Duplex Requiring Full
For Sale
$329,900
148 147TH E AVENUE, Madeira Beach, FL 33708
Two private-entry units offer coastal proximity and separate living spaces for a complete renovation project.
Property Size960 SF
Price / SF$343.65
Days on Market482
Property Features for 148 147TH E AVENUE
General Information
Standard status
Active
Size
960 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,532
Building Details
Year Built
1953
Listing Agency:
SKYWAY REAL ESTATE, LLC
(727) 870-0877
Listed By:
Justin Garrett · License #3491574
(727) 870-0877
Source:
Exitrealty
Added: May 7, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:59PM
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 SKYWAY REAL ESTATE, LLC
Investment Insights
Based on property information with market context.
Built in 1953, this duplex contains two separate units, each arranged with one bedroom, one bathroom, and its own private entrance. The property offers 960 of reported property size and is positioned near the Gulf of America in Madeira Beach.
Both units experienced flooding during a recent hurricane, and the structure requires full renovation because of water damage. The sale is offered as-is, presenting a property with substantial repair needs and a residential income configuration for a buyer prepared to renovate or rebuild.
Both units experienced flooding during a recent hurricane, and the structure requires full renovation because of water damage. The sale is offered as-is, presenting a property with substantial repair needs and a residential income configuration for a buyer prepared to renovate or rebuild.
Key Highlights
- Two‑unit duplex with one bedroom and one bathroom in each unit
- Private entrance serving each residential unit
- 960 reported property size
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
$11,206
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
3.40%
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%
$224,120
$224.1K
Cap Rate 7%
$160,086
$160.1K
Cap Rate 9%
$124,511
$124.5K
Market Conditions
NOI Build-Up for 960 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
$17.2K $17.88/SF
− Vacancy
−$1.2K −$1.21/SF
EGI
$16.0K $16.67/SF
− OpEx
−$4.8K −$5.00/SF
NOI
$11.2K $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%
$224,120
Cap Rate 7%
$160,086
Cap Rate 9%
$124,511
Alternative Uses
Best Use
Multifamily LT 5
$160.1K
$140.1K – $186.8K
NOI $11,206 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$126.1K
$110.4K – $147.2K
NOI $8,829 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$249.7K
$218.5K – $291.3K
NOI $17,479 @ 7.0% cap · market cap 5.30%
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 - Two private-entry units offer coastal proximity and separate living spaces for a complete renovation project.
Where is this duplex located?
The property is located at 148 147TH E AVENUE Madeira Beach, FL.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two‑unit duplex with one bedroom and one bathroom in each unit; Private entrance serving each residential unit; 960 reported property size
