures and MLS info sheets are available. No assignable contracts accepted.
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Features
Building and Construction
  • Covered Spaces: 0.00
  • Exterior Features: Balcony
  • Flooring: Tile
  • Living Area: 3072.00
  • Roof: Shingle
Garage and Parking
  • Garage Spaces: 0.00
  • Open Parking Spaces: 0.00
Eco-Communities
  • Water Source: Public
Utilities
  • Carport Spaces: 0.00
  • Cooling: WallWindowUnits
  • Heating: Electric
  • Sewer: PublicSewer
  • Utilities: CableAvailable, CableConnected, ElectricityAvailable, ElectricityConnected, MunicipalUtilities, SewerConnected, WaterAvailable, WaterConnected
Finance and Tax Information
  • Home Owners Association Fee: 0.00
  • Insurance Expense: 0.00
  • Net Operating Income: 0.00
  • Other Expense: 0.00
  • Pet Deposit: 0.00
  • Security Deposit: 0.00
  • Tax Year: 2024
  • Trash Expense: 0.00
Other Features
  • Appliances: ElectricWaterHeater, Refrigerator
  • Country: US
  • Interior Features: Other
  • Legal Description: N1/2 OF LOT 2 BLK 3 WILLIS ADD PI#27779.0000/8
  • Levels: Two
  • Area Major: 34221 - Palmetto/Rubonia
  • Occupant Type: Tenant
  • Parcel Number: 2777900008
  • The Range: 0.00
  • Zoning Code: RM6
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Headshot for Associate Natalie Gorse
  1. Natalie Gorse, REALTOR ®
  2. Tropic Shores Realty
  3. Office: 352.684.7371
  4. Mobile: 352.584.7611
  5. Fax: 352.584.7611
  6. nataliegorse352@gmail.com