6-Unit Multifamily With Over 6% Cash-On-Cash Return + Seller Financing Option

Quick Summary

Purchase Price
$1,050,000
Capitalization Rate
7.6%
Cash on Cash Return
6.7%
Total Return on Investment
22.4%

13027 3rd Street E, Madeira Beach, FL 33708

6 beds
6 baths
1,890 sqft
  • Amazing 6-unit FULLY FURNISHED multifamily property in the heart of Madeira Beach.
  • Incredible opportunity for a 1031 exchange.
  • Situated on a DOUBLE lot with endless possibilities for adding amenities, boat parking, a pool, fire pit, beach volleyball court, amenities, and so much more.
  • One lot consists of 6 separately metered studios and the other lot is vacant land.
  • This is the crown jewel of any multifamily portfolio with lots of ways to add value to this already stunning property.
  • Ability to take out the water toys on the intercostal as well as mere steps away from the sugar sand Madeira Beach and John’s Pass Village.
  • Owner financing available with a minimum of a $850k down payment.
  • Minimum leasing period is 3 months.
  • Adjacent lot is buildable but the current structure would then lose its multifamily status if a structure was built on the adjacent lot because the maximum number of units per lot is 1 unit per lot.
  • Seeing as this is a true double lot that would mean a maximum of 2 units per current zoning code for any new construction.
  • This is a grandfathered in multifamily property with 6 legal units and 6 separate meters.
  • Therefore, highest and best use is to use adjacent lot for amenities for the existing 6-unit.
  • This property was originally built as military barracks.
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