516 7TH AVE W #1 new Save Request In-Person Tour Request Virtual Tour
Palmetto,FL 34221
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 3,072 sqft
Price per Sqft $182
Subdivision Willis Add To Palmetto
MLS Listing ID TB8401410
Bedrooms 4
Full Baths 4
HOA Y/N No
Year Built 1906
Annual Tax Amount $7,285
Lot Size 7,405 Sqft
Acres 0.17
Property Sub-Type Single Family Residence
Source Stellar MLS
Property 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 you're 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.
Location
State FL
County Manatee
Community Willis Add To Palmetto
Area 34221 - Palmetto/Rubonia
Zoning RM6
Direction W
Interior
Interior Features Other
Heating Electric
Cooling Wall/Window Unit(s)
Flooring Tile
Fireplace false
Appliance Electric Water Heater,Refrigerator
Laundry Washer Hookup
Exterior
Exterior Feature Balcony,Sidewalk
Utilities Available Cable Available,Cable Connected,Electricity Available,Electricity Connected,Public,Sewer Connected,Water Available,Water Connected
Roof Type Shingle
Garage false
Private Pool No
Building
Entry Level Two
Foundation Slab
Lot Size Range 0 to less than 1/4
Sewer Public Sewer
Water Public
Structure Type Frame
New Construction false
Others
Senior Community No
Ownership Fee Simple
Acceptable Financing Cash,Conventional,FHA
Listing Terms Cash,Conventional,FHA
Special Listing Condition None
Virtual Tour https://www.propertypanorama.com/instaview/stellar/TB8401410