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Thursday, January 30, 2014

1012 Fleming Street, Key West - Investment Property

The charming five unit apartment building located at 1012 Fleming Street in Key West was just listed by Preferred Properties Key West. That is where I work, but this is not my listing. The listing agent describes this particularly well located property this way:
"Conch House Multi Unit in a great location on Fleming across from the Eden House Hotel. 4 Rental Units and an owners unit all with their own utility meters. Great opportunity for a buyer who likes the income aspect while enjoying his owners unit."
 I checked the Sanborn Fire Maps for Key West to determine when this building was built. I was surprised to see that it was constructed after the 1889 map and before the 1912 when it appeared on the same lot as 1010 Fleming street. The two properties share a common property line that carves 1012 Fleming apart from the yellow house viewed above. I then dug down inside the old shoebox and found a photo of 1012 Fleming Street taken back in 1965.
Today the building consists of five units that rent at modest rates as compared to other long term rentals I have seen in Key West. The current owner resides in one unit and rents the other four. The building is 2995 sq ft of living space divided among three floors. There is a small garden area at the rear that may have room for a dip pool or hot tub.
The movie CRISSCROSS was filmed in Key West in 1992. The Eden House, located across the street from 1012 Fleming Street, was the home to Goldie Hawn's character and her son. Many locations at the nearby Key West Seaport also played integral parts in the movie.
When Goldie exited the Eden House movie set her view would have been similar the photo below.  Other than painting and perhaps new shutters, the houses in this block look pretty much the same today as the did in 1992 and decades before that.
CLICK HERE to view the Key West mls datasheet on this five unit investment property that is offered at $950,000.  Better than looking at photos, please call me, Gary Thomas, 305-766-2642 to schedule a private showing.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. We will need 24 hours advance notice to see the units.

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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.