"Unparalleled 5 bedroom, 4 bathroom, 2,788 square foot, two story home on a 4,500 square foot lot with a gorgeous lagoon style pool and parking. It has three legal units but could easily be converted into a spacious single family home in the perfect Old Town location. The poolside apartment could become a large one or two bedroom guest cottage and the other apartment could become a downstairs master suite. It is beautiful as-is, yet lends itself to capturing your dreams of creating your personal paradise in the heart of Old Town Key West. Your outdoor options include some of the best porches in town and lush landscaping surrounding a beautiful heated lagoon pool. Off-street parking adds to the convenience, but from this location, you can walk almost anywhere. Once inside, your indoor living is framed by Dade County Pine, a fully renovated kitchen featuring exquisite granite counter-tops and hand-crafted Hansel and Bringle cabinets and an extraordinary number of rooms upstairs and down."
1. This is a big and well built property. It has been well maintained. The photo below shows us that much of the original character has not been mess around with. The metal louvers are still being used. A new owner might want to install new windows, but a purist might prefer to keep the old character in tact.
2. The house sits right at the city property line. In fact the Sanborn Map suggests that the easternmost porch may extend out onto the public right of way. This fact and the knowledge the lot is 100 feet deep tells the back yard is very large. We can see the pool in the photo, but it is the size of the yard and the potential it offers to a new owner that is the dominant fact.
3. It has been my experience that a single family residence in a location like this would be more valuable over time than a multi-family. But a multi-family offers a new owner income and different ways to use the property until such time as an owner wants to convert it into a single family residence. The existing apartments are very nice and should command high rents because of their condition and this great location. The photos show the property when fully occupied. The front main floor unit is the only space occupied so a new owner could move in and occupy any of the other spaces and rent the other.
4. The attic has been updated and offers additional living space that may not be included in the total square footage of the building. This is an amazing space that offers a lot of possibilities.
5. I usually tell buyers to live in a home for six months or longer before deciding how to change it. Many of our old homes are too small and buyers try to figure out how to create more living or storage space. This place is the opposite. It's pretty big, maybe too big for most buyers. But that size gives a buyer with money and vision opportunities that less wealthy and maybe less visionary folk cannot achieve.
CLICK HERE to view the Key West MLS datasheet and all listing photos. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing of this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.