If you are reading this blog I am pretty sure that you are thinking of buying a home or a potential investment property in Key West. More than likely you are specifically considering a property in the ever popular Old Town area of Key West. And chances are pretty good that you might be willing to take on a bit of project if you could get your hands on a great old house with a lot of potential. If this fits your profile, read on.
Preferred Properties (that's where I work but this is not my listing) just offers 419 Simonton Street in Old Town Key West at the asking price of $759,000. The listing broker describes this four unit investment property like this:
"Located in the heart of Old Town Key West, this beautiful historic building has four spacious apartments plus off street parking. The property sits on a very large lot with an amazing rear yard which has ample room for a pool and potential expansion. The downstairs rear apartment has a separate gated entry and features a large bedroom plus a den. It has glass doors that open to covered porch and a deck that overlooks the back yard. The front apartment is a 1/1 with an ideal front porch. There are two apartments upstairs, one with its own private deck. This property is great as is but could be enhanced for higher income. This is a great investor property or perfect for an owner/occupied with rental income."
When I initially toured this property envisioned some crazy Key West characters that might have lived in this old Key West house. It has been updated but much of the original funk is still in place. And that is why I found this place so utterly charming. The downstairs rear unit is perfect for an 'owner-user'. The space is large and has a new kitchen and bath. The covered rear porch oversees the large rear yard and the adjacent deck with hot tub. There is an apartment in the front with a front porch that oversees Simonton Street. There are two more units on the second floor. The front unit has a second floor front balcony to keep track of what is happening on Simonton Street. The rear unit has its own rear deck where the tenant can soak up the Key West sun. I swear whoever lives in this apartment will never leave. It has to have the best view in Key West. The property could from present owner to new owner without a lot of new work being necessary. However, the property could greatly benefit from a renovation and potential expansion. The asking price is $759,000.
The Monroe County Property Appraiser says the building is 2469 sq ft. Other nearby homes were built circa 1886. The Monroe County Property Appraiser's records show this was built in 1933, but I suspect the actual date is in the late 1880s as well. The lot is an irregular rectangle of approximately 44' (wide) x 83' (length). There is room for a large pool.
This is a big property for Old Town both in building size and lot size. The location does lend itself to several different uses including single family, upgraded four units (or less), or perhaps limited retail down with owner/user up as appears to have been the case in the 1965 (see the black and white photo above) when the property was used as Key West Florist. The first and second floor are filled with period Dade County Pine construction. The attic space is quite tall and could theoretically become additional living space of some sore. More than one potential buyer has suggested that a new owner could move one of the existing ROGO units from the main house and build a new accessory unit (less than 660 sq ft) with a bed and bath somewhere in the rear yard.
I am not sure any property in Key West earns the same type of return on an investment that a buyer might achieve up north. The units currently rent as follows: first floor front $1000; first floor rear $1200; second floor front $1200; first floor rear $1500; and second floor rear $1200. All rents are below market in my opinion.
CLICK HERE to view the Key West mls listing datasheet and to see the listing photos. Or CLICK HERE to view a slide show of photos I took of the property.
If you would like to see 419 Simonton Street, or any other property in Key West, please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.