Triplex with Alley
13378 1ST E STREET Madeira Beach, FL 33708
For Sale
$435,000
Pending
Triplex with three individually metered units, six off-street parking spaces, and a completed permit package for renovation.
Property Size1,572 SF
Days on Market529
Property Features for 13378 1ST E STREET
General Information
- Standard status
- Pending
- Size
- 1,572 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1959
Listing Agency:
BARKETT REALTY
(727) 388-9500
Listed By:
John Barkett · License #3274213
(727) 388-9500
Source:
Exitrealty
Added: Feb 11, 2025
Changed: Jul 21
Last Checked: Jul 24 at 9:01AM
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 BARKETT REALTY
Investment Insights
Based on property information with market context.
This triplex offers three residential units, including two 1-bedroom, 1-bath homes and one 2-bedroom, 1-bath home. The property sustained damage from Hurricane Helene; however, municipal verification indicates it has not been substantially damaged. A Substantial Improvement package required to pull a build-back permit has been completed by a licensed general contractor, submitted and approved with permit in hand, creating a clear path to begin renovation.
The property includes alley access and six off-street parking spaces. Utilities are individually metered for water and electric, supporting a straightforward rental setup during and after renovations. The address is 13378 1ST E STREET in Madeira Beach, Florida 33708, with the public remarks noting very close proximity to the beach and a short drive to John’s Pass.
With the permits already approved and the configuration already in place for three rental units, this is positioned as a hands-on renovation opportunity with established unit separation and parking.
The property includes alley access and six off-street parking spaces. Utilities are individually metered for water and electric, supporting a straightforward rental setup during and after renovations. The address is 13378 1ST E STREET in Madeira Beach, Florida 33708, with the public remarks noting very close proximity to the beach and a short drive to John’s Pass.
With the permits already approved and the configuration already in place for three rental units, this is positioned as a hands-on renovation opportunity with established unit separation and parking.
Key Highlights
- Triplex built in 1959 with three income‑producing units: two 1 bed/1 bath and one 2 bed/1 bath
- 1,572 sq ft heated living space
- Substantial Improvement package completed by a licensed general contractor; submitted/approved with permit in hand for renovation
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 | $28.1k | $17.88 |
| − Vacancy | −$1.9k | −$1.21 |
| EGI | $26.2k | $16.67 |
| − OpEx | −$7.9k | −$5.00 |
| NOI | $18.3k | $11.67 |
1,572 SF · lease $17.88/SF/yr · vacancy 6.74% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$262.1K
$229.4K – $305.8K
NOI $18,349 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$206.5K
$180.7K – $241.0K
NOI $14,458 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$408.9K
$357.8K – $477.0K
NOI $28,622 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Triplex with three individually metered units, six off-street parking spaces, and a completed permit package for renovation.
Where is this triplex located?
The property is located at 13378 1ST E STREET Madeira Beach, FL.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Triplex built in 1959 with three income‑producing units: two 1 bed/1 bath and one 2 bed/1 bath; 1,572 sq ft heated living space; Substantial Improvement package completed by a licensed general contractor; submitted/approved with permit in hand for renovation
