400 Simonton Street, Key West, Florida - Investment Property

Just Listed, but not by me, 400 Simonton Street in Key West, Florida. According to the Monroe County Appraiser this landmark building was built circa 1889. See the black and white photo which shows how this property looked back in 1965. That's nearly half a century ago. My God, I graduated from high school that year. Compare it to the color photo below. The property has had various uses over the years. And now it is offered for sale. The listing broker describes this property like this:

"Historic Downtown Home from the late 1800's just a few steps from the Seaport. There are 6 charming apartments each with old town architectural appeal. A mixture of studio, one bedroom and two bedroom units. Small garden area with a tropical feel and many porches for tenants to enjoy."

 The building itself looks to be in very good shape. Compare the way the building looked in 1965 to its appearance in today. It is virtually the same. Even the exterior stairs between the floors is visible. According to the mls listing this building has 4078 sq ft of living space located on a 4200 sq ft lot (42'x100') at the corner of Eaton Street and Simonton Street. Zoning is HNC1.  

I considered buying this property and the adjacent Artist House guest house (located next door at 534 Eaton Street) when that owner at that time was tinkering with the idea of selling both buildings. He had been renting rooms at 400 Simonton Street as part of the guest house. I don't know if he ever got caught because that is not permitted. That owner sold both properties to different people. The Artist House has sold at least twice since then. Today the property at 400 Simonton Street is licensed to rent six non-transient long term rentals.

I took a couple of not-so-good photos of the bricked courtyard and was reminded that the area was previously used as a small cafe. I think that space is quite lovely but very under utilized today. 

The thing that excites me about this property has nothing to do about the current uses but rather what it might become. Years ago the first floor was a real estate company and the bricked garden was a small cafe of sorts.  Earlier this week the owners of the Marquesa Hotel announced a $10 million dollar expansion onto the adjacent properties at 410 and 414 Simonton Street. CLICK HERE to read more. Use your imagination to see what you might do with this property at this great Old Town location. 408 Simonton Street is pictured below. That's but a taste of what is to become.

The Reception area at the Marquesa Annex

400 Simonton Street is offered for sale at $1,600,000.  CLICK HERE to view the Key West mls datasheet on this property. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Tenants may require 24 to 48 hour advance notice to view the apartments. This is a buying opportunity for a buyer who wants either a performing investment property or someone who wants to do something creative with a great old building in a very solid location.

1108 White Street, Key West - Income Property

1108 White Street is a two story mixed-use building located on the White Street business corridor sometimes referred to as the Arts District. Even if you aren't all that familiar with Key West yet, you  surely have driven past this location before. Fausto's Grocery Store is located across the street. Sandy's is down the street.  Look closely at the photo, you'll see 1108 White reflected in the glass doorway 

I looked through the old shoebox and found a photo of the property as it appeared about fifty years ago. If  you compare the current facade in the color photo to the facade in the black and white photo you will quickly see the original second floor front porch was enclosed to provide additional interior space and that the old front addition was expanded a bit as well. The driveway in the black and white photo is now a handicap entrance to the ground floor commercial space as well as entrance to the first and second floor apartments.

The listing Realtor describes the property this way:

"Fantastic opportunity to own a fully-renovated, multiple-use building with commercial space and a private two bedroom two bath residential unit on the ground level, with an exciting one bedroom one bath apartment with private deck and huge unfinished attic for storage or expansion upstairs. This is a high quality renovation with amenities such as polished oak floors, central A/C, high ceilings, stainless steel appliances, separate laundry rooms, and so much more. Being a versatile property with turn-key income, potential uses are unlimited. Future owner can live in one of the residential units and collect rent or just enjoy the income stream. Residential and commercial leases are in place. Income and info available upon request."

I was not able to see the inside of the first floor commercial space. The two residential units are nicely laid out and have large updated living spaces.  They are more like condos than apartments. The first floor is typical of many homes in Old Town in that the living space is located at the rear of the property which then opens out to the back deck. This arrangement gives the occupants a nice living space plus outdoor living area. Renters will pay more money for upgraded living spaces.

The second floor unit has a rooftop deck as well. The exterior stairway has a great view of Fausto's across the street. Sandy's Sandwich shop is located a 1/2 block to the north. There are several gyms and yoga studios within three blocks. The location is an easy walk or bike ride to Duval Street and the Historic Seaport, both locations where many locals are employed. Full time workers will like these units and this location.

CLICK HERE to view the Key West mls datasheet on 1108 White Street which is offered for sale at $1,249,000. Please call me, Gary Thomas, 305-766-3642 to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

627-629 Eaton Street - Key West Historic Landmark Property For Sale

My friends at Prudential Knight and Gardner Realty in Key West recently listed one of the last untouched Old Town landmarks in Key West. Dear Readers, this property located at 627-629 Eaton Street might just be your dream property. Think I'm a little wacko?  Read on.

I searched the old Sanborn Fire Maps for Key West and found this building on the 1889 map which means it was built some time prior to that date. The Monroe County Property Appraiser's official records show the construction date as being 1929. (I think the Sanborn Map is more correct, but the official record is the official record.)  In any case, the building is ancient and has the crow's feet and wrinkles to prove it.  I dug deep into the old shoe box and found a photo taken back in 1965 shown immediately below. The back of the photo shows the downstairs as being a launderette and dentist's office. The upstairs presumably were apartments. I took a similar photo to compare the old versus current facades. I think the old girl looked a bit better back in the day, but this is one solid building which ought to respond to a keen renovation. 

 The listing Realtor describes 627-629 Eaton Street this way:

"This historic concrete block building consists of two commercial spaces downstairs and two residential units upstairs. One commercial space is empty, the other tenant is a laundromat. Each residential unit has it's own staircase and entrance. One unit is a one bedroom, one bath, the other unit is a two bedroom, one bath."

The listing Realtor shows the building as having 3627 sq ft of interior space divided between the two floors. The building sets on a rectangular lot of 2201 sq ft (55.5' X 39.67') at the corner of Eaton and Elizabeth Streets. The building itself measures 50' X 38' plus the covered ground floor walkway and second floor porch that run 50' X 38' to the east rear. The building is built literally to the rear and side lot lines. There is no room for a pool, hot tub, or parking.

The downstairs east commercial space has been a self-service laundry ever since I moved to Key West in 1993. The writing on the 1965 photo suggests that it has been a laundry for a much longer time period. The adjacent space is not currently rented which creates lots of possibilities for a new owner. There are several small ante-rooms behind both spaces. The vacant space was previously a dentist's office and most recently was rented as a floral shop.  The tropically painted wall shown below is either poured concrete or cinder block.  The listing Realtor told me the wall extends up through the second floor above and provides support for the building. I think it would be possible to merge the ground floor spaces into one larger commercial space or alternatively create a new living space in the former dentist's office. A new owner would need to obtain permission from the City of Key West to do this or merge the ground floor space into the second floor space via the adjacent stairway.

There are two apartments on the second floor. Both are currently rented under market value and both are on a month to month rental agreement.  Both tenants have been in place for some time. The tenant in the east apartment has been in the space for 20 years.  The landlord has not made any substantial improvements to this building over recent years. Below are some photos that provide a basic image of how the properties look today.

The above photos are of the west second floor apartment or the one above the former dentist's office.  One alternative for renovating this space might be to combine the first and second floor west spaces into one two story living unit. I think a new owner could do the same for the east spaces as well, but I will discuss an alternate proposal for that space below.  Part of the allure of this building is the second floor balcony which extends nine feet over the city sidewalk. Construction like this would likely not be permitted today. But since it is in place and since this is such a recognized property that it has achieved 'landmark' status, I seriously doubt anyone would consider allowing the removal of the balcony.

The east second floor apartment is filled with tenant owned pieces that make this space shine. A new owner might move some interior walls to create more modern spaces, replace the kitchen and bath, and so on. I would replace the existing metal louvers with real windows.  As an alternative to keeping this space an apartment, a new owner might consider combining the two upstairs units into one large loft type living space. The interior floor to ceiling cinder block or poured concrete wall will need to be addressed in any renovation. Almost anything is possible if you have a talented engineer, architect, designer, and money. Both the ground floor spaces and the second floor apartments have very tall ceilings. This opens all spaces to imaginative renovation possibilities not available in most existing properties.  I took more photos which you can view if you CLICK HERE. Please do so and consider what kind of new property you could create in these spaces.

627-629 Eaton Street is offered for sale at $775,000.  CLICK HERE to view the Key West mls datasheet. But better than looking at photos online, please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this unique Key West property.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. The buyers are returning to Key West in droves. Don't miss the opportunity to create something stunning.

330 Julia Street - Short Sale - Investment Property - Key West

The Old Stone Church located at the corner of Whitehead Street and Julia Street (330 Julia Street) is offered for sale as a Short Sale at the asking price of $899,000 or $184 per sq ft. The property is no longer used as a church but instead has been converted into a unique mix of commercial space and three residential apartments.

330 Julia Street - 1965

Author J. Willis Burke writes in his book THE STREETS OF KEY WEST the  AME Zion Church at 704 Whitehead Street (same location, just a different address attributed) was established by freed slaves in 1865 and was originally called the First African Methodist Church. Burke says the current building dates from 1894 but records show it was built in 1900. Later it was called the Stephens AME Zion Church. The property was renovated after 1993 and converted at that time into the present usage.

The building today has a total of 4849 sq ft of interior space which is divided between the commercial space that now houses a gallery and offices plus the three residential apartments. Among the features of this beautiful building are Dade County Pine ceilings and original beams, stained glass windows, hardwood, tile and carpeted flooring, and central air conditioning. Two of the apartments are two bedrooms (each split with a second bedroom on the second floor) and a one bedroom apartment. The commercial space has central air conditioning and the apartments have individual units. The commercial and residential spaces also have individual electric service. This property provides and excellent opportunity for a buyer looking for commercial property located in a prime area of Key West and that offers supplemental income. CLICK HERE to view a slide show of photos I took of this amazing property.

I recently showed this property and think it would make a wonderful investment opportunity for an owner/user who would use the commercial space in a manner as presently used (gallery and/or offices). The building is located just five blocks from the Monroe County Courthouse. The present office configuration appeared to be in very good condition. The location would surely attract lots foot traffic as it is located one block south of the Hemingway House and just a couple of blocks from the Southernmost Point. Tourists from all over the world walk the trek past this location daily.


I was able to see the inside of both two bedroom units. One needs a fresh coat of paint and some TLC, the other looked great.  All three units rent at market rates so they should provide good cash flow to an investor.  The apartment licenses may have been suspended by the City of Key West due to non-payment of sewer bills. A new owner will need to apply to the City for restoration of the licenses.

This property will not stay on the active short sale market for very long, especially at the asking price.  I urge serious buyers to contact me, Gary Thomas, 305-766-2642 to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.  Let me help you find your place in Key West.