Remodeled Concrete Block
For Sale
$450,000
119 147TH Avenue E, Madeira Beach, FL 33708
MULTI_FAMILY - MADEIRA BEACH, FL
Property Size1,264 SF
Lot Size0.07 Acres
Price / SF$356.01
Days on Market137
Property Features for 119 147TH Avenue E
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 2
Pets allowed
Yes, Dogs OK, Cats OK
Interior features
Ceiling Fans(s)
Exterior features
Fence
Fencing
Fenced
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
SUNNY SHORES
Elementary school
Orange Grove Elementary-PN
Middle school
Seminole Middle-PN
High school
Seminole High-PN
Directions
From Gulf Blvd take 147th Ave E, duplex is on the right.
Standard status
Active
APN
09-31-15-87048-000-0340
Size
1,264 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SUNNY SHORES LOT 34
Tax Annual Amount
4703
Legal Description
SUNNY SHORES LOT 34
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
washer/dryer hookup
private fenced backyard
storage shed
Building Details
Year built
1955
Floors in Building
1
Number of units
2
Flooring type
Terrazzo
Building materials
Concrete, Stucco
Roof type
Shingle
Listing Agency:
PLUMLEE GULF BEACH REALTY
(727) 595-7586
Listed By:
Betsy Sheffield · License #3168403
(727) 417-3204
Added: Mar 26
Changed: Aug 3
Last Checked: Aug 9 at 3:06PM
MLS# TB8479352
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This extensively remodeled concrete block duplex offers two updated 1-bedroom, 1-bath units, and each side includes an additional bonus room that can serve as a home office, guest space, hobby room, or added storage. The terrazzo flooring has been restored and there is no carpet. Each unit has its own washer/dryer hookup, and the west unit includes a storage shed. Exterior and interior updates include restored finishes following the 2024 hurricanes, new drywall, baseboards, interior paint, lighting, a new tankless water heater, new mini-split systems, supplemental window units, and refreshed kitchen and bathroom features.
The exterior includes a private fenced backyard area separated for privacy, along with a fenced yard, a roof shingle roof, and exterior painting plus professional landscaping. The property provides four off-street parking spaces. Built in 1955, it sits on a 0.07-acre lot with public water and public sewer, and cable is available.
With its two independent living spaces and separate outdoor area, the duplex can support tenant privacy while also accommodating an owner-occupant plan on one side while renting the other.
The exterior includes a private fenced backyard area separated for privacy, along with a fenced yard, a roof shingle roof, and exterior painting plus professional landscaping. The property provides four off-street parking spaces. Built in 1955, it sits on a 0.07-acre lot with public water and public sewer, and cable is available.
With its two independent living spaces and separate outdoor area, the duplex can support tenant privacy while also accommodating an owner-occupant plan on one side while renting the other.
Key Highlights
- 2024 hurricane restoration with permits and inspections completed
- Two 1‑bedroom, 1‑bath units, each with an additional bonus room
- 2021 shingle roof
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,754
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$295,080
$295.1K
Cap Rate 7%
$210,771
$210.8K
Cap Rate 9%
$163,933
$163.9K
Market Conditions
NOI Build-Up for 1,264 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$22.6K $17.88/SF
− Vacancy
−$1.5K −$1.21/SF
EGI
$21.1K $16.67/SF
− OpEx
−$6.3K −$5.00/SF
NOI
$14.8K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$295,080
Cap Rate 7%
$210,771
Cap Rate 9%
$163,933
Alternative Uses
Best Use
Multifamily LT 5
$210.8K
$184.4K – $245.9K
NOI $14,754 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$166.1K
$145.3K – $193.8K
NOI $11,625 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$328.8K
$287.7K – $383.6K
NOI $23,014 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 33708, FL
16,034
Population
13,211
Households
1.2
Avg Household Size
60
Median Age
44%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
4,716
Density / Sq Mi
$83,773
Median Household Income
$49,403
Median Earnings
$1,961
Median Rent
$463,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Zoned R-2 and renovated to offer two 1-bedroom, 1-bath units with bonus rooms and private fenced outdoor space.
Where is this duplex located?
The property is located at 119 147TH Avenue E Madeira Beach, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2024 hurricane restoration with permits and inspections completed; Two 1‑bedroom, 1‑bath units, each with an additional bonus room; 2021 shingle roof
