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Friday, July 10, 2015

1017 Windsor Lane, Key West - Bank Owned Investment Property

Just Listed 1017 Windsor Lane in Key West. This Bank Owned investment property ought to sell quickly. It is located in Old Town and across the street from St. Mary's Basilica. The listing Realtor describes the property as:
"Located in Old Town this 4 unit income producing property is legally permitted. One 2 bedroom/1 bath house, Two-1 bedroom/1 bath Apartments and One 2 bedroom/1 bath Apartment upstairs. Great Investment Opportunity."
This property consists of two separate buildings. The front house was built in 1963 and is a one story ranch style house with a nice open living area and kitchen combination.  There are two bedrooms and one bath in this 1081 sq ft home. There is a front deck located amid the trees and flora in the front yard plus a rear deck (33' X 12'). The interior floors are terrazzo. This house has central air conditioning. The house appears to be CBS construction with stucco overlay. The roof looks to be asphalt shingle. The house needs cleaned and painted but looked to me to be in pretty good condition.  The kitchen and bath are dated, but they ought to work fine for this investment property. Of course any buyer will need to have a thorough home inspection to advise as to the structure.
The Monroe County Property Appraiser shows the rear building as being a 1768 sq ft two story building with CBS foundation which was built new in 1985. It looks to me that the building is stucco over wood frame construction. There are two first floor units each of which has a living area, kitchen, bath, one bedroom, and a rear wood deck with laundry hook-up.
The second floor apartment takes up the entire second floor. It has an open living area with kitchen plus two good sized bedrooms (one with large walk in closet), bathroom, and laundry.  This unit does not have a deck per se. The second floor balcony does provide outdoor space and it is private. The views are of the church yard across the street and neighboring rear yards. The lot measures 48.5' X 114' or 5529 sq ft.  CLICK HERE to view more photos I took of this property.
While I do not rent apartments in Key West, I have a pretty good sense of what typical apartments rent for on a long term monthly basis. These units would never function as "vacation rentals", but they would be very successful long term residential apartments that should rent instantly because of the convenient location, set-up, size, individual washer/dryer, and some private outdoor space. I think the front house ought to rent between $3,000 to $3,300.  The two one bedroom units ought to rent somewhere between $1,300 to $1,500. The upstairs two bedroom unit ought to rent for $2,500 or more. The landlord would pay water, sewer and trash. Each unit has a separate electric meter and the tenant would pay that charge. If you check Craigslist. org you'll find that my estimate of rental price is the average price being sought. There are few rentals in Key West in any price range. These would get rented quickly.
I looked through my old shoebox and found a couple of aerial photos taken of the area in the 1960s. The predominate feature in both photos is St. Mary's which is located across the street. You'll notice a huge linear building that extends across much of the church grounds. That building burned and no longer exists. What a pity. That was a very interesting building. I added white arrows to the photos below to indicate the location of 1017 Windsor Lane. If you study the black and white photos you may be able to find the old Scotty's Lumber yard where First State Bank is now located, the town homes on Catherine Street, the former trailer park on Truman which is now Windward Park, Suburban Propane's tank farm among others.

CLICK HERE to view the Key West mls datasheet on 1017 Windsor Lane which is offered for sale at $798,000. Please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this attractive Key West investment property.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

1 comment:

FloridaAG said...

I live nearby, glad they finally cleaned up some of the leaves and debris that have covered the property for years


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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.