13207 3Rd St Madeira Beach, FL 33708
- Commercial real estate
- 2,330 SF
Current Use by Public Records
- Commercial real estate
Property Details for 13207 3Rd St
- Year built
- 1958
- Property size
- 2,330 SF
- Property type
- Commercial real estate
Description
This exceptional six-unit apartment building in Madeira Beach, Florida presents a compelling value-add investment opportunity. Boasting a prime location on a double lot (8,124 sq ft) at 13207 3rd St E, 33708, this property offers significant upside potential. The 2,330 square foot building, constructed in 1958 and renovated in 2023, features six separately metered studio units. Currently operating as a stabilized investment, the property generates a strong NOI of $98,000, with a pro-forma NOI projected at $107,000, resulting in a current cap rate of 12.25% and a pro-forma cap rate of 13.38%. The asking price is $800,000, translating to $133,333.33 per unit and $343.35 per square foot. The property is zoned RES and sits on two lots
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Madeira Beach
- County
- Pinellas
- State
- Florida
- Longitude
- -82.7845215
- Latitude
- 27.790319