Some fool killed the Golden Goose. And most of the famed Money Trees in Key West got wiped out. But three investment properties in Key West just got a lot more affordable yesterday. I wanted to share those potential buying opportunities with you before someone else beats me to the punch.
I don't have any insider information on these properties other than the units are part of an estate that is liquidating some of the remaining assets. These properties are not short sales. Each property is located in the Old Town area and currently provide "workforce" housing.
919-921 Southard Street has three legal units and sits on a very large (5075 sq ft) lot on a great Old Town block. The listing Realtor suggest the property "could easily be converted back to single family for the creation of a wonderful estate. In heart of Old Town and midst of multi-million dollar properties! House sits on one side of Double lot which provides room for expansion. In Bank Trust. Sold AS IS; Current incomes are month to month as follows: 1. 2/1 Rear down $1100 2. 1/1 down $900, 3. 1/1 up $850. Owner pays water sewer, and garbage." The location is killer! I'd keep the facade and tear down everything behind it. I showed this property a year ago. This place could be a spectacular renovations and expansion. CLICK HERE for more info. This property is now offered at $650,000.
Locals and some returning visitors may know where 1130 Elgin Lane is located, but for everyone else it sits on a small one way lane Just west of White Street between Eaton Street to the north, Fleming Street to the south. If you know where Blossom's Market is on White Street, 1130 Elgin Lane is not far away. CLICK HERE for a pic of Elgin Lane. The listing Realtor says this: "Located on Cute little lane within walking distance of old town and Amenities! 4 units and an extra 832 sq ft. building for storage. Tenants pay all utilities except electric for storage. Month to month rentals: A. 1/1 $850, B. 1/1 $850, C. 2/1 $1200, D. 2/1 $1200 E. Storage. Upstairs 2 bedroom units are two story with bedrooms on 2nd level of units. Charming appointment. Sale subject to Bank Approval and sold AS IS. This is not a short sale or forclosure. Priced right!" 1130 Elgin Lane is now offered at $450,000 or $146 per sq ft. CLICK HERE for more details and photos.
915 Pohlaski Lane is across the lane from the Coffee Mill Dance & Yoga Studio just off Truman near White Street and directly behind the Chevron Gas Station. 915 Pohlaski Lane is the least expensive of the three properties. It is offered at just $399,000 or only $121 per sq ft. The listing Realtor described Pohlaski this way: "Established 3 Unit 2 story building with extra fenced side yard on small Lane just off Truman. All Tenants month to month. Great Location for local old town residents. Just a bike ride to Duval. Sale subject to Bank approval. Rents are month to month as follows: Unit 1: 1/1 down $765 tenant pays all util, Unit 2: 2/1 down $1200 owner pays sew/garb, Unit 3: 2/1 up $1300 owner pays sew/garb. Unit 2 is a nice size 2 bedroom, fairly modernized, Unit 3 exra large with the 2 bedrooms being a combination of 2 rooms each and 2 loft areas to either side of living area, one currenty used as a bedroom. Units 2 & 3 both have washer/dryers. All come with refrigerator and stove as is. Some tlc needed. Good income producer possibilities!" CLICK HERE for more details and photos.
If you are looking to purchase an existing income producing property in the Old Town area of Key West, please contact me, Gary Thomas, 305-766-2642 or by e-mail at kw1101v@aol.com, to schedule a showing on any of these properties. Since the units are tenant occupied, we must scheduled showings 24 hours in advance. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West Florida.
4 comments:
The Captain says:
Gary, have you been in any of these properties? They are in such poor condition that no bank would ever lend against them. Perhaps the worst one, 915 Pohalski (the one directly behind the gas station) has a tree growing in the middle of it, with the roots causing the structure to tilt. The Southard property is so illegally divided there is even a bathroom in the attic. You really have to see these properties to believe them. It is an example of how lax KW code enforcement is. As Rock Trueblood would say caveat emptor.
Captain out.......
Interesting, Captain. Elgin looked like a good buy to me.
The Captain says:
The Elgin Lane property is actually not too bad. However, the storage structure to the rear (it appears to have been some type of very large cooler with a large sliding door) has been, from time to time, occupied by squatters. Also, there are encroachment issues with this property.
Cap out.........
To all: I have been in Elgin and Southard. Southard would be a good renovation project. It needs too much work otherwise.
Elgin and Pohlaski are cheap by Key West pricing and the rents reflect the condition.
Pohlaski is the most challenged of the three. It needs work and that location isn't the best. It could be worse. It could be located adjacent to the stinky fish wagon located on the White Street side of the Chevron station.
Inspections are always necessary on buying properties like these. I believe the seller has priced the faults with these properties into the new asking prices. That does not mean a buyer won't try to negotiate a better deal.
And I agree financing would be difficult. Maybe impossible.
I called these properties buying opportunities. I don't think I said I agree with the asking prices. But it is not my job to agree or disagree.
I just want potential buyers to see that one seller looks like it is getting ready to unload these long held assets.
Gary
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