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Wednesday, August 18, 2010

1200 Varela Street - Compound Investment - Key West




Talk about "compound investment", checkout the legal duplex at Varela Street Compound (located at 1200 Varela Street) in the SoTru area of Key West. SoTru is South of Truman.

The listing agent describes this property thus:
"Charming Key West Compound consisting of 7 homes and a shared pool. Completely fenced and very private. Lower unit has large covered deck and upper unit has large covered balcony.Both units are 902 Sq Ft under air w/dishwashers and stack W/D. Upper unit has vaulted ceilings & stained glass transoms. Entrance to compound and duplex off Catherine St. through secured gate."
Entrance to the Compound shown above

Notice the palladium windows in the lower level unit

The photos above show this two story unit that sits at the corners of Catherine at Varela Streets. CLICK MAP The duplex is equally divided into two floors of 902 sq ft each. Each unit has two bedrooms and two baths. The asking price on this short sale property is $550,000 or $305 per sq ft. CLICK HERE to see the mls listing info and to view photos of this unit. Checkout that pool!

This duplex might be the perfect property for a buyer that wants his cake and eat it too. One could rent one unit long term and use the income to help make mortgage payments and save the other unit for extended owner visits. Or a new owner could rent both units.

This compound has historically had a low turnover of units. Most of the other units are owner occupied. The neighborhood has a mix of expensive to moderate priced homes and condos. There are many rentals in the area as well.

Corner of Catherine and Varela Streets in the SoTru area of Key West

The shops and galleries on White Street are just one block to the east. The Atlantic Ocean and beaches are about six blocks to the south and Duval Street is and equal distance to the west.

If you are looking for a place to stash your cash, please call me, Gary Thomas, 305-766-2642. Let's take a look at 1200 Varela Street to see if it will meet your investment needs. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.