1218 Duval Street, Key West - Offered For Sale at $1,845,000
The listing Realtor, not me, describes this property this way:
Location, Location, Location! Duval street property consisting of 2 buildings
with 4 residential units and 1 high-visibility commercial unit. Over 3000 Sq Ft
of Air-conditioned space and more than 1000 Sq Ft of covered porches with a
fantastic view of the Atlantic ocean. Situated on a large lot with parking for
4+ cars and a tropically landscaped pool area. Property is in a receivership
zone for City of Key West transient licenses and has had many recent upgrades.
I searched my old shoe box and found the black and white photo taken in 1965 when the property may still have been a single family home or possibly used as apartments. I then searched the Historic Sanborn Fire Maps and learned that this property probably existed before the first map was drafted in 1889. The front building was then identified as 57 Duval Street. Later the number was changed to 1220 Duval. The change to 1218 Duval St does not appear as of the 1912 map so I can only surmise the number change occurred after 1912. The black and white photo shows a vacant spot south of the property. The color photo above taken in December 2015 shows that same space as being vacant. Yet the 1912 Sanborn map shows that there was house located on that spot identified as 1224 Duval Street. I assume that building was either razed or destroyed by fire. The 1912 map showed a lengthy addition to the rear which extended to the west property line and a stairway that led to the second floor of the main building. Neither that extension nor the stairway survive. There is a new building at the rear which is partially visible in the photo below. There are two residential units in that building. .
The Monroe County Property Appraiser shows this property as having
3084 sq ft of interior living space situated on a
68' X 100' lot. The property is located about 70 feet north of United Street in a block which is a mix of restaurants, shops, and residential uses. There are spaces for off street parking on either side of the property. The property enjoys a dominant presence in this section of Old Town.
The front building has retail usage on the front side of the ground floor. There is an apartment on the rear side which has a large covered rear porch. There is also a second floor apartment which has front and rear porches.
The second floor apartment has a great front porch for watching people watching. Inside there are two good sized bedrooms, a living room and dining area, plus kitchen and bath. That apartment also has a private second floor covered porch which looks down to the shared pool.
The rear building has two fully equipped apartments each with private porches with views of the pool and toward the south parking area. The lot is spacious. The pool is an added feature that makes this an ideal location for upscale residential rentals for locals. I think the current rents are under market.
A new owner might convert the historic front building into a large single family home which could be rented as a luxury monthly vacation rental. The two rear apartments could be likewise upgraded and made into small luxury rentals. On the other hand, the current use works. I did not see any noticeable deferred maintenance. So a new owner might just consider keeping things the way they are but maybe carving out one space for personal use.
1218 Duval Street went under contract very quickly after it was listed. It just came back on the market and is priced to sell at
$1,845,000.
CLICK HERE to view the Key West mls datasheet and to view listing photos. Please call me,
Gary Thomas,
305-766-2642, to schedule a private showing before this incredible property gets snapped up by someone else. I am a buyers agent and a full time Realtor at
Preferred Properties Key West.
