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Saturday, April 16, 2011

Bank Owned - Office Building - Key West




Just listed, but not by me, a Bank Owned Office Building located at the very entrance to Old Town Key West. The listing agent describes the property this way:
"Bank Owned Property priced to sell! First Building to be seen from US Hwy 1 driving West into Old Town Key West. Highly visible office building with parking on Truman Ave (US Hwy 1). Property was renovated in 2002. Reception, private offices, kitchen area, ADA compliant bathrooms."


1511 Truman Avenue is located at the intersection of Eisenhower Drive and Truman Avenue. Bayview Park (Key West's main city park) is located across the street. While the building has four parking spaces, there is abundant on street parking across the street which could me most helpful for a busy office or retail location. Patients, clients or customers could use park facilities while waiting to see doctor, business professional, or whoever. If the interior partition walls were removed, this would be an excellent building and location for a gym. The view from the inside looking toward the park should make working there a joy.

Abundant on street parking across the street

The listing agent says the building has 3354 sq ft of interior space that sits on a 101' x 42' lot (3963 sq ft lot-numbers taken directly from Property Appraiser's website).

The reception area is exceptional. Any business professional would love to have a reception area like this. No renovation money needed here. There are several existing offices and meeting rooms that could work well for many business types without requiring much remodeling. There is one very large uni-sex bathroom; somebody should have thought better about that! CLICK HERE to view lots of photos I took of the building just a couple of weeks ago when it was tenant occupied.

Reception area looks out toward Bayview Park across the street

Even though this building was remodeled only a few years ago, it has two problems that a buyer should consider. First, there are several noticeable stains in ceiling tiles which indicates the roof has problems. I noticed one huge problem in a conference room. (See photo below.) Second, there is a bit a spauling on the outside. That is a common occurrence in poured concrete buildings in Key West. A building inspector can advise a potential buyer as whether this warrants concern. A new owner might want to tone down the exterior paint colors, but otherwise, this is a very attractive office building. There is lots of space and abundant daylight.

Conference room leak
Minor spauling

1511 Truman Avenue
is a Bank Owned property that is priced to sell at $574,500 or $171 per sq ft. This is a property definitely worth looking at quickly. Please call me, Gary Thomas, 305-766-2642 to arrange your showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.





1 comment:

Anonymous said...

This building has been a lot of businesses recently a real estate office. Sad. Good location with lots of traffic and parking but it just doesn't seem to make a go of it and I often wonder why.

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Gary Thomas in a Nutshell

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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.