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Ruth Husel

ruth.husel@evrealestate.com +1(941) 807-5748

$ 560,000

Est. payment -/mo

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516 7TH AVE W #1 Palmetto, FL 34221

4 Beds

4 Baths

3,072 SqFt

UPDATED:

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

Listed by RICHARD PETERS REALTY LLC

Ruth Husel

Advisor | License ID: SL3247099

+1(941) 807-5748

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