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Thursday, November 12, 2015

400 Simonton Street, Key West, Florida - Investment Property

Just Listed, but not by me, 400 Simonton Street in Key West, Florida. According to the Monroe County Appraiser this landmark building was built circa 1889. See the black and white photo which shows how this property looked back in 1965. That's nearly half a century ago. My God, I graduated from high school that year. Compare it to the color photo below. The property has had various uses over the years. And now it is offered for sale. The listing broker describes this property like this:
"Historic Downtown Home from the late 1800's just a few steps from the Seaport. There are 6 charming apartments each with old town architectural appeal. A mixture of studio, one bedroom and two bedroom units. Small garden area with a tropical feel and many porches for tenants to enjoy."
 The building itself looks to be in very good shape. Compare the way the building looked in 1965 to its appearance in today. It is virtually the same. Even the exterior stairs between the floors is visible. According to the mls listing this building has 4078 sq ft of living space located on a 4200 sq ft lot (42'x100') at the corner of Eaton Street and Simonton Street. Zoning is HNC1.  

I considered buying this property and the adjacent Artist House guest house (located next door at 534 Eaton Street) when that owner at that time was tinkering with the idea of selling both buildings. He had been renting rooms at 400 Simonton Street as part of the guest house. I don't know if he ever got caught because that is not permitted. That owner sold both properties to different people. The Artist House has sold at least twice since then. Today the property at 400 Simonton Street is licensed to rent six non-transient long term rentals.

I took a couple of not-so-good photos of the bricked courtyard and was reminded that the area was previously used as a small cafe. I think that space is quite lovely but very under utilized today. 
The thing that excites me about this property has nothing to do about the current uses but rather what it might become. Years ago the first floor was a real estate company and the bricked garden was a small cafe of sorts.  Earlier this week the owners of the Marquesa Hotel announced a $10 million dollar expansion onto the adjacent properties at 410 and 414 Simonton Street. CLICK HERE to read more. Use your imagination to see what you might do with this property at this great Old Town location. 408 Simonton Street is pictured below. That's but a taste of what is to become.

The Reception area at the Marquesa Annex
400 Simonton Street is offered for sale at $1,600,000 CLICK HERE to view the Key West mls datasheet on this property. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Tenants may require 24 to 48 hour advance notice to view the apartments. This is a buying opportunity for a buyer who wants either a performing investment property or someone who wants to do something creative with a great old building in a very solid location.

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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.