516 7th Avenue W Unit 1, Palmetto, FL 34221
- $350,000
- 4
- BD
- 4
- BA
- 3,072
- SqFt
- Sold Price
- $350,000
- List Price
- $360,000
- Status
- Sold
- Days on Market
- 133
- Closing Date
- Nov 20, 2025
- MLS#
- TB8401410
- Property Style
- Single Family
- Year Built
- 1906
- Bedrooms
- 4
- Bathrooms
- 4
- Living Area
- 3,072
- Lot Size
- 7,392
- Acres
- 0.17
- Total Acreage
- 0 to less than 1/4
- Legal Subdivision Name
- Willis Add To Palmetto
- Community Name
- Willis
- MLS Area Major
- Palmetto/Rubonia
Property Description
Rare cash-flowing 4-plex in the heart of Palmetto, fully leased month-to-month with huge value-add upside. Just a few blocks from the water and nestled in a walkable, bikeable pocket of Palmetto near marinas, shops, restaurants, and downtown events, this property is perfectly positioned for long-term growth and steady returns. So what makes this one so special? 1) Four separate 1 bed / 1 bath units, each with a full kitchen, living room, private bathroom, and access to a shared breezy front balcony with ceiling fans. 2) Large parking area and rear yard for added tenant convenience. 3) All tenants are on under-market month-to-month leases, providing flexibility for future adjustments or improvements as needed. 4) Separate electric meters for each unit, with one shared water meter to streamlined billing. 5) Southern-facing windows were replaced ~7 years ago. 6) Lowest price/sq ft for a quadplex in the area. Investor notes: LTR: 4,100/mo current on month-to-month leases. Market comps support 1,300 - 1,400/mo each unit, for a potential gross of 5,200-5,600/mo without major updates. Very little nearby competition for quality 1-bedroom rentals. High demand area with walkability, steady tenant base, and long-term appreciation potential. Whether you’re a local investor looking to boost cash flow or a 1031 buyer seeking a low-hassle asset in a prime Florida location, this one checks all the boxes. Easy to show. No HOA/CDD. Feel free to soft pitch before writing anything up. Ask me anything, big or small. If this is “NOT ON MY MLS,” disclosures and MLS info sheets are available. No assignable contracts accepted.
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Additional Information
- Taxes
- $7285
- Minimum Lease
- No Minimum
- Community Features
- No Deed Restriction
- Property Description
- Two Story
- Zoning
- RM6
- Interior Layout
- Other
- Interior Features
- Other
- Floor
- Tile
- Appliances
- Electric Water Heater, Refrigerator
- Utilities
- Cable Available, Cable Connected, Electricity Available, Electricity Connected, Public, Sewer Connected, Water Available, Water Connected
- Heating
- Electric
- Air Conditioning
- Wall/Window Unit(s)
- Exterior Construction
- Frame
- Exterior Features
- Balcony, Sidewalk
- Roof
- Shingle
- Foundation
- Slab
- Pool
- No Pool
- Flood Zone Code
- X
- Parcel ID
- 2777900008
- Legal Description
- N1/2 OF LOT 2 BLK 3 WILLIS ADD PI#27779.0000/8
Listing courtesy of RICHARD PETERS REALTY LLC. 352-448-9712
Selling Office: FIDATA REAL ESTATE LLC.Mortgage Calculator
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