Remodeled Concrete Block
For Sale
$475,000
119 147th Ave E, Madeira Beach, FL 33708
Updated beach-area duplex with private fenced outdoor space, indoor laundry hookups, and dedicated off-street parking.
Property Size1,264 SF
Price / SF$375.79
Days on Market30
Property Features for 119 147th Ave E
General Information
Standard status
Active
Size
1,264 SF
Property subtype
Multi-Family
Building Details
Year Built
1955
Listing Agency:
PLUMLEE GULF BEACH REALTY
(727) 417-3204
Listed By:
Betsy Sheffield · License #3168403
Source:
Flflourish
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 28 at 8:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of PLUMLEE GULF BEACH REALTY
Investment Insights
Based on property information with market context.
This concrete block duplex, built in 1955, contains two updated one-bedroom, one-bath residences, each with a bonus room that can serve as office, hobby, guest, or storage space. The 1,264-square-foot property has restored terrazzo flooring, new drywall, trim, paint, lighting, tankless water heating, mini-split systems, and supplemental window units. Both kitchens feature new cabinetry, tile backsplashes, stone counters, recessed lighting, and stainless steel appliances. Bathrooms have updated vanities and fixtures, while each unit includes a washer/dryer hookup and a separately fenced backyard. The west unit also has a storage shed.
Restoration work following the 2024 hurricanes was completed with permits and inspections. The roof dates to 2021, and the exterior has fresh paint and professional landscaping. Four off-street parking spaces serve the property. The duplex is in Madeira Beach near Gulf beaches and John's Pass Village, with access to waterfront dining, shopping, boating, and fishing.
Restoration work following the 2024 hurricanes was completed with permits and inspections. The roof dates to 2021, and the exterior has fresh paint and professional landscaping. Four off-street parking spaces serve the property. The duplex is in Madeira Beach near Gulf beaches and John's Pass Village, with access to waterfront dining, shopping, boating, and fishing.
Key Highlights
- Two 1‑bedroom, 1‑bath units with bonus rooms
- 1,264 SF concrete block duplex built in 1955
- Restoration after the 2024 hurricanes completed with permits and inspections
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
3.11%
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 3.11%
Second Best
Apartment 5plus
$166.1K
$145.3K – $193.8K
NOI $11,625 @ 7.0% cap · market cap 2.45%
Theoretical Best
Office A
$328.8K
$287.7K – $383.6K
NOI $23,014 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Updated beach-area duplex with private fenced outdoor space, indoor laundry hookups, and dedicated off-street parking.
Where is this duplex located?
The property is located at 119 147th Ave E Madeira Beach, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units with bonus rooms; 1,264 SF concrete block duplex built in 1955; Restoration after the 2024 hurricanes completed with permits and inspections
