The asking price just got a lot better on 421-423 Simonton Street in the very heart of Old Town Key West. This property is the ugliest of ducks in Old Town. But the location is just about as good as it gets. The property is ripe for renovation and the new asking price makes that prospect of renovation more realistic.
421 Simonton was originally listed in April 2006 at $2,299,999. It didn't sell, and the price has been sporadically reduced on March 4th. The new price is $1,350,000. This is what you get for the money: 3766 sq ft building on a 3520 sq ft lot. There are 5 ROGO UNITS WITH TRANSIENT LICENSING plus 2 retail stores on the ground floor located one block from Duval. Possible Guesthouse or Condo conversion. Renovation project with lots of potential. Room for a pool. CLICK HERE for details offered by the listing realtor.
The current facade is hideous and probably dates to the 1950s. But behind the facade is what appears to be a big old Key West conch house. I say "appears" because I have only been inside the front building which housed an antique store. But the property behind the facade is what restorers want. This property will take some digging and investigating. But my suspicion is that you will find interesting photos of the building at the Monroe County Library. You can then develop a plan to renovate the building and make maximum use of the land and space. Perhaps you can use the 5 transient licenses to create a small boutique guest house with a pool. If you are a repressed innkeeper at heart this may be your opportunity to create your own very special guest house. And that location would be a killer!
I think a serious renovation project would also get the cooperation of the Historic Architectural Review Commission (HARC). The building next door to the south is an antique store and just underwent a restoration of its facade. Its picture at night is featured above.
Want to buy commercial space in Key West? CLICK HERE to do your own personal search of the Key West mls website. If you see something you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let me know the mls property number and let me know how I can help you. Even if what you want is not listed does not mean it may not be available. Let me know what you are looking for and maybe I can find it. Commercial sales have not been going very well and there may be a willingness on the part of some sellers to negotiate now more readily than they would have done in the past. You never know until you try.
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