Four-Unit Multifamily
For Sale
$639,000
1504-1510 N MADISON AVE, Clearwater, FL 33755
Compact residential income property near a neighborhood park, Downtown Clearwater, shopping, dining, and public transportation.
Property Size2,184 SF
Price / SF$292.58
Days on Market79
Property Features for 1504-1510 N MADISON AVE
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Quadruplex
Property Condition
Severity
Repairs Needed
Evidence
needs a little TLC
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,947
Building Details
Building Size
2,184 SF
Year Built
1959
Listing Agency:
FUTURE HOME REALTY INC
Listed By:
Jerome Thompson · License #663849
(813) 493-2208
Source:
Stationsquarerealty
Added: Aug 1
Changed: Oct 10
Last Checked: Oct 16 at 5:11PM
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 FUTURE HOME REALTY INC
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Investment Insights
Based on property information with market context.
This quadplex at 1504-1510 N Madison Ave comprises four 1-bedroom, 1-bath units totaling 2,184 square feet. Built in 1959, the property requires updates, giving the next owner an opportunity to address the existing condition and improve the asset over time.
The property is adjacent to a neighborhood park with a playground, pavilion, picnic areas, and green space. Downtown Clearwater, shopping, dining, public transportation, major roadways, and Clearwater Beach are all located nearby. The compact four-unit configuration provides a straightforward multifamily layout in a centrally situated Clearwater setting.
The property is adjacent to a neighborhood park with a playground, pavilion, picnic areas, and green space. Downtown Clearwater, shopping, dining, public transportation, major roadways, and Clearwater Beach are all located nearby. The compact four-unit configuration provides a straightforward multifamily layout in a centrally situated Clearwater setting.
Key Highlights
- Four 1‑bedroom, 1‑bath units
- 2,184 square feet across the quadplex
- Built in 1959
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,124
Cap Rate
4.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$602,480
$602.5K
Cap Rate 7%
$430,343
$430.3K
Cap Rate 9%
$334,711
$334.7K
Market Conditions
NOI Build-Up for 2,184 SF
Gross rent
$45.9K $21.00/SF
− Vacancy
−$2.8K −$1.30/SF
EGI
$43.0K $19.70/SF
− OpEx
−$12.9K −$5.91/SF
NOI
$30.1K $13.79/SF
Area
Clearwater, FL
Vacancy
6.17%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$602,480
Cap Rate 7%
$430,343
Cap Rate 9%
$334,711
Alternative Uses
Best Use
Multifamily LT 5
$430.3K
$376.6K – $502.1K
NOI $30,124 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$385.1K
$336.9K – $449.3K
NOI $26,955 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$612.7K
$536.2K – $714.9K
NOI $42,892 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,195
Businesses Nearby
Explore this area
Business Placement
Demographics for 33755, FL
28,360
Population
11,872
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,156
Density / Sq Mi
$59,613
Median Household Income
$36,206
Median Earnings
$1,340
Median Rent
$300,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Compact residential income property near a neighborhood park, Downtown Clearwater, shopping, dining, and public transportation.
Where is this quadplex located?
The property is located at 1504-1510 N MADISON AVE Clearwater, FL.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units; 2,184 square feet across the quadplex; Built in 1959
