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Saturday, February 1, 2014

1027 Eaton Street, Key West - Old Town Investment Property

 "Snowbird Investment! Serenity on Thompson Lane with rentability on Eaton Street. Truly the best of both worlds. 6 bedrooms,4.5 bathrooms with claw leg tubs and laundry rooms. Two identical tenant units (2/1 on Eaton Street), plus Owner's Unit with lock out guest cabana on Thompson Lane. Separate driveways for tenants and owners. Heated pool and dense landscaping for privacy. Double balconies and Dade County Pine in an historic Key West Conch House. Tenants pay the mortgage."

The listing Realtor at Preferred Properties Key West is a pocket poet of sorts as he describes his new listing at 1027 Eaton Street in Old Town Key West which is offered for sale at $1,695,000.  Agents from my office toured the 2500 sq ft property a couple of days ago. The property is divided between the income units that face Eaton Street and the owners unit that faces Thompson Lane at the rear. The first and second floor units are identical, but the interiors finishes are a bit different.  The income units have a driveway that will accommodate three cars - a bonus for Old Town renters (having off street parking!).  The owners unit has off street parking on Thompson Lane. 

I checked out the historic Sanborn Fire Maps for Key West and found this property first shown on the 1899 edition. Earlier editions omitted this stretch of Eaton Street entirely.  This area is close to the historic Key West Seaport where most of the early homes, large and small, were built. I found a black and white photo of the property taken in 1965. Note the classic revival style architecture.  I originally assumed this was a single family home that was converted into a multi-family home, but upon review of the photos I took, which you can see if you CLICK HERE, it is entirely possible this structure was built as a two or three unit property.  The apartments have Dade County Pine interior walls that bisect the first floor. Those walls are hardened like cement. It is unlikely that someone moved the walls to create the current uses but rather the usages was adapted to fit the spaces. Staircases in most large houses of similar construction normally extend up the wall from the front door (in this case the left side). Entry halls in such houses normally extend about four feet beyond the staircase to create a total opening of seven feet or so.  The opening in this house is much wide which makes me think the room divisions bisecting the house may be original.

You can tell by looking at the black and white photo that this is a big sturdy house. The color photo taken a few days ago shows the driveway still remains in place. The house itself is pretty much obscured from view.  If I owned this property, I would edit out a lot of the palm trees and foliage and add a white picket fence. The house itself is in great condition. It's too bad you cannot see it.
Below are photos of the ground floor apartment which has two bedrooms, one bath, a living area and kitchen. The unit has use of the ground level front porch. The second floor unit has an identical layout.  That unit has the use of the second floor balcony.
 The "owner's unit" is located at the rear. This could be your winter retreat. You would have the income from the two units in front. The owner's unit includes a "lockout" which functions like a studio apartment with living/sleeping area, miniature kitchen, and bathroom.
As I mentioned earlier, this property has three off street parking spaces at the Eaton Street entrance and one off street space off Thompson Lane at the rear.  From the front of the property you would have no idea that the tropical retreat at the rear even exists.
CLICK HERE to view the KeyWest mls datasheet on 1027 Eaton Street and then pick up your phone and call me, Gary Thomas, 305-766-2642 or send me an email at  I am a buyers agent and a full time Realtor at Preferred Properties Key West.  This one of the few properties that you can actually own a large home and have substantial year round income at the same time.

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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.