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516 7th Avenue W Unit 1

Palmetto, FL 34221

4 beds
4 baths
3,072 sqft
7,392 sqft lot
$161 per sqft
1906 build
– on site

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.

Listing courtesy of STELLAR_MLS / RICHARD PETERS REALTY LLC

Last checked: Checking… • Last updated Jul 14, 2025 •

MLS# TB8401410 —

The Building

Year Built:

1906
New Construction:

false
Construction Materials:

Wood Frame
Levels:

Two
Roof:

Shingle
Foundation Details:

Slab
Unit Number:

1
Building Area Total:

3072
Building Area Units:

Square Feet
Building Area Source:

Public Records

Interior

Interior Features:

Other
Flooring:

Tile
Fireplace:

false

Room Dimensions

Living Area:

3072
Living Area Units:

Square Feet
Living Area Source:

Public Records

Location

Directions:

509-501 7th Ave W Palmetto, FL 34221 Head north on 7th Ave W Destination will be on the right 226 ft 516 7th Ave W Palmetto, FL 34221
Latitude:

27.515727
Longitude:

-82.571405
Coordinates:

-82.571405, 27.515727

The Property

Parcel Number:

2777900008
Property Type:

Residential
Property Subtype:

Single Family Residence
Lot Size Acres:

0.17
Lot Size Area:

7392
Lot Size SqFt:

7392
Lot Size Units:

Square Feet
Total Acres:

0 to less than 1/4
Zoning:

RM6
Direction Faces:

West
View:

false
Exterior Features:

Balcony
Water Source:

Public
Road Surface Type:

Concrete
Flood Zone Code:

X
Flood Zone Panel:

12081C0164F
Additional Parcels:

false
Homestead:

false
Lease Restrictions:

false
Land Lease:

false

Listing Agent

Contact info:

Taxes

Tax Year:

2024
Tax Lot:

2
Tax Block:

3
Tax Legal Description:

N1/2 OF LOT 2 BLK 3 WILLIS ADD PI#27779.0000/8
Tax Book Number:

1-133
Tax Annual Amount:

$7,285

Beds

Bedrooms Total:

4

Baths

Total Baths:

4
Total Baths:

4
Full Baths:

4

The Listing

Virtual Tour URL Unbranded:

https://www.propertypanorama.com/instaview/stellar/TB8401410
Special Listing Conditions:

None

Heating & Cooling

Heating:

Electric
Heating:

true
Cooling:

Wall/Window Unit(s)
Cooling:

true

Utilities

Utilities:

Cable Available
Sewer:

Public Sewer

Appliances

Appliances:

Electric Water Heater
Laundry Features:

Washer Hookup

The Community

Subdivision Name:

WILLIS ADD TO PALMETTO
Senior Community:

false
Waterview:

false
Water Access:

false
Waterfront:

false
Pool Private:

false
Association:

false
Ownership:

Fee Simple

Parking

Garage:

false
Carport:

false

Monthly cost estimate

Asking price

$496,000

Expense	Monthly cost
Mortgage	$2,655
Taxes	$607
Insurance	$136
Utilities	$211 See report
Total	$3,609/mo.^*
	^*This is an estimate

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Air Pollution Index

Provided by ClearlyEnergy

Sale history

Date	Event	Source	Price	% Change
7/14/25 Jul 14, 2025	Price Changed	STELLAR_MLS	$496,000	-3.1%
7/11/25 Jul 11, 2025	Price Changed	STELLAR_MLS	$512,000	-1.9%
7/10/25 Jul 10, 2025	Price Changed	STELLAR_MLS	$522,000	-1.9%

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This house located in Palmetto, FL 34221 is currently for sale for $496,000. 516 7th Avenue W Unit 1 is a 3,072 square foot house with 4 beds and 4 baths that has been on Estately for 19 days. This house is in the attendance area of Palmetto High School, Tillman Elementary Magnet School, and Lincoln Memorial Middle School.

Listing Courtesy of: STELLAR_MLS and RICHARD PETERS REALTY LLC.

Based on information from the My Florida Regional MLS DBA Stellar MLS 2025.

All information provided is deemed reliable but is not guaranteed and should be independently verified. Stellar MLS, Estately and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The information on each listing is furnished by the owner and deemed reliable to the best of his/her knowledge, but should be verified by the purchaser. Stellar MLS and Estately assume no responsibility for typographical errors, misprints or misinformation. This property is offered without respect to any protected classes in accordance with the law. For any questions please call (407) 499-8911.