812 Simonton Street - Old Town - Key West - Transient Licensed Investment

Just Listed 812 Simonton Street in Old Town Key West. This new listing is offered as either a single, stand alone one bedroom cottage in the rear with a valuable transient rental license or as two building investment property with a total of four units, two of which have transient rental licenses.

I found a couple of old photos taken fifty years ago that show the front house and rear cottage that make up this property. Even back then it appears the original wood front porch was removed and a cinder block addition added to provide a bit more living space. If you look at the top photo you will see a typical cigar maker cottage type building with a sawtooth attachment. In the far rear you will see the outline of the rear cottage which appears clearly as a distinct unit the lower photo. The backside of St. Peter's Episcopal Church is seen to the far rear. Today the buildings appear to me to be pretty much the same. The exteriors are in much better shape and the interiors have been renovated for daily rental purposes.

The house next door to the south at 814 Simonton Street is pretty much identical to 812 Simonton Street with a couple of exceptions that might work for the available properties. The front porch offers a perfect place to sit and watch the world go by. 812 Simonton would have to be restored, but it could be done. The front house has a similar sawtooth addition located midway. The cottage in the rear has been expanded to two stories. The space between the front house and rear cottage is shorter than next door at 812 Simonton and that allowed for the addition of a pool. Finally, the neighboring property has parking whereas 812 Simonton does not have parking.

812 Simonton Street (rear) is offered at $525,000. It is a legal stand alone cottage with a transient rental license. The house is located at the rear of the lot and is accessed via a deeded walkway that flanks the north side of the property. The front house has an easement that provides access for the front one bedroom unit and the separate efficiency unit. The third unit in the main house has access off the front entry. The rear unit is gated and totally private.

The rear cottage is a fully contained one bedroom house with living room, dining area, kitchen with adjacent (outdoor) covered laundry, bedroom, and rear deck. The living space has all been updated and ready for rentals. The deck area is very attractive and very private. There is room for a hot tub or maybe even a plunge pool. The building at the rear is the backside of St. Peter's Episcopal Church. 

 I was not able to take get inside the front unit. The photos shown of the interiors are from the mls listing. The above photos show the living room which is accessed off the side easement. Note the vaulted ceiling where the sawtooth addition attaches to the original front cottage. The kitchen is located to the rear. (I believe this same space was taken away from the house next door which permitted the construction of a pool there.) The front room is the bedroom in this unit. This unit is rented as a transient rental unit.

An efficiency unit is located at the rear of the front house. It is also accessed off the side walking easement. It has a small kitchen, bath, and living/sleeping space. This unit could be legally rented as a monthly vacation rental or as a long term rental. Alternatively, a new owner might buy a transient rental license that could be transferred to this location. A transient rental license just sold for $90,000. That may help prospective buyers value either of the current listings as well.  Alternatively, a new owner might want to restore the front porch, redo the front house, perhaps expand the back cottage to add a second floor and add a pool in the middle. A good architect or designer might help a new owner come up with a nifty plan for using the two current transient licenses to create a healthy revenue stream.  I have more ideas which I will share with interested buyers.

Neither a pool nor parking is necessary to have a successful rental.  Both are helpful but not mandatory. This property has a very good location that is within easy walking distance to most Old Town attractions. The shops, restaurants, and nightlife on Duval is just one block away. You can't get much closer than that.

CLICK HERE to view the Key West mls datasheet on 812 Simonton Street as total investment package with two transient units priced at $1,300,000. CLICK HERE to view the rear cottage as a stand alone property offered at $525,000. The two properties must close in a simultaneous closing but may be sold to separate buyers. Please call me, Gary Thomas, 305-766-2642 to schedule a showing of these properties. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

1311 Newton Street - The Meadows Area - Key West

Just Listed by referred Properties (that's where I work but this is not my listing) 1311 Petronia Street which is located in the Meadows Area of Key West. The listing Realtor describes this 1272 sq ft property as

"Property is presently set up for 3 rental units and a bonus unit in the back for owner or caretaker. Could easily be converted back to a single family home. Has had some remodeling and updates. Great quiet neighborhood with ample on street parking."

I looked through my old shoebox and found a photo taken in 1965 that shows this property when it was a single family home. And look at what that little twig of a tree grew into in 49 years.

I then searched the Historic Sanborn Fire Maps to see if I could determine the approximate time this house was built. The very first time this house appeared on a Sanborn Ma was in 1912, but that does not mean it was constructed near that time. Blocks of houses were omitted from earlier additions of the maps. So all we know is that this house dates back to at least 1912.

 This was previously a single family house with a rear cottage that was converted to a multiple family dwelling several years ago. The character of the neighborhood really suggests that it is time to take this back to a single family home in my opinion, but a new owner could continue to rent the three legal units (there are three electric meters).  There is a scarcity of rental housing in the Old Town and Meadows area. It would be pretty easy to re-rent the three units and start collecting income.

I have posted photos of some of the rooms and the rear lot so that readers can get an appreciation of the condition of the house and size of the yard. 

CLICK HERE to view all the photos I took of this property. I do think it could be an up and running three unit building immediately after closing were a new owner looking at purchasing it as an investment property. But I believe the highest and best use of the property would be to take it back to a single family home.

The Monroe County Property Appraiser shows this property as having 1272 sq ft of living space capable of being air conditioned. The lot is shown as 3288 sq ft. There is more than enough room for the construction of a pool. Maybe the rear cottage could be converted into a pool house or possibly be removed to create even more rear outside living area.

CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

415 Bahama Street - Old Town Key West - Tropical Oasis with 4 Transient Licenses

Just listed, but not by me, 415 Bahama Street in the Old Town area of Key West. I found what I believe to be 415 Bahama Street on the 1889 Sanborn Fire Map of Key West. The houses were not numbered the same in 1889 as they are today. But the location of the house is in scale with the other properties that are (or were) located on that block.  If you love "old houses", you're gonna really love this one.

 In his book The Streets of Key West J. Willis Burke tells us that in the past Bahama Street was previously known as Chicken Bone Alley and that long time ago a Chinese hand laundry and small cigar factory were also located in this block.  I dug into the old shoe box and found a photo that dates back to around 1900 which shows 415 and 417 Bahama Street.  Today a small parking lot separates 415 and 417 Bahama Street.

 The black and white photo above shows 415 Bahama Street as it appeared in 1965. You can see that the second floor front porch was semi-enclosed after the 1900 photo was taken.  The "new" louvers provided more living space on what was the second floor porch or balcony.  Several larger Old Town homes had second floor porches enclosed with louvers during World War II. This allowed homeowners to rent theses spaces out as bedroom to the military whose population here swelled during the war. 

 I went back to the shoe box to find a photo of a vintage photo of a similarly designed Bahama house that is located at 730 Eaton Street (corner of Eaton and William Street).  Bahama style houses are noted for the expansive porches and multiple French doors that permit air to enter the house from all directions which  provides natural cooling from the heat and shelter from the rain. The second image (immediately above) is of the same house as it was immortalized in post card fashion.

The listing Realtor describes 415 Bahama Street as:
"A diamond in the Rough. A historical building in the heart of Old Town with 4 Transients Units. A great income producing property. Lots of Dade County Pine, Huge and private Courtyard with room for a pool and more parking spaces if desired. The units rent nightly. Half block from Duval, a couple blocks from the Seaport, just steps from the shops, restaurants and excitement of Duval Street without the noise. Established property manager. Unit 1 is a bright, sunny, 3 bedrooms, 2 bath. Unit 2 is second floor 2 Bedrooms, 2 bath with a den and huge balcony. Unit 3 is first floor 2 bedrooms, 1 bath with one of the bedrooms being huge. Unit 4 is 2 bedrooms, 2 Bath and 2 living/ Flex rooms. Very unique set up to maximize income."

According to the Key West mls datasheet CLICK HERE to view, 415 Bahama Street has 3672 sq ft of living space under roof capable of being air conditioned.  The lot is 5983 sq ft (an irregular 57.67' x 83.83').  The front of the house sits very close to the property line. I would guesstimate the rear yard to be 57.67' x 24" which may provide room for a sizable pool and deck area.  There are three large trees which a new owner would need to address as part of any redevelopment of this parcel. The space is quite large and offers significant development potential rarely available in Old Town.

The house is divided with two units on the ground floor. The front unit consists of a living area with kitchen, dining area, and three bedrooms. This unit is the only one that has use of the front porch.

Main level front living room and kitchen

Main level front left bedroom

First floor private outdoor area

If I purchased this property I would remodel this space into something more gracious than presently exists. In my opinion the rear unit would be the "money room" with direct views of the pool. I would add French doors across the rear and relocate the stairway to the second floor rear unit. During earlier days, the two bedrooms on the right side were a "separate unit" with access to the rear porch.  The old door still exists, but the space today is rented as a single unit.

Second floor front unit rear bedroom

Second floor front bedroom

Second floor front porch partitioned into sleeping areas

Imagine the louvers removed and the front balcony restored

 The second floor is similarly divided between front and rear units. The front unit (shown above) is accessed via side exterior staircase that enters into the living area. This space includes two bedrooms, bath, and the second floor front porch which as been enclosed and partitioned into three small sleeping areas. If I purchased this property, I would remove the louvers and open the space back up. This would add street appeal to the house and provide interior light to the second floor which is currently missing. The bonus effect would be to provide guests with private outdoor space and some great people watching opportunities. If you compare the house as it presently exists with the photos of the classic home at 730 Eaton Street, you may appreciate my vision as to how significant the removal of the louvers would impact this home. Instead of cramming heads in beds, a new owner could create an elegant private oasis near Duval Street.

The second floor rear is absolutely beautiful. The entire space is a mix of Dade County Pine and bead board which provides a very warm Old Key West charm that is sorely missing in so many of the new "renovations".  This portion of the house reminds me of how houses looked like when I first started looking at houses in the 1980s - a time before granite and stainless steel overtook the island.

Most of the original clapboard siding has been covered over with asbestos shingles which are perfectly fine if left alone. They cause no harm to any person in their present state. However, being the person I am, I would remove the shingles and restore the wood siding for a more correct historic look to the property.  I would extend the balcony along the south side of the house so that the entrance to the rear unit could be relocated to enter into the living area instead of a hallway that presently takes up a lot of valuable interior living space. Finally, I would add a pool at the rear.

Estimate 57' x 24' rear yard for redevelopment

Off street parking for at least three full size cars

CLICK HERE to view all of the photos I took of this very large Old Town property. (Click any photo to enlarge.) 415 Bahama Street has four valuable Transient Rental Licenses which permits daily rental of each living space throughout the year and without any limitation.  This property is offered for sale at $1,850,000.

I offered my opinion as to what I might do to improve the property and to perhaps boost the income potential. I must state that nothing needs to be done.  The property functions fine the way it is. I really mean it when I say I love the old Key West feel this property provides.  I just think it could be such a better property if a few improvements were added.

If you would like to see this property in person or if you would like more information, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com.  I am a buyers agent and a full time Realtor at Preferred Properties Key West.