651 Madison Court, Sarasota, FL 34236
Local realty services provided by:Bingham Realty ERA Powered
651 Madison Court,Sarasota, FL 34236
$1,299,000
- 3 Beds
- 3 Baths
- 1,680 sq. ft.
- Multi-family
- Active
Listed by: zachary greenberg
Office: coastal real estate professionals llc.
MLS#:GC538888
Source:MFRMLS
Price summary
- Price:$1,299,000
- Price per sq. ft.:$639.27
About this home
651 Madison Court is a tidy & attractive multi-family home located in the highly desirable neighborhood of Laurel Park, adjacent to downtown Sarasota. They property, 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 it's 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. Based on current (actual) rents of approximately $6k- monthly, and at listed price the property represents a reasonable 5.5% cap rate, with strong property appreciation potential and a steady alternative to a volatile equities market. 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. 3% to buyers agents. Please do not disturb tenants. Access by appointment only....
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Home facts
- Year built:1953
- Listing ID #:GC538888
- Added:1 day(s) ago
- Updated:March 27, 2026 at 03:05 PM
Rooms and interior
- Bedrooms:3
- Total bathrooms:3
- Flooring:Tile
- Dining Description:Eat In Kitchen
- Kitchen Description:Eat-in Kitchen, Microwave, Range, Range Hood, Refrigerator, Solid Surface Counters
- Bedroom Description:Primary Bedroom Main Floor
- Basement Description:Block, Crawlspace, Pillar/Post/Pier
- Living area:1,680 sq. ft.
Heating and cooling
- Cooling:Mini-Split Unit(s), Zoned
- Heating:Central, Electric, Heat Pump, Zoned
Structure and exterior
- Roof:Metal
- Year built:1953
- Building area:1,680 sq. ft.
- Lot area:0.15 Acres
- Lot Features:Landscaped, Level, Near Public Transit, Paved, Sidewalk
- Construction Materials:Block, Stucco
- Exterior Features:Garden, Lighting
- Foundation Description:Block, Pillar/post/pier
- Levels:1 Story
Schools
- High school:Sarasota High
- Middle school:Booker Middle
- Elementary school:Southside Elementary
Utilities
- Water:Public, Water Connected
- Sewer:Public, Public Sewer, Sewer Connected
Finances and disclosures
- Price:$1,299,000
- Price per sq. ft.:$639.27
- Tax amount:$12,724 (2025)
Features and amenities
- Appliances:Electric Water Heater, Microwave, Range, Range Hood, Refrigerator, Washer
- Laundry features:Electric Dryer Hookup, Inside, Laundry Closet, Washer, Washer Hookup
- Amenities:Cable Connected, Ceiling Fans(s), Eat-in Kitchen, Primary Bedroom Main Floor, Solid Surface Counters
- Pool features:Public Pool
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