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Wednesday, October 9, 2013

627-629 Eaton Street - Old Town Key West Landmark For Sale

My friends at Prudential Knight and Gardner Realty in Key West recently listed one of the last untouched Old Town landmarks in Key West. Dear Readers, this property located at 627-629 Eaton Street might just be your dream property. Think I'm a little wacko?  Read on.

I searched the old Sanborn Fire Maps for Key West and found this building on the 1889 map which means it was built some time prior to that date. The Monroe County Property Appraiser's official records show the construction date as being 1929. (I think the Sanborn Map is more correct, but the official record is the official record.)  In any case, the building is ancient and has the crow's feet and wrinkles to prove it.  I dug deep into the old shoe box and found a photo taken back in 1965 shown immediately below. The back of the photo shows the downstairs as being a launderette and dentist's office. The upstairs presumably were apartments. I took a similar photo to compare the old versus current facades. I think the old girl looked a bit better back in the day, but this is one solid building which ought to respond to a keen renovation. 
 The listing Realtor describes 627-629 Eaton Street this way:
"This historic concrete block building consists of two commercial spaces downstairs and two residential units upstairs. One commercial space is empty, the other tenant is a laundromat. Each residential unit has it's own staircase and entrance. One unit is a one bedroom, one bath, the other unit is a two bedroom, one bath."
The listing Realtor shows the building as having 3627 sq ft of interior space divided between the two floors. The building sets on a rectangular lot of 2201 sq ft (55.5' X 39.67') at the corner of Eaton and Elizabeth Streets. The building itself measures 50' X 38' plus the covered ground floor walkway and second floor porch that run 50' X 38' to the east rear. The building is built literally to the rear and side lot lines. There is no room for a pool, hot tub, or parking.
The downstairs east commercial space has been a self-service laundry ever since I moved to Key West in 1993. The writing on the 1965 photo suggests that it has been a laundry for a much longer time period. The adjacent space is not currently rented which opens lots of possibilities for a new owner. There are two second floor one bedroom apartments. The photos below show how they currently look. 

If I bought this property as an end user I would takeover the second floor apartments when the leases expire and undertake a renovation to combine the two units into one single living space of about 1740 sq ft plus the 9' X 50' second floor covered front porch. The interior spaces would be all new except for the historic Dade County Pine a new owner would presumably retain. The old jalousie windows wood probably be replaced with period correct wood windows.  I guess I liken what could be done here with what is done in old loft buildings across America. Except this space is located two blocks from Duval Street and two blocks from the Historic Key West Seaport.
The asking price on this property is $775,000 or just $213 per sq ft. If you have been looking for a residential property in Old Town you will understand the price per sq ft is very low compared to other properties. Moreover, if you are an artist, merchant, or professional the vacant commercial space on the ground floor might work for your business. If not, you could continue to rent the ground floor commercial space for years to come. The income would help defray part of your cost of ownership. And that is what a lot of second home owners want:  income to help pay some portion of the cost of ownership. CLICK HERE to view the Key West mls datasheet on this property.

Please contact me, Gary Thomas, 305-766-2642 to see this really intriguing Key West property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

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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.