701 Madison Ave Clearwater, FL 33755
- Commercial real estate
- 938 SF
Current Use by Public Records
- Azimuth Appliance Repair / Appliance Repair Service
- Same Day Rv Repair / Rv Repair Shop
- Lakeside Crossing Condominium / Condominium Complex
- Create Productions / Wedding Photographer
- Eclipse Window Tinting / Window Tinting Service
Property Details for 701 Madison Ave
- Year built
- 1985
- Property size
- 938 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a stabilized, Class B apartment building located at 701 S Madison Ave, Clearwater, FL 33755. The property, built in 1985 and renovated in 2006, boasts a single unit within a larger 100-unit condo complex, offering the potential for both annual and short-term rentals. The 938 square foot unit features a contemporary design with a split floor plan, granite countertops, and in-unit laundry. Recent upgrades include a new stove, refrigerator, dishwasher, washer, dryer, and AC system. The property's strong financial performance is highlighted by an asking price of $166,000, a price per square foot of $176.97, and a current NOI of $14,800, resulting in an 8.92% cap rate. The building is a five-story structure situated just 10 minutes from Clearwater Beach, one of the world's highest-rated beaches, and 30 minutes from Tampa International Airport. The complex allows 30-day rentals, adding to the property's versatility and income potential. This is a motivated seller seeking a quick cash close. The property is held within an LLC.
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
- Clearwater
- County
- Pinellas
- State
- Florida
- Longitude
- -82.7890185
- Latitude
- 27.9583204
