Triplex Near Madeira
24 LYNN WAY Madeira Beach, FL 33708
24 LYNN WAY, Madeira Beach, FL, 33708
$475,000
Pending
For Sale
$475,000
Pending
As-is triplex with three 1-bedroom, 1-bath units, plus a 1-car garage and coin-operated laundry.
Property Size1,516 SF
Days on Market726
Property Features for 24 LYNN WAY
General Information
- Standard status
- Pending
- Size
- 1,516 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1948
Listing agency
EXP REALTY LLC
(813) 230-1787
Listed by
Maria Crespo · License #3259788
(813) 230-1787
Source
Exitrealty
Added: Jul 26, 2024 Updated: Jul 21 at 6:58AM Checked: Jul 21 at 6:58AM
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 EXP REALTY LLC
Investment Insights
Based on property information with market context.
This as-is triplex includes three 1-bedroom, 1-bath units totaling 1,516 square feet. The property also features a 1-car garage and coin-operated laundry. Public remarks indicate it was recently affected by Hurricane Helene after having been remodeled, with interior and exterior conditions impacted; buyers will need to confirm which components, if any, remain usable.
Prior to the recent damage, the property underwent extensive modern updates in 2024, including new windows, ceramic tile flooring, kitchen renovations with granite countertops and stainless appliances, remodeled bathrooms, new doors, light fixtures, and AC units, described as approximately one year old. The home was also reportedly freshly painted inside and out.
The property’s layout supports an income-oriented configuration with three separate residential units within a single building, offering a straightforward framework for redevelopment or restoration plans.
Prior to the recent damage, the property underwent extensive modern updates in 2024, including new windows, ceramic tile flooring, kitchen renovations with granite countertops and stainless appliances, remodeled bathrooms, new doors, light fixtures, and AC units, described as approximately one year old. The home was also reportedly freshly painted inside and out.
The property’s layout supports an income-oriented configuration with three separate residential units within a single building, offering a straightforward framework for redevelopment or restoration plans.
Key Highlights
- As‑is triplex built in 1948 with 3 separate 1‑bedroom, 1‑bath units totaling 1,516 SF
- Includes a 1‑car garage and coin‑operated laundry
- Previously remodeled with extensive 2024 updates: new windows, ceramic tile flooring, granite countertops, stainless appliances, and remodeled bathrooms
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $27.1k | $17.88 |
| − Vacancy | −$1.8k | −$1.21 |
| EGI | $25.3k | $16.67 |
| − OpEx | −$7.6k | −$5.00 |
| NOI | $17.7k | $11.67 |
1,516 SF · lease $17.88/SF/yr · vacancy 6.74% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$252.8K
$221.2K – $294.9K
NOI $17,695 @ 7.0% cap · market cap 3.73%
Second Best
Apartment 5plus
$199.2K
$174.3K – $232.4K
NOI $13,943 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$394.3K
$345.0K – $460.1K
NOI $27,603 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
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FAQs
What type of property is this?
Triplex - As-is triplex with three 1-bedroom, 1-bath units, plus a 1-car garage and coin-operated laundry.
Where is this triplex located?
The property is located at 24 LYNN WAY 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: As‑is triplex built in 1948 with 3 separate 1‑bedroom, 1‑bath units totaling 1,516 SF; Includes a 1‑car garage and coin‑operated laundry; Previously remodeled with extensive 2024 updates: new windows, ceramic tile flooring, granite countertops, stainless appliances, and remodeled bathrooms
