Tuesday, January 3, 2012
1106 Pearl Street - Key West Duplex
Today's blog is about a duplex located a couple of blocks east of Old Town one block south of Bayfront Park. The original house was built in 1906. It is presently a legal duplex. I think this property could work very well for a buyer that wants a property that could be legally rented to produce some income to help defray part of the ownership costs and which could eventually be made into a lovely Key West single family home. Many buyers want a single family house like this but settle on an easy to rent vacation rental instead. This property is an alternative that might work just right.
The front unit is a very clean one bedroom and one bath apartment. There is a nice fenced in front yard that provides privacy from the street. A much larger two bedroom unit sits at the rear. Together these units have 1252 sq ft of living area. The lot is a generous 3668 SQ ft or 41' X 90'. The house sits more to the left of the lot which means there is more open space on the right (or north side) for improvement. This space could be used to add a pool or deck area or garden area.
View at rear looking toward the front
If you consider the black and white photo you will see the house has a decent pitched gable roof. The original front porch was enclosed and that space is now used as the living room in the front apartment. I could envision a new owner doing a two tier renovation of the property that would permit short term upgrades by a new owner and longer term improvements when the owner takes the property back to single family residence.
During the short term I could see adding a pool and decks to the side and rear. This would make the outdoor space much more useful and certainly much more attractive. The photo above shows the rear 'bedroom' which is currently used as an office. I would replace the single door with a French door. which would add a lot of light into the space and make the inside much more vibrant. The rear unit could be rented for a higher monthly rent until such time as the owner wanted to use the house full time.
Later I would eliminate the front apartment. I would re-open the now enclosed front porch which is now the living room. I would vault the ceiling throughout the house which would make the living areas much more interesting. Finally, I would add bricks to the driveway and replace the old chain link fence with a nice bright white picket fence.
1106 Pearl Street is offered at $435,000. CLICK HERE to view the Key West mls datasheet on this property. I have more photos which you can see if you CLICK HERE. You won't find a property this large with this many possibilities in Old Town. Yet Old Town is only four blocks to the west. That's a lot of potential for not a lot of money.
Please contact me, Gary Thomas, 305-766-2642, if you would like to see this property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.
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.
Preferred Properties Coastal Realty, Inc.
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Gary Thomas in a Nutshell
- Gary Thomas
- 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.