15398 2nd St E

Introducing a prime investment opportunity with unlimited potential, Atlas Bay Commercial proudly presents 15398 2nd St E in Madeira Beach, FL. This multifamily property comprises two quadplexes and a single-family home on a single parcel, delivering a total of nine units and presenting an exceptional value proposition.
Situated in a highly sought-after location, this property is a mere minute's walk to the world-class Gulf Beach to the west and the picturesque Intracoastal Waterway to the east. The prime coastal setting not only offers residents an unparalleled lifestyle but also positions the property in an area of consistently high tenant demand.
All nine units are currently leased, providing steady cash flow, with the quadplexes offering 1/1 units at a rate of $1,895 per month and the single-family home, a spacious 2/2, fetching $3,300 monthly. While the property already stands as a robust income generator, there exists significant untapped potential for enhanced revenue.
A key opportunity for value enhancement lies in upgrading the units and adjusting rental rates to market levels. With an estimated investment of $10,000 per unit, achievable market rents could be $2,500 per month for the 1/1 units and $4,000 per month for the house with a strategy sticking to conventional long term tenants on 12 month leases for all units. Annualized, proforma income would generate $288,000 in revenue.
Furthermore, additional upside exists through separately metering each unit for water. Currently on a master meter, individual metering offers the potential for increased operational efficiency and reduced expenses, contributing to a more favorable financial profile.
Notably, the property benefits from a grandfathered-in zoning that permits short-term rentals, a rarity in the area. With low demand for short-term rentals due to restrictions just across the street, this presents a unique opportunity for the next owner to explore a lucrative market with limited competition.

With the short term rental strategy, we estimate an average of $175/night for the apartments and $275/night for the house. Based on an estimated 70% occupancy rate, annualized proforma revenue is estimated to exceed $420,000!
In summary, 15398 2nd St E stands as a strategically positioned multifamily property with immediate cash flow and unparalleled potential. The combination of prime location, proximity to world- class amenities, and opportunities for revenue enhancement make this an investment opportunity not to be missed.
If driving by the property, please do not exit your vehicle. Please do not approach or speak to any tenants or neighbors.
Property tours will be scheduled upon an receipt of an offer acceptable to the seller.
Asking Price: $2,400,000
Contact Atlas Bay Commercial today to explore the full potential of this exceptional property. Dan Fischer, managing broker, can be reached at 615-804-3579 or dan@atlasbay.co
Visit us at www.atlasbay.co!