651 MADISON CT, SARASOTA, FL, 34236
$1,149,000
Residential Income
|
Bedrooms
3
|
Bathrooms
3
|
Living Area
1,680 Sqft
|
Lot Size
6,400 Sqft
|
651 Madison Court is a tidy & attractive multi-family home located in the highly desirable neighborhood of Laurel Park, adjacent to downtown Sarasota. The property, which 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 its 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. 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 Details
| Property Features | Property Features | |||
|---|---|---|---|---|
| MLS ID: | MFRGC538888 | Year Built: | 1953 | |
| Appliances: | Electric Water Heater, Microwave, Range, Range Hood, Refrigerator, Washer | Community Features: | Sidewalks | |
| Construction Materials: | Block, Stucco | Cooling: | Mini-Split Unit(s), Zoned | |
| Country: | US | County Or Parish: | Sarasota | |
| Exterior Features: | Garden, Lighting | Flooring: | Tile | |
| Foundation Details: | Block, Crawlspace, Pillar/Post/Pier | Heating: | Central, Electric, Heat Pump, Zoned | |
| Laundry Features: | Electric Dryer Hookup, Inside, Laundry Closet, Washer Hookup | Levels: | One | |
| Listing Agreement: | Exclusive Agency | Listing Terms: | Cash, Conventional, FHA, VA Loan | |
| Lot Features: | Historic District, Landscaped, Level, Near Public Transit, Sidewalk, Street Dead-End, Paved | Occupant Type: | Tenant | |
| Possession: | Close Of Escrow | Property Sub Type: | Triplex | |
| Property Type: | Residential Income | Road Surface Type: | Asphalt | |
| Roof: | Metal | Sewer: | Public Sewer | |
| Showing Requirements: | 24 Hour Notice, Appointment Only, Call Owner, Call Seller Direct, Do Not Contact Tenants | Special Listing Conditions: | None | |
| Standard Status: | Active | State Or Province: | FL | |
| Utilities: | Cable Connected, Electricity Connected, Public, Sewer Connected, Water Connected | View: | City, Trees/Woods | |
| Water Source: | Public | |||
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