Property Description
651 Madison Court is a tidy & attractive multi-family home located in the highly desirable neighborhood of Laurel Park, adjacent to downtown Sarasota. They property, consists of (3) one bedroom, one bathroom apartments, originally constructed in 1953, and extensively renovated in 2023, is fully rented with 3 excellent long term (annual) tenants. The lot location is quiet and attractive, at the end of non-thru street, with neighbors including the Sarasota senior friendship center, multi million dollar new construction homes, the Hudson Bayou waterway and Laurel park kayak launch, downtown Sarasota, Selby Gardens and it's marina & waterfront. The 1680 sq/ft concrete block structure includes a 2023 metal roof, 2023 updates to electrical and plumbing systems, impact windows, stylish new kitchens and bathrooms, tile floors, and HVAC systems. The apartments are separately metered for electricity and city services and tenants are paying all utilities individually. Though currently occupied with wonderful annual tenants, the City of Sarasota location makes future use for short term rentals possible, at a 7 night minimum, and there are several other STR's in close proximity. Based on current (actual) rents of approximately $6k- monthly, and at listed price the property represents a reasonable 5.5% cap rate, with strong property appreciation potential and a steady alternative to a volatile equities market. It would be a wonderful 1031 exchange, and is located within the City of Sarasota Qualified Opportunity Zone 1.02, for additional tax advantaged investment, for a potential buyer. Please do not disturb tenants. Access by appointment only.
Property Features
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Feature Descriptions
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Listed By / Shown By
Listed By
Agency Name: COASTAL REAL ESTATE PROFESSIONALS LLC
Agency Contact: 772-678-6017
Shown By
Agency Title: Watson Realty Corp., REALTORS ®
Agency Phone: (866) 243-8193
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Estimated Payment
$ 7,703.18 per month $6,263.97 Principal & Interest $1,060.33 Property Tax $378.88 Homeowner's InsuranceChange Payment Information
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651 Madison Court | MLS# GC538888
This multi-family property located at 651 Madison Court, Sarasota, FL 34236 is currently listed for sale with an asking price of $1,299,000. Search Sarasota real estate on www.watsonrealtycorp.com today.