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Description
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 Highlights
Property Type: Multi Unit - Multiple
Cooling: Mini-Split Unit(s), Zoned
Heating: Central, Electric, Heat Pump, Zoned
Lot Size: 0.15 Acres
Roof Type: Metal
Stories: 1.0
Taxes: $12,724
Year Built: 1953
General Information
Bedrooms: 3
Sqft: 1,680
County: Sarasota
High School: Sarasota High
Subdivision: WASHINGTON PARK
Listed By:
Zachary Greenberg
COASTAL REAL ESTATE PROFESSIONALS LLC
772-678-6017
MLS ID: GC538888
Amenities
Ceiling Fans(s)
Eat-in Kitchen
Primary Bedroom Main Floor
Solid Surface Counters
Garden
Lighting
Property Features
Annual Net Income: 58765.00
Appliances: Electric Water Heater, Microwave, Range, Range Hood, Refrigerator, Washer
Community Features: Sidewalks
Days on Site: 5
Directions: Head north on S. Washington Blvd, turn left onto Oak St, Turn left at the 3rd cross street onto Madison Ct. 651 Madison Ct is on the left.
Exterior: Block, Stucco
Flood Zone Code: X
Flooring: Tile
Foundation: Block, Crawlspace, Pillar/Post/Pier
Home Warranty Y/N: No
Listing Terms: Cash, Conventional, FHA, VA Loan
Lot: Historic District, Landscaped, Level, Near Public Transit, Sidewalk, Street Dead-End, Paved
Lot Dimensions: 0.15
Ownership: Fee Simple
Property Attached Y/N: No
Property Sub-Type: Triplex
Sewer: Public Sewer
Showing Instructions: 24 Hour Notice, Appointment Only, Call Owner, Call Seller Direct, Do Not Contact Tenants
Special Sale Provisions: None
Units: 3
Utilities: Cable Connected, Electricity Connected, Public, Sewer Connected, Water Connected
Water: Public
Water Access Y/N: No
Zoning: RSM9
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651 Madison Court, Sarasota, FL 34236.
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$ 5,820.52 per month $4,381.31 Principal & Interest $1,060.33 Property Tax $378.88 Homeowner's InsuranceChange Payment Information
About this area
About Sarasota
Sarasota, FL is a cultural gem. Once home to the Ringling Brothers Circus, Sarasota boasts a rich arts scene that brings people from all over the area to enjoy world-class theater, music, and other performing arts. Sarasota is also a haven with spectacular scenery, turquoise water and white sandy beaches. It offers a delightful downtown with a variety of small boutiques and exceptional restaurants. With its dynamic culture and arts scene and incredible natural beauty, Sarasota is a wonderful place to call “home.”
Learn More About Living in Sarasota, Florida
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