530 Catherine Street, Key West - Transient Licensed Money Machine

 

Just listed, but not by me, 530 Catherine Street, Key West. The listing Realtor describes the property this way:

"Say hello to this TRANSIENT vacation rental just steps off Duval Street! Fully renovated from top to bottom, this low maintenance home has 2 of the 3 bedrooms on the first floor. All have ensuite baths. Beautifully furnished, this fabulous investment property is fully rented through May 2022! The home features an open floor plan with seating for 6 at the spacious kitchen island and a living area that opens to a comfortable covered lanai. Enjoy a beautiful heated pool with the convenience of an outside pool bath. The outdoor area affords plenty of space for sunning and dining. Round out this money-maker ($200K +) with a designated parking space, and you've got a winner!"

You enter the house from the new side addition instead of the front porch which is now a private sitting area for the front bedroom with en-suite bath. There is another first floor bedroom and bath located at the right rear. That bedroom opens out to the pool. The stairway leads to the third bedroom with private bath on the second floor. That bedroom is more spacious than the photo suggests.

The informal inside living area transitions to the very informal outside living area. There is a poolside bath. It is, however, the open sky and swaying palms that will captivate your paying guests.

This property has everything a buyer seeking a true money making property could wish for: a transient rental license; a new renovated house in great condition; a comfortable interior with three private bedrooms and baths; a stunning pool area with no peering views; an off street parking space; and a location near all of the hoopla of Old Town without being on top of it.

Duval Street is less than one block to the west. La Te Da is located on the corner in case you have an urge for a cocktail. South Beach is located three blocks to the south. They have cocktails there, too. Actually, there are cocktails from the Gulf of Mexico to the Atlantic Ocean and each block in between. And a lot more.

CLICK HERE to view the Key West MLS datasheet and more listing photos of 530 Catherine Street, Key West which is offered for sale at $2,600,000. Then please call or text Gary Thomas, 305-766-2642, to arrange a private showing. This property is constantly rented and showing dates and times are limited. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

UPDATE JULY 25, 2021. This property sold for $2,525,0000 cash or $1,848 per sq ft. Sold in 11 days.

530 Catherine Street - Old Town Key West - Success Story

 I am forever telling potential buyers that are looking for a "fixer-upper" to forget what the inside looks like and not to fixate on the negative issues of the exterior. I tell them that they are buying boxes that will get torn apart and rebuilt. If they come up with a good design by themselves or if they hire a good architect or designer and if they select the right contractor, they can create the house of their dreams. The freshly completed renovation and expansion of 530 Catherine Street is a perfect example of a quality renovation.

Some people might throw their arms up in the air and feel overwhelmed at the prospect of tackling a project like the one above. But the buyers of 530 Catherine Street (Todd Kemp & Brian Boyer) did not bat and eyelash. They made an offer when they first saw the house and closed soon thereafter. They hired local contractors and undertook the renovation and expansion in stride. The worked with HARC to overcome some design concerns. The result is stunning. Had I not been fully aware of how sad the former house looked, I would not have appreciated how fantastic the new house looks.

The photos below show the house as it looks today. The front porch is now a place to sit and watch the world go by. The main entry was relocated adjacent to the off street parking space.  The front bedroom now has wood walls where the old room had louvered windows with a window unit A/C. The new great room and kitchen now occupy space where the old kitchen and living space were located. The rear king sized bedroom with en-suite bath, vaulted ceiling, and glass sliders open out to the rear garden, deck, and pool. The former space was a hovel. The newly created upstairs space is a third bedroom with en-suite bath. That room has a tree house kind of feel. I just loved that space. 

The buyers that purchased 530 Catherine Street completed the renovations and expansion for about $400,000.  What they got in return is practically a "new" house in an excellent location.  And this house came with a transient rental license. CLICK HERE to view the Blue Corral vacation rental by owner for this great new Key West Property.

If you are looking to purchase a similar property, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor and a buyers agent at Preferred Properties Key West. Let me help you find your place in Paradise.