718 Caroline Street, Key West

There are two new listings located 718 Caroline Street and 720 Caroline Street in Historic Seaport Area of Key West. I got a chance to see the interiors a couple of weeks ago before the listing agreement had been signed. I immediately recognized the building had been updated and expanded a few years ago, but I had no idea the building dated back to the beginning of the Twentieth Century.

I first searched the Historic Sanborn Fire Maps that date back to 1889 and successive editions. I found a building on this site on the 1889 map, but I could immediately tell it was not this building because the maps were precisely drawn to identify the size and location in case the building would be destroyed. It was not until the 1912 map that the current building appeared at the corner of Peacon Lane (previously known as Gruntbone Alley). Whereas the previous building was set back from Caroline Street and away from Gruntbone Alley, the 1912 building was located at the property line of both streets. That is the building that still exists today.  The Monroe County Property Appraiser dates the building to 1918.  I think I am correct and no matter if the date is off by a couple of years either way, it is still an old building.

1965

1970

I then dug into my old shoebox and found the top two photos which show the original building in 1965 and 1970. There is a notation on the 1965 photo stating the small building with awning projecting over sidewalk was "demolished" indicating that was done after the photo was taken. The next photo shows the building as it appeared in 1970. Note that both photos show the building is but one story tall. The aerial photo above was taken in 1999. I added a mark to show 718 Caroline Street as it exists today. You can immediately see the building was then two storys tall and has a widow's walk on the roof. I selected to add this photo to the blog because it also shows the Historic Seaport just a short 18 years ago before the massive renovation took place there. During the past four years Caroline Street was rebuilt as well to provide better access for the movement of people and vehicles in the area.

 The building as currently configured consists of two ground floor commercial units (not for sale) and two residential condominiums distinguished by different street numbers.  718 Caroline Street is a 1589 sq ft two bedroom two bath unit with incredible views to the north and the south.

The main living level is actually on the second floor of the building. Both units share the broad and sunny deck on this level. When you pass through the double front door opening you enter into a light filled living area with treetop views of nearby Peacon Lane.  That lane begins one block to the south at Eaton Street and ends at Caroline Street. Most people (including locals) do not know it exits. Almost all traffic will emanate from the few people who live on this lane and the few tourists who happen upon it by accident.

The smaller of the two bedrooms is located at the front of the building where it shares the balcony with 720 Caroline Street both of which have commanding views of Caroline Street. The historic seaport is located one block to the north. Pepe's Cafe is located one block to the east and Dante's is located two blocks further. Dante's has become favorite daytime hangout of locals and returning guests. They can swim and/or drink and dine all day long by the huge pool.

The master bedroom of 718 Caroline Street has a couple of views unlike others you'll probably experience elsewhere in Old Town. From the south third floor private deck you can view the rooftops  of the other homes on Peacon Lane.  This unit has the only access to the widow's walk atop the house. There you have a commanding view of the Caroline Street corridor and the historic seaport.
CLICK HERE to view the Key West MLS datasheet and to view more photos of 718 Caroline Street offered at $825,000.

720 Caroline Street has 1567 sq ft of living space on two floors. The open concept living area integrates nicely with the broad second floor sundeck. The smaller of the two bedrooms fronts onto the Caroline Street balcony. The master suite is on the second floor. It has expansive view of the southern skies. CLICK HERE to view the Key West MLS datasheet for 720 Caroline Street offered at $825,000.

The commercial and residential condominiums share proportionately in the monthly condominium dues which cover all building insurance, building maintenance, and common area maintenance. 718 Caroline pays $861.90 and 720 Caroline pays $849.94.

These units are being offered separately, however, one buyer might prefer to buy both and claim a stake in the future of Old Town. This building has both a historic past and prominent presence.  Please contact me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

506 Elizabeth Street - Old Town - Key West

Just listed, but not by me, 506 Elizabeth Street in Old Town Key West. This 1292 sq ft property was built in the 1890s and is currently configured as a legal duplex. However, by opening a door in the front hallway the two residences can easily become one again. I found an old black and white photo of the house as it sat when photographed in 1965. I took a similar photograph this past week. The architectural detail has been preserved if not improved by fresh paint and shutters.

The house sits about 100 feet south of Fleming Street on a 50' x 28' lot  and across the Monroe County Public Library. The lot provides outdoor space for the ground floor tenant or owner. Both the main level and second floor apartments have wonderful covered front porches for people watching.  The downstairs apartment has a large rear deck. The large blue house next door to the south is nearly finished after three years of construction. A narrow driveway next to 506 Elizabeth Street leads to a parking lot for the owners of condominiums located on Fleming Street.

The listing Realtor describes 506 Elizabeth Street this way:

"2 Story Home Located In The Historic District Of Old Town; 2 Blocks From Duval and; All The Shops & Restaurants The City Has To Offer! Each Floor Has A Full Bath W/Laundry Facilities, A Kitchen, Bedroom and; Living Room. At This Moment A Legal Duplex Witch Could Be Restored Into A Single Family Residence. Covered Porches Add To The Wonderful Outdoor Living Space." 

Inside both units have Dade County Pine walls, ceilings and floors. The main level wood walls have been covered in most areas but the Dade Pine is still existent underneath and could be exposed.  Dade County Pine walls are the distinctive architectural feature on the second floor where years of paint have been removed to show off the rich deep grain and color of the native wood.

First Floor Apartment

Second Floor Apartment

The main level kitchen is 21st Century with granite and designer flair. The second floor kitchen is more 'old school' and utilitarian. The second floor kitchen is marked by a shiny tin ceiling.

The main level bedroom has ample closets for storage. A door at the rear opens out to the rear deck area that is fenced and which provides quality outdoor living area.  There is room for a hot tub in this space. (No permit is required as a hot tub is portable and can be removed.)  The main floor apartment might rent for $1800 per month.

The bedroom on the second level is quite spacious. The hallway is extra large and provides workspace for a home office.  The second floor apartment might rent between $1500 to $1700 per month. (Rentals are estimates as the owner is renting both units at below market rates to friends.)

506 Elizabeth Street just might be the answer to the dreams of many would-be second home buyers in Key West. As a legal duplex a new owner could retain one apartment for personal use and rent the second one either as full time or possibly as vacation rental. (I think the first floor unit with a hot tub on the private rear deck could work well as a vacation rental.)  But either unit could be rented for enough money to probably pay the annual taxes, insurance, and maintenance costs on the building. At some time in the future the owner could open the hallway door and return the property to single family status. CLICK HERE to view more photos.

You could not ask for a better location.  All of the wonders of Duval Street and the more relaxing elements of the Historic Key West Seaport are within a five minute walk from 506 Elizabeth Street. People from around the world go to Nearby Sarabeth's for breakfast, lunch, and dinner, but you could be there in just a couple of minutes. The Tropic Cinema is one of the best small movie theaters in the US. You could be there in five minutes by foot. If you are gay and want a place to swim with the boys, you could go to the Island House on White Street. But if you are straight, you could instead go over to Dante's. That's the reason this location is so great-you can go anywhere by foot in a matter of minutes. And when you get to your destination, you might just have a very memorable experience.

CLICK HERE to view the Key West mls datasheet and to view listing photographs. But better than that please call me, Gary Thomas, 305-766-2642 to set up a showing to view 506 Elizabeth Street in Old Town Key West. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. Let me help you find your place in Paradise.

No Bottom-Feeders, Please - Key West

77 Lb. Black Grouper (a Bottom Feeder) caught in Key West - 1995

The listing agent at Preferred Properties (that's where I work) added this comment in the agent remarks section to the listing at 925 Eaton Street "And, lastly, the price is firm. No bottom-feeders, please."

925 Eaton Street - Old Town - Key West - 2011

925 Eaton Street as it looked in 1965

Before that he described the 4 unit money maker at 925 Eaton Street in Old Town Key West this way:

"Legal four-unit property consisting of an historic main building with three units and a secondary non-historic cottage. Projected $47,000 gross annual income (2011 -2012) and tenants pay all utilities, including sewer and trash bills. Expenses are Fire Insurance: $1,879 Windstorm Ins: $2,320 Flood: $2,075 Taxes: $3,634.00 Due to the extraordinary cash flow, the owner is FIRM on the price."

I have shown this property a few times during the past couple of years. The listing agent discussed "potential income" when showing the place. That always suggested the new owner would need to spend some time and some money to goose up the revenue. The agent got the seller to do some of the suggested updating and now the income property is listed for sale at $405,000. CLICK HERE to checkout the Key West mls database on this property and to view several nice photos of the updated property. If you looked at this place before, it might be time to go back for a second look.

The guys and girls that work in the shops and restaurants or that man the fishing boats or sightseeing tours live in places like this. Places like this typically charge around $1,000 to $1,200 per month for an economy apartment. (The listing agent projects $47,000 annual income or $980 per month per apartment.) Small units normally have just one tenant but sometimes places are shared to keep costs manageable. The property at 925 Eaton Street requires the tenant pay the water and electric. That's good for a landlord especially because some tenants love to leave the air condition down way low when somebody else is paying the bill.

You will note that this property does not have parking nor a pool. You as an owner/landlord and the tenant would have to pay more for "luxuries" like that. But what is does have is a good location within easy walking or riding distance by bike or scooter to most of the Old Town area. That's the area where most locals work. So this location (and lack of amenities) is practical from a tenant perspective. Lest you feel sorry for the tenants, Dante's is just a couple of blocks away. You will find lots of locals that spend their days off lounging by the pool.

Dante's

If you are looking for a small investment property in Key West, you might want to take a look at 925 Eaton Street. If so, please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.