516 7th Ave W Unit 1 Palmetto, FL 34221
Estimated payment $3,715/month
Total Views
161
4
Beds
4
Baths
3,072
Sq Ft
$182
Price per Sq Ft
Highlights
- No HOA
- Living Room
- West Facing Home
- Balcony
- Tile Flooring
- 5-minute walk to Lamb Park
About This Home
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.
Home Details
Home Type
- Single Family
Est. Annual Taxes
- $7,285
Year Built
- Built in 1906
Lot Details
- 7,392 Sq Ft Lot
- West Facing Home
- Property is zoned RM6
Home Design
- Bi-Level Home
- Slab Foundation
- Frame Construction
- Shingle Roof
Interior Spaces
- 3,072 Sq Ft Home
- Living Room
- Tile Flooring
- Washer Hookup
Bedrooms and Bathrooms
- 4 Bedrooms
- 4 Full Bathrooms
Outdoor Features
- Balcony
Utilities
- Cooling System Mounted To A Wall/Window
- Heating Available
- Electric Water Heater
- Cable TV Available
Community Details
- No Home Owners Association
- Willis Community
- Willis Add To Palmetto Subdivision
Listing and Financial Details
- Visit Down Payment Resource Website
- Legal Lot and Block 2 / 3
- Assessor Parcel Number 2777900008
Map
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 06/27/2025 06/27/25 | For Sale | $560,000 | 0.0% | $182 / Sq Ft |
| 06/26/2025 06/26/25 | Off Market | $560,000 | -- | -- |
| 09/16/2022 09/16/22 | Sold | $460,000 | -7.1% | $150 / Sq Ft |
| 08/19/2022 08/19/22 | Pending | -- | -- | -- |
| 07/06/2022 07/06/22 | For Sale | $495,000 | -- | $161 / Sq Ft |
Source: Stellar MLS
Similar Homes in Palmetto, FL
Source: Stellar MLS
MLS Number: TB8401410
APN: 27779.0000-8
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
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Listing Information presented by local MLS brokerage: Ten-X - (888)-952-6393
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