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Listed by Lorena Marquez PREFERRED SHORE LLC

$ 875,000

Est. payment -/mo

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707 40TH ST W Palmetto, FL 34221

7 Beds

5 Baths

3,435 SqFt

UPDATED:

Key Details

Property Type Single Family Home

Sub Type Single Family Residence

Listing Status Active

Purchase Type For Sale

Square Footage 3,435 sqft

Price per Sqft $254

Subdivision Gull Cay

MLS Listing ID A4671780

Bedrooms 7

Full Baths 5

Construction Status Completed

HOA Y/N No

Year Built 1979

Annual Tax Amount $7,789

Lot Size 0.700 Acres

Acres 0.7

Property Sub-Type Single Family Residence

Source Stellar MLS

Property Description

Discover a truly one-of-a-kind coastal retreat in the desirable Gull Cay subdivision of Palmetto, FL! This exceptional multi-level property offers endless possibilities for multigenerational living, short- or long-term rentals, or a conforming 4-plex investment. As you arrive, a secure gate and circular drive welcome you, surrounded by lush natural beauty and offering ample open parking. There's generous space to park your boat, multiple cars, and even an RV—with a full hook-up including 50-amp electrical service—making it perfect for coastal living enthusiasts. A double staircase with durable Trex composite decking leads to the elevated first level of the home, setting the tone for the character found throughout.

The lower-level features two separate units—one a 1-bedroom, 1-bath studio and the other a 1-bedroom, 1-bath with a full kitchen—ideal for guests, extended family, or income-producing opportunities. The main floor offers 3 spacious bedrooms, 2 bathrooms, a kitchen with refrigerator and stove, washer and dryer, abundant storage closets, and a versatile bonus room. Upstairs, the second level features a beautifully updated kitchen with refrigerator, stove, microwave, dishwasher, and new quartz countertops, along with a dining room, living room, 2 bedrooms, and a full bath.

Outdoor living shines here—relax on the screened-in patio deck or take in breathtaking panoramic views of the bayou, Terra Ceia Bay, and peaceful mangroves from the rooftop deck, where you can enjoy unforgettable Florida sunsets. With 7 bedrooms, 5 bathrooms, and 3,435 sq. ft. of living space, this remodeled property blends flexibility, comfort, and opportunity. Additional features include a new HVAC system (2024), corrugated metal roof (2005), and Bahama hurricane shutters. Ideally located near pristine Gulf beaches, marinas, waterfront dining, and with easy access to I-275 and I-75, this is a must-see property for those seeking a remarkable investment or a serene coastal lifestyle in beautiful Palmetto.

Location

State FL

County Manatee

Community Gull Cay

Area 34221 - Palmetto/Rubonia

Zoning RDD4.5

Direction W

Rooms

Other Rooms Storage Rooms

Interior

Interior Features Built-in Features, Ceiling Fans(s), Open Floorplan, Primary Bedroom Main Floor, Walk-In Closet(s)

Heating Central, Electric, Heat Pump, Ductless

Cooling Central Air, Wall/Window Unit(s)

Flooring Bamboo, Ceramic Tile, Laminate

Furnishings Negotiable

Fireplace false

Appliance Dishwasher, Disposal, Dryer, Electric Water Heater, Microwave, Range, Refrigerator, Washer

Laundry Inside

Exterior

Exterior Feature Lighting, Other, Rain Gutters

Community Features None

Utilities Available Cable Available, Public, Sewer Connected, Water Connected

View Y/N Yes

View Water

Roof Type Metal

Porch Covered, Enclosed, Front Porch, Patio, Rear Porch, Screened

Garage false

Private Pool No

Building

Lot Description Conservation Area, Flood Insurance Required, In County, Oversized Lot

Entry Level Two

Foundation Block, Slab

Lot Size Range 1/2 to less than 1

Sewer Public Sewer

Water Public

Architectural Style Coastal, Elevated, Key West

Structure Type HardiPlank Type,Stucco,Frame

New Construction false

Construction Status Completed

Schools

Elementary Schools Palm View Elementary

Middle Schools Lincoln Middle

High Schools Palmetto High

Others

Senior Community No

Ownership Fee Simple

Acceptable Financing Cash, Conventional, FHA, VA Loan

Listing Terms Cash, Conventional, FHA, VA Loan

Special Listing Condition None