Search This Blog

Sunday, September 2, 2012

330 Julia Street - Short Sale - Investment Property - Key West

The Old Stone Church located at the corner of Whitehead Street and Julia Street (330 Julia Street) is offered for sale as a Short Sale at the asking price of $899,000 or $184 per sq ft. The property is no longer used as a church but instead has been converted into a unique mix of commercial space and three residential apartments.
330 Julia Street - 1965
Author J. Willis Burke writes in his book THE STREETS OF KEY WEST the  AME Zion Church at 704 Whitehead Street (same location, just a different address attributed) was established by freed slaves in 1865 and was originally called the First African Methodist Church. Burke says the current building dates from 1894 but records show it was built in 1900. Later it was called the Stephens AME Zion Church. The property was renovated after 1993 and converted at that time into the present usage.

The building today has a total of 4849 sq ft of interior space which is divided between the commercial space that now houses a gallery and offices plus the three residential apartments. Among the features of this beautiful building are Dade County Pine ceilings and original beams, stained glass windows, hardwood, tile and carpeted flooring, and central air conditioning. Two of the apartments are two bedrooms (each split with a second bedroom on the second floor) and a one bedroom apartment. The commercial space has central air conditioning and the apartments have individual units. The commercial and residential spaces also have individual electric service. This property provides and excellent opportunity for a buyer looking for commercial property located in a prime area of Key West and that offers supplemental income. CLICK HERE to view a slide show of photos I took of this amazing property.

I recently showed this property and think it would make a wonderful investment opportunity for an owner/user who would use the commercial space in a manner as presently used (gallery and/or offices). The building is located just five blocks from the Monroe County Courthouse. The present office configuration appeared to be in very good condition. The location would surely attract lots foot traffic as it is located one block south of the Hemingway House and just a couple of blocks from the Southernmost Point. Tourists from all over the world walk the trek past this location daily.

I was able to see the inside of both two bedroom units. One needs a fresh coat of paint and some TLC, the other looked great.  All three units rent at market rates so they should provide good cash flow to an investor.  The apartment licenses may have been suspended by the City of Key West due to non-payment of sewer bills. A new owner will need to apply to the City for restoration of the licenses.

This property will not stay on the active short sale market for very long, especially at the asking price.  I urge serious buyers to contact me, Gary Thomas, 305-766-2642 to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.  Let me help you find your place in Key West.    

No comments:


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.


Free Counter

Key West

Key West
You could be here!

Blog Archive

Gary Thomas in a Nutshell

My photo
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.