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

Friday, March 4, 2016

415 Amelia Street, Key West, Florida

New to the market is 415 Amelia Street, Key West, Florida. Frequent readers of my blog know I like to dig in the old shoe box to see if I can find any old photos of houses I write about.  In the case of 415 Amelia Street I found a great black and white photo taken fifty-one years ago (see below). I recently took a photo from the same location.  If you look closely you will notice many similarities but some marked differences as well.  Three boys shown in the photo standing in the driveway in the old photo. I'd love it if a local happens to read this blog and sees his photo and would share what he remembers about this house and this block in the mid 1960s.
Today 415 Amelia Street is offered for sale at the asking price of $1,095,000.  According to the listing Realtor, not me, the house and separate guest cottage total 1164 sq ft of living space and sit on an irregular 3960 sq ft lot (47.75' X 83.85') that is located about 200 feet west of Duval Street in Key West.  The house and cottage have a total of three bedrooms, two baths, a sunny pool, covered off street parking, comfortable interior spaces, and lots of charm. Combine the location and amenities, and you have a money maker vacation rental if that is part of your plan in purchasing a Key West property.
The listing Realtor describes 415 Amelia Street as
"A MUST SEE! Rare opportunity to own a beautiful Conch home featuring two bedrooms and one and a half baths plus a spacious loft with room for a guests and/or an office. Situated in the heart of the Historic District of Upper Duval and perfectly positioned near the Southernmost Point and Hemingway's House, this unique cottage is a blend of eclectic style and color. Nearby are some of the finest restaurants and bars, and the Southernmost Beach, where you can relax on the sunbeds while sipping your pina colada. The rear of the house is an oasis of elegant charm, with the benefit a 'cabana' guest house and tropical outdoor shower. A glorious Moroccan tent provides a relaxing outdoor retreat overlooking the large, heated, saltwater pool. The carport and driveway comfortably accommodates two cars."

 The gated front entry leads to a charming front porch marked by what I refer to as dental structure gingerbread trim. Looking out from the front porch you see a charming Old Town street. When you open the front door your eyes dash around in anticipation of discovering which bedroom will be yours. And you eagerly await the vacation of your lifetime.
Kids, singles, or fun couples will like the room at the top of the stairs. A built-in window seat overlooks the pool and guest cottage below.
French doors in the master bedroom open out to the pool and deck. There's a waterfall with trickling water - what a wonderful sound to hear as you go to sleep or when you wake up. It's easy to see why vacationers fall in love with Key West when they can stay in a place like this.
I wrote about this house a few years ago when it was for sale. The current owner added the above "Moroccan" tent and totally transformed the deck area into something utterly charming at a minimal cost. I thought to myself this is ingenious. Previously the deck was just a big sunny space. All of a sudden there was shaded space to lounge while the kids play in the pool and later to have smart cocktails while planning where to dine at night. I had never seen something so inexpensive transform a space. I give this Seller an A+ for design smarts.
The guest cottage or "cabana" as the listing Realtor describes it is a long and narrow building located at the far side of the pool. It's got a bedroom and bath. An outdoor shower adjoins on the side.
 Remember what I wrote at the outset of today's blog - this home is located about 200 feet east of Duval Street. That's a great location for owners or vacation renters who want a place that is close to the action and attractions of Duval Street, yet that is located far enough away not to be swept up in the noise and commotion. And don't forget this home has its own off street parking.
Please CLICK HERE to view the Key West mls datasheet which includes lots of daytime and nighttime photos of this delightful property. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Tuesday, February 23, 2016

1218 Duval Street, Key West - Mixed Use Commercial & Residential

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.


Saturday, February 6, 2016

721 Georgia St., Key West - Legal Duplex

The legal duplex located at 721 Georgia Street in the Meadows Area of Key West is an unassuming two story abode waiting for a new owner. I dug down into my old shoe box and found a photo of the house taken back in 1965. There was a note on the back which states the house used be known as 1301 Petronia Street rear. I took a picture from a similar location so that readers could see how little this home has changed in fifty years. The fence is taller and more private, the  original Bahama shutters are gone. So too are the wood windows that were  replaced with impact glass. The house is still located in a very quiet location near Old Town yet not near all that noise and commotion.
The listing Realtor, not me, describes the property this way:
"Wonderful compact duplex in the Meadows. Each unit is in good condition and immediately rentable. The first floor 1 BD unit has wood floors, newly painted interior, washer and dryer, and a large wooden deck at the rear of the house. The 2nd floor 1 BD unit was owner occupied for many years and has numerous upgrades. There are tile floors, corian counter tops, dishwasher, washer and dryer, and a balcony off the rear of the unit. This home would make a great pied a terre plus income. There are impact rated windows (2010) on both units and 8' elevation."
 It looks like the duplex was renovated about twenty-five years ago. The place has been very well maintained since then. The kitchens, baths, and some of the appliances look their age. Others were replaced. The wall mounted air conditioners are much newer.  The rear decks probably need replaced and the building deserves a new paint job.
I borrowed the interior photos from the listing Realtor with her permission. I didn't take photos when I showed the property as I did not want to interfere with the showing. I was really "taken" by the second floor unit where the owner had lived. The furniture comes with this place if the new buyer wants it. There's a very nice almost "built-in" sectional in the living room. That space is located up front just off the second floor entry area. The dining area is to the left. The bedroom is up front on the south side. The very nice bathroom is located in the middle and the kitchen is at the rear. We all had a giggle at 1980s era range.

I agree with the listing agent's suggestion that this property would make a great pied a terre. So many buyers are looking for a place they can use and also rent out for income. This is that place, only here you get annual income without interruption and if you rent it yourself and don't rely on a property manager, you won't have to share part of your annual income with a property management company.

All of the windows and glass doors are impact glass. That means your windstorm insurance will be very low. The house is located in the 8' flood elevation so flood insurance will be low. The house has been well maintained. Fire and liability insurance should also be low.

CLICK HERE to view the Key West mls datasheet and more listing photos. Then 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.

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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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