Four-Unit
For Sale
Contact for pricing
1504 North Madison Avenue, Clearwater, FL 33755
The property includes four one-bedroom, one-bath residences and requires improvements for continued rental use.
Property Size2,184 SF
Price / SF$292.58
Days on Market50
Property Features for 1504 North Madison Avenue
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multifamily
Occupancy
50%
Investment Type
Value Add
Net Operating Income
$20,280
Property Condition
Severity
Repairs Needed
Evidence
needs some TLC
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Year Built
1959
Buildings
2
Units
4
Tenancy
Multi
Listed By:
JEROME THOMPSON · License #SL663849
Source:
Crexi
Added: Aug 30
Changed: Oct 10
Last Checked: Oct 16 at 6:43AM
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 JEROME THOMPSON
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Investment Insights
Based on property information with market context.
This four-unit residential income property contains 2,184 SF across four one-bedroom, one-bath units. Constructed in 1959, the building requires some improvement work, providing a clear renovation component for the next owner. The existing layout offers a compact multifamily configuration with each residence identified by its own bedroom and bathroom count.
The property is located at 1504 North Madison Avenue in Clearwater, Florida, beside a neighborhood park with a playground, pavilion, picnic areas, and green space. Downtown Clearwater, shopping, dining, public transportation, major roadways, and Clearwater Beach are also identified in the surrounding area. Tenant privacy is requested during property visits.
The property is located at 1504 North Madison Avenue in Clearwater, Florida, beside a neighborhood park with a playground, pavilion, picnic areas, and green space. Downtown Clearwater, shopping, dining, public transportation, major roadways, and Clearwater Beach are also identified in the surrounding area. Tenant privacy is requested during property visits.
Key Highlights
- Four residential units, each with 1 bedroom and 1 bath
- 2,184 SF multifamily property
- 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - The property includes four one-bedroom, one-bath residences and requires improvements for continued rental use.
Where is this quadplex located?
The property is located at 1504 North Madison Avenue 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 residential units, each with 1 bedroom and 1 bath; 2,184 SF multifamily property; Built in 1959
