524 Olivia Street, Key West - Income Potential

Just Listed 524 Olivia Street, Key West. This property is listed by Preferred Properties Key West, that is where I work, but this is not my listing. Currently used as a both a home and investment property, a new owner may choose to keep 524 Olivia Street it as is, renovate and turn it into a single family home,  or to make both income units.

As soon as I saw this listing I looked in my old shoebox to see what it looked like years ago. I found a photo dated 1965 which shows the property from a similar viewpoint as the photo I shot.

I also searched the historic Sanborn Fire Maps to learn more about when the house was built. The 1889 Sanborn and subsequent Fire Maps show different sized houses at that location. That is not unusual because small cottages were often razed so that larger homes or commercial buildings could be built. What interested me about the 1889 and 1892 Maps was not the house but what looked to be a walking lane on both the east and rear. Walking lanes were not uncommon in earlier days. They provided access to houses located behind other houses. I altered the Map below a bit to point out both the walking lane and the rear name with its distinctive name "Pig Sty Alley". That was the first time I came across that name. Consider what may have gone on in that interior space and what it may have smelled like. Today that area is mostly commercial with including condos with transient rental licensees, a bike shop, and a restaurant.

I altered the map to indicate where 524 Olivia Street is located today and to show what I believe was a walking land. The Map already shows Pig Sty Alley. The current Monroe County Property Appraiser records show a gap or hiatus between 524 Olivia and 528 Olivia. What the map does not show is the fantastic location -just one-half block from Duval Street to the west and Truman Avenue to the south.

When I looked at the property I noticed the extra large space to the left side of 524 Olivia. There is both a change of concrete and a small concrete curb. I also noticed someone erected a chain link fence at the rear of 528 Olivia that attached to what may be the fence line of 524 Olivia. I don't know and I only point this out as there still may be a hiatus between 524 and 528 Olivia Street. A hiatus is defined a break or a gap. An area of land that lies between two parcels but appears from legal descriptions and public records to not be a part of either. I expect a new survey may either resolve or call  into question who owns the space I have noted. Land is very valuable in Key West. This may not even be an issue. 

524 Olivia Street is located in the X Flood Zone which is good. And is it Zoned HNC 1-3 which is very good. HNC zoning allows multiple commercial and residential typee use opportunities for a new owner. The concrete block house at 522 Olivia Street was listed for sale on December 16 and immediately went under contract. I do not know but suspect that house will be taken down and a new property built. The immediate area has numerous transient and monthly vacation rentals. Redevelopment of any parcel in this area will likely prove profitable.

The property sits on 2.940 Sq Ft lot 40' wide by 70''deep. The house has 1,800 Sq Ft of living space. There is one off street parking space which is both rare and very valuable in this part of town. 

I have not been inside and suggest interested buyers view the Key West MLS  datasheet for more information and photos. CLICK HERE to view. Then please contact me, Gary Thomas, 305-766-2642, to schedule a showing.  I am a buyers agent and a full  time Realtor at Preferred Properties Key West.