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Showing posts with label 400 simonton street. Show all posts
Showing posts with label 400 simonton street. Show all posts

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.

Monday, August 29, 2011

400 Simonton Street - Key West Investment Property


400 Simonton Street as it appeared in 1965
400 Simonton Street as it appears in August 2011
Just listed, but not be me, 400 Simonton Street in Old Town Key West. 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:
"High curb appeal, landmark architecture located on the prominent and convenient corner of Simonton and Eaton Streets in downtown Key West, FL (only 1 block from Duval St.) 1920's design, 3 stories with commanding porches, Dade County Pine, 12 ft ceilings, grand interior staircase, fire monitoring system, balconies, lovely bricked courtyard, iron entry gate, fountain & tropical landscaping. 6 residential, non-transient units, 6 electric meters with onsite manager. Zoned Mixed Use. Formerly Meyer's Place of Key West and also a restaurant. See MLS supplement for unit configurations, rental amounts, and other pertinent information. This historic Old Town Key West investment property has much to offer and has been well maintained."

I considered buying this property and The Artist House (located next door at 534 Eaton Street) when the owner at that time was tinkering with the idea of selling both. That owner 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 and 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 bricked courtyard

I did a Google search which resulted in an ad in The New Yorker in 1982. A real estate company had its office at that location back then.

Commanding presence at a key location

The building itself looks to be in very good shape. Compare the way the building looked in 1965 to its appearance in 2011. 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


400 Simonton Street is offered at $1,699,000 or $417 per sq ft. CLICK HERE to view the Key West mls datasheet and to view listing photos. This property is zoned HNC-1 which is short for Historic Neighborhood Commercial-1. Uses for this zoning include include residential (including single family, duplex, and multi-family) and limited commercial including professional offices, banking and financial services, personal service shops, specialty shops, limited retail, transient accommodations and guest cottages. Rather than rely on what I write, do your own investigation to determine suitability for the use you intend. CLICK HERE to read the City of Key West zoning ordinances and consult with your own attorney. Just because some use may be permissible does not mean you will necessarily be able to do what you want.

If you would like to see 400 Simonton Street or any other property in Key West, please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.







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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
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