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Showing posts with label income property. Show all posts
Showing posts with label income property. Show all posts

Thursday, November 18, 2021

1008 Whitehead Street, Key West - New to the Market

 

The listing Realtor describes this deceivingly versatile historic home like this:
"An exceptional opportunity exists to secure this versatile property located a short stroll from all that the world-famous Duval Street has to offer. This charming island-style house pays homage to its history without forgoing the comforts of modern living. The design incorporates a good flow, lots of natural light, timeless finishes, and two comfortable and welcoming bedrooms on the main level. The second story houses another living space with classic features, including decorative ceilings, polished wood floors, a studio kitchen, a private entrance, and an outdoor patio tucked away in the trees. Opportunity awaits for owner-occupiers and investors alike."
1008 Whitehead Street is located a few paces south of Truman Avenue. The Key West Lighthouse is located on the same side of Whitehead Street but north of Truman. This home first appeared on the 1889 Sanborn Fire Map. The 1892 Map omitted a small section of homes in this area. I think it must have been there earlier than 1889 but that is a guess based on what I could find. 


I found a photo of the property taken in 1965 in my old shoebox. The house next door south used to belong to Larry Formica, the founder of LaTeDa. The building to the north is a funeral home today. 
Don't let that spook you. They''re quite. The neighbor to the rear is a huge piece of vacant land. It has value but a lot of restrictions. It may get developed or it may sit vacant for another decade and only grow more valuable. 
The house packs a lot of usable rooms in a somewhat small space. The first floor has two bedrooms on the left followed by the bathroom at the rear which is located opposite the kitchen. You enter into the living room which proceeds to the kitchen. Glass panel doors at the rear allow daytime light to infuse the space with light and open out to the rear deck.

There is more living space accessed by the front gate which leads to the private second floor landing. The read dormer leads to the interior living area which includes bedroom, kitchenette, and bathroom. 
Closets are tucked between the dormer facing Whitehead Street. The bathroom is adjacent on the left. As you can see this little home offers many options for living or as an investment property. It is well located near Duval and tourist attractions. And its cute. Who doesn't like cute?

I came across the "Autobiography of Stephen Moreno Whalton".  Whalton was born in 1872 and grew up just a few paces off Division Street which he said was previously known as Rocky Road. Mr. Whalton further wrote:
"Another event in my life that I have never forgotten happened when I was about seven years old, at that time there were a very few houses on the Southeast side of our Truman Avenue, most of that part of the Island was a wilderness, my grandfather and my father raised quite a number of horses in the woods of Key West, and my grandfather gave me a horse and my father had him broken to harness and saddle, this was a stallion, and somewhat mean. The only time that I was put on his back, was on a Sunday morning, when one of my father’s hired men put me on him without a saddle, as soon as he got out of the yard, he started to run, and I was too small to stop him, there was a man coming up the street who stood with his arms open, but when my horse got near this man, he made a quick turn to go by him, and landed me on a flint rock, I recovered from that accident in about six weeks, but I never had a chance to get even with that horse, as my father sold him before I became old enough to handle him. This was the end of the events of my early childhood, which have remained fresh in my memory down through the years, due of course, to the fact, that they made a great impression on my mind at the time of happening."
Imagine a wild horse running down a dirt road and across the fields and forest in Key West. What a sight that must have been.  Today this area is abuzz with tourists in the daytime as they trek their way to the Hemingway House, the lighthouse, and the Southernmost point. The leave the area by 5:00 to head to Mallory Square, dinner, and night time fun.  CLICK HERE to read Whalton's autobiography. History fans will love it. 

CLICK HERE to view the Key West MLS datasheet for 1008 Whitehead Street Key West offered for sale at $899,000. Then please text 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. 


Wednesday, April 4, 2018

1028 Virginia Street, Key West

The new listing at 1028 Virginia Street, Key West is located about one block west of White Street. This property is located in the Old Town area known as South of Truman. CLICK HERE for a GOOGLE MAP aerial view of the area. You will understand why the lot is so large - two separate houses were combined years ago to create one larger property that today measures 48' X 85' or 4272 sq ft.  The aerial view shows and the City of Key West recognize three separate living units on the lot..
Even as early as 1965 when the above black and white photo of 1026-1028 Virginia Street was taken, the two houses were connected via bridge visible in the photo. That bridge still exists today, but the two houses are rented separately. There is also detached two story cottage located behind 1028 Virginia Street which is not visible from the street.
The "unit" on the west side was formerly a stand alone house identified as 1026 Virginia Street. This is a large one bedroom apartment with fairly large back yard with a sunny deck.
1028 Virginia Street is about the same size and similarly laid out but which has a smaller rear deck. The entrance to the rear cottage is located on the east side of the property. Access is restricted through a semi-enclosed gated entry. The gate opens to a private deck where French doors open into the two the story cottage. The main floor includes living, dining, kitchen and bath. The second level is a sleeping loft. .
This property has three licenses with the City of Key West so all three units can be rented on an annual basis. A new owner looking for a place to live with income could live in any of the three buildings. All are in move-in condition. They are dated to the extent that not everything is brand new, but nothing needs to be fixed from what I could see. They reflect the style of updating that occurred in the late 1980s and early 1990s.  We should all look that good. These units should rent immediately when they become vacant. Locals would love the location because it is within easy walking or biking distance to Duval Street. Faustos grocery and numerous gyms, yoga studios, and neighborhood restaurants are nearby.

CLICK HERE to view the Key West MLS datasheet and more photos.  1028 Virginia Street is offered at $897,500.  Please call 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.

Friday, December 8, 2017

1109 Petronia Street, Key West - Just Listed - Legal Duplex

Just Listed - 1109 Petronia Street, Key West, Florida. This is a sweet legal duplex located on a quiet little block just east of the Key West cemetery. Petronia Street at this location runs only two blocks from White Street to Frances Street where it appropriately dead-ends at the cemetery.  A full time owner and/or tenants will love the location because it is near all the attractions around Duval Street and the historic seaport (it's within easy walking or biking distance to both), but it is far enough away not be a part of the hub-bub. I looked in my old shoebox and found a photo of this same property taken in 1965. See immediately below.  This home is one of six double gable homes in Key West. CLICK HERE to see the other properties as well as more photos of the interior and exterior of this listing.
I point out the historic architectural reference to this house for good reason - I think this house is absolutely charming and deserving of a sweet restoration if the right buyer who is looking for a little project house were to buy the place.
The building is approximately 1,000 sq ft divided between the first and second floor units. The downstairs unit is a bit larger than the upstairs due to the small side addition where its' kitchen is located. The side yard is currently used for bike and scooter storage but could become so much more if the stairway were removed and relocated into the interior. I think but cannot confirm there might be room for a dip pool in the side yard if appropriate variances could be obtained.
The main level apartment is a bit larger and has a separate door which opens out to the garden.  This unit my work well for an owner/landlord who wants a place in Key West which he or she could used as a little Key West getaway cottage and still earn income all year long by renting out the second floor unit.  I have had two buyers who purchased duplexes and this process worked for them.
CLICK HERE to view the Key West MLS datasheet and then please call either me, Gary Thomas, 305-766-2642, or Dan Skahen, 305-923-6524, to set up a showing. We are both full time Realtors at Preferred Properties Key West. Both units are tenant occupied. We and they request 24 hour advance showing request. Both units are on annual lease and each is subject to a 60 day kick-out clause which would give the new owner the right to take possession of the unit upon vacation by the tenant.

Monday, June 26, 2017

403 - 405 Caroline Street, Key West

Yesterday, instead of hosting an open house to showcase one of my listings, I decided to go to see other open houses.  I want to share with you the incredible property located at 403 - 405 Caroline Street in Key West. I knew I had been inside about 25 years ago or so when my first real estate broker listed this property. I saw it then but had no present recollection of what it used to look like.  As soon as I entered the owner's unit I knew i had to share this place with my loyal readers. The current owners bought this place in 1999 and did an incredible job in re-creating a wonderful living space unlike anything else in Key West.
The listing broker describes the property this way:
"One-of-a-kind historic property dating back to the late 1800's. Two buildings consisting of three legal units with high ceilings, colossal multi-paned windows, mahogony railings and shutters, cuban tile and wood floors, and large tropical courtyard with ample room for a pool. HRO zoning permits many uses including, but not limited to residential dwellings, professional offices, medical services, and places of worship. Property is configured with a two bedroom and two bathroom main house, a one bed and one bath apartment, and a large studio, perfect for an artist, extended family, or guests. Both structures are connected by over 1500 sq. ft. of decks and porches. There is also a coveted off-street parking space with a unique entry point."
 I looked inside my old shoebox for some photos of the property as it used to look and also found photos of the area which is pretty special in its own right. You see, the houses sit opposite the Presidential Gates on the opposite side of Whitehead Street. President Harry S. Truman used to pass these gates on an almost daily basis when he vacationed at the Little White House a block or so further west.  As I stood on the second floor balcony that wraps three sides of this property, I snapped a photo of the old gates that connect our historic past to the present day.
I cropped the black and white photo two above. If you are familiar with the location, you probably recognize the proximity to Mallory Square, the boat basis across the street, and nearby Duval Street. But back in the day, before the tourists took over, this location was an easy five minute walk to the very active seaport where fishermen, spongers, merchants, and the US NAVY lived and worked.
1965

circa 1980
I searched the Historic Sanborn Fire maps seeking more information on the age of the buildings. I found a different history than I had pee-conceived.  The 1889 Map showed a much larger L-shaped building that extended east on Caroline Street. The map says the building was a photo gallery back then and remained such until the 1899 map. There was a bookstore (of all things) located directly across Caroline Street.  The Odd Fellows Hall was located about fifty feet or so to the east. I found a photo of that once magnificent building that workers from the WPA took down in the 1930s. Thank God they did not dismantle the entire town in the name of progress.  The maps showed numerous changes in use of neighboring properties over the years. The 1912 Map shows 403 - 405 Caroline Street which means these two buildings were built sometime between 1899 and 1912.
The Monroe County Property Appraiser shows the two buildings as having finished interior living spaces totaling 2,688 sq ft plus an additional 2909 sq ft of decking much of which is covered in some fashion. The lot measures 66' X 70.16' or 4620 sq ft. The buildings are in superior condition in my opinion. The current owners renovated the properties after their purchase and did a masterful job in re-imagining the usage. It has to be seen in person to appreciate the creativity they brought to the project. There is nothing like it in Key West. 
The property as currently configured is three units which could be legally be re-purposed in any means as outlined above by the listing broker. Today there are two apartments in the west building - a one bedroom on the ground floor and a "studio" on the second floor. 
The first and second floor units are the same size but configured differently. Both have front and rear porches and use of the rear garden area.  The second floor studio is unlike any I have ever seen in Key West. I am pretty certain the original ceiling was flat wood construction typical throughout the area. I think the current owners removed that ceiling as well as interior walls and created the new curved ceiling, added the expansive glass windows at the rear and created this wonderful open living space. CLICK HERE to view more photos of this wonderful property.
The east building is configured a bit different from most houses in Key West as the main living area is located on the upper level and the bedrooms are on the first floor. The owners removed interior walls and the original flat ceiling and opened the living and dining areas into one open space. The efficient kitchen is attached. There is window which looks out at the trees and historic old building across the street. What at first appears to be a wood closed located on the east side of the living room is actually the stairway to the main floor. When I entered the space I was awed by the rich wood and old copper fittings.  How cool is this, I thought. The guest bedroom is located at the front of the property. The door was open. It was about 1:00 PM. Trolley cars were passing by every five to ten minutes. I listened for clamor. I really didn't hear anything that was annoying to me and I get annoyed by tourists very easily. The master bedroom is located at the rear. It is huge. A door opens out to the rear deck and garden. What a lovely place that would be for morning or a late night drink before bed.
There are two covered off street parking spaces located between the two old houses. This place is totally civilized. And I think there is room for a pool.
CLICK HERE to view the Key West MLS datasheet and to veiw 47 listing photos of this wonderful property. The 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.

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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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