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Monday, August 26, 2019

527 Fleming Street, Key West - Transient Licensed Property

 
Just Listed by Preferred Properties Key West - 527 Fleming Street, Key West. This historic property is located in the Historic District just one-half block east of Duval Street. While it is referred to as a "mixed-use property" which includes retail space on the first floor, an apartment on the second floor, and a guest cottage with a valuable Transient Rental License at the rear, it has been "home" to the current owners for more than thirty years. If you are a buyer and get a chance to see the inside, you will appreciate the care and attention to detail the owners have put into this property. I say "chance to see inside" for good reason - I expect this property will be purchased within a couple of days of hitting the MLS.

I dug down into my old shoebox and found the three black and white photos above which show 527 Fleming Street in several decades ago. The top photo was taken in 1965.  It shows the house when the second floor front porch was screened. The middle photo was taken in 1940 from the La Conch Hotel looking eastward down Fleming Street.  The bottom black and white was also taken from the La Conch Hotel looking down Fleming in 1965. One of the two houses to the west of 527 Fleming Street was relocated to Key Lime Square in the 600 block of Duval Street.  The eyebrow house presumably relocated to another location. Fausto's Grocery appears for the first time in the lower photo.
The street presence cannot be understated. It is magnificent. This Revival style home is the archetype would-be buyers aspire to own. The first floor has been a needlepoint shop for several years. The interior includes Dade County Pine walls, high ceilings, and two-over-two windows. The original interior staircase was removed years ago. The owners occupy rooms at the first floor rear including a bedroom with French doors that open out to the pool. An exterior staircase was added on the right side of the house which provides access to the apartment on the second floor. There is an interior staircase in the apartment that leads to the third floor bedrooms and bath.The previously screened second floor porch is now open. The first and second floor front porches provide lots of people watching opportunities.
The property across the street at 532 Fleming Street was originally the Louise Maloney Hospital. Folk Artist Ronny Bailey created the artwork featured above depicting the building in earlier times.  CLICK HERE to read my blog about that property.
I was simply awed the first time I entered the second floor apartment.  It's sort of a throw back to the the interior renovations made during the 1980s and early 1990s - a time before quartz counter-tops, vessel sinks, and designer this and that. The original Dade County Pine walls have been white washed or painted and framed by custom trim work, crown molding, and high base boards painted crisp white.

I checked the Historic Sandborn Firm Maps to determine the age of the building. The 1889 map showed a grocery store was located at the corner of Fleming and Simonton Street. The black and white photo shows a gas station at that location in 1965. Today that space is a Chinese restaurant. 527 Fleming Street remains in place and looks better than ever. CLICK HERE to view more photos of 527 Fleming Street Key West.
 CLICK HERE to view the Key West MLS datasheet and listing photos of  527 Fleming Street, Key West, offered at $2,675,000. Then contact me, Gary Thomas, 305-766-2642, to arrange a personal showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.


10 comments:

Anonymous said...

Hi Gary

Curious as to why you feel it will go under contract so quickly.

Joseph Graham said...

I'll take a crack at it, Gary.

1. Beautiful home

2. Ideal location

3. Off street parking

4. Great looking pool

5. Multiple streams of income

6. Plenty of room left for owner and family

This place checks A LOT of boxes! Oh yeah, it'll be gone by Labor Day!

Anonymous said...

Hi Joseph

That would be a neat trick considering it's been on and off the market since 2010 and hasn't sold. Maybe the market is so insane this time around that it finally sells. We shall see.

Joseph Graham said...

Great point! Until we know, I provide this humble guarantee: All predictions wrong or your money back!

Anonymous said...

Can the whole house be used as a transient or just the small cottage out back?

Gary Thomas said...

That last comment may not be accurate. A transient license attaches to the property and not to the unit. The owners obtained the transient license and used it to rent the cottage. They rented the second floor apartment as a monthly vacation rental.

I think a new owner could buy additional transient licenses and rent the entire house plus the cottage as one super income source.

Gary

Gary Thomas said...

I need to amplify. There are only a few large single family homes with a Transient License, Pool, and Off Street Parking located within one block of Duval Street. They are rented continuously and for substantial amounts of money.

This house is in very good shape. It would need some renovations to take it back to a single family residence but it that were done, it could be magnificent. The second and third floor apartment are beautiful and could be easily combined with new first floor renovations to create an outstanding multi-bedroom single family residence.

Consider the rental potential during Fantasy Fest, Christmas, the boat races and more. Renters who have booked five and six bedroom houses know how expensive they can be. This could be as good as or better than just about any other house just off Duval.

Gary

chetan said...
This comment has been removed by a blog administrator.
Anonymous said...

I was told transient licenses are not allowed if they displace permanent housing. If the 2nd floor is used for long term rental housing now I think the city would disallow a transient license for that unit. It would be nice if it can be done but it seems not a realistic possibility. A lawyer may know more.

Gary Thomas said...

Dear Anonymous, I don't advise readers to spend two million plus dollars on a whim. I have discussed exactly what I wrote and believe the property is a full receiver site. The fact is the owners have used only a tiny portion of the main house in the past several years. It ceased being both a single family home or multi-family property several years ago. I would believe any sincere buyer would use the due diligence period during inspection to verify the usages the city would permit.
The possibilities for profit from this property deserve serious consideration.

Gary

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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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