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Monday, October 27, 2014

812 Simonton Street - Old Town - Key West - Transient Licensed Investment

Just Listed 812 Simonton Street in Old Town Key West. This new listing is offered as either a single, stand alone one bedroom cottage in the rear with a valuable transient rental license or as two building investment property with a total of four units, two of which have transient rental licenses.
I found a couple of old photos taken fifty years ago that show the front house and rear cottage that make up this property. Even back then it appears the original wood front porch was removed and a cinder block addition added to provide a bit more living space. If you look at the top photo you will see a typical cigar maker cottage type building with a sawtooth attachment. In the far rear you will see the outline of the rear cottage which appears clearly as a distinct unit the lower photo. The backside of St. Peter's Episcopal Church is seen to the far rear. Today the buildings appear to me to be pretty much the same. The exteriors are in much better shape and the interiors have been renovated for daily rental purposes.
The house next door to the south at 814 Simonton Street is pretty much identical to 812 Simonton Street with a couple of exceptions that might work for the available properties. The front porch offers a perfect place to sit and watch the world go by. 812 Simonton would have to be restored, but it could be done. The front house has a similar sawtooth addition located midway. The cottage in the rear has been expanded to two stories. The space between the front house and rear cottage is shorter than next door at 812 Simonton and that allowed for the addition of a pool. Finally, the neighboring property has parking whereas 812 Simonton does not have parking.
812 Simonton Street (rear) is offered at $525,000. It is a legal stand alone cottage with a transient rental license. The house is located at the rear of the lot and is accessed via a deeded walkway that flanks the north side of the property. The front house has an easement that provides access for the front one bedroom unit and the separate efficiency unit. The third unit in the main house has access off the front entry. The rear unit is gated and totally private.
The rear cottage is a fully contained one bedroom house with living room, dining area, kitchen with adjacent (outdoor) covered laundry, bedroom, and rear deck. The living space has all been updated and ready for rentals. The deck area is very attractive and very private. There is room for a hot tub or maybe even a plunge pool. The building at the rear is the backside of St. Peter's Episcopal Church. 
 I was not able to take get inside the front unit. The photos shown of the interiors are from the mls listing. The above photos show the living room which is accessed off the side easement. Note the vaulted ceiling where the sawtooth addition attaches to the original front cottage. The kitchen is located to the rear. (I believe this same space was taken away from the house next door which permitted the construction of a pool there.) The front room is the bedroom in this unit. This unit is rented as a transient rental unit.
An efficiency unit is located at the rear of the front house. It is also accessed off the side walking easement. It has a small kitchen, bath, and living/sleeping space. This unit could be legally rented as a monthly vacation rental or as a long term rental. Alternatively, a new owner might buy a transient rental license that could be transferred to this location. A transient rental license just sold for $90,000. That may help prospective buyers value either of the current listings as well.  Alternatively, a new owner might want to restore the front porch, redo the front house, perhaps expand the back cottage to add a second floor and add a pool in the middle. A good architect or designer might help a new owner come up with a nifty plan for using the two current transient licenses to create a healthy revenue stream.  I have more ideas which I will share with interested buyers.
Neither a pool nor parking is necessary to have a successful rental.  Both are helpful but not mandatory. This property has a very good location that is within easy walking distance to most Old Town attractions. The shops, restaurants, and nightlife on Duval is just one block away. You can't get much closer than that.

CLICK HERE to view the Key West mls datasheet on 812 Simonton Street as total investment package with two transient units priced at $1,300,000. CLICK HERE to view the rear cottage as a stand alone property offered at $525,000. The two properties must close in a simultaneous closing but may be sold to separate buyers. Please call me, Gary Thomas, 305-766-2642 to schedule a showing of these properties. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

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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.