Commercial Building - Waterfront View - Bank Owned - Key West

Are you that commercial buyer that has the concept for a commercial space with a water view in Key West? If so, the new listing for the commercial property at 1970 North Roosevelt Boulevard in Key West may be the property you have been looking for. The listing agent describes this Bank Owned property this way:

"Bank Owned property on the Boulevard in Key West FL! Faces the Gulf of Mexico across the street from Garrison Bight. Currently licensed for 70 seats (may qualify for up to 150 seats). Most recent use was Bait and tackle store in one space and 70 seat restaurant upstairs overlooking the Gulf. Inside and outside seating. There is covered storage at ground level of approximately 1,500 SF. Two buildings attached totaling 3,839 SF on a 15,472 SF lot. Endless possiblities on this highly visible building on N. Roosevelt Blvd. Large, lighted sign could be restored (pole is there with power to it)."

This property has parking on site as well as free municipal parking nearby. It has been totally refurbished with new metal roof, electrical, and plumbing with 3 new bathrooms. It is zoned for all commercial uses at the busiest intersection in Key West directly on Roosevelt Blvd. The site enjoys awesome water views of the Key West City Marina. The snazzy Key West Yacht Club is located across the street to the east.

Key West Yacht Club is located across the street to the east

Key West City Marina

Several years ago this property was a very successful locals bar and restaurant. I was told the lower level was also a drive-thru liquor store. That owner sold the property and went on to other ventures.

The most recent venture as a bait & tackle shop and restaurant was not the best "concept" I have heard of. A new owner may want to change the usage from restaurant to something quite different. The asking price of $995,000 or $259 per sq ft makes this property worthy of consideration as a potential renovation and conversion to a different use. I am not sure the existing "ramps" work for a restaurant or any other venture. If the property were converted to offices or mixed use, an internal elevator could be installed and that would permit ADA compliance and also clean up the cluttered exterior appearance.

There is additional parking in the rear where there is also a storage area with garage door.


If you are looking for a commercially zoned property in Key West with off street parking and a water view, this Bank Owned property may be the answer to your search. Please contact me, Gary Thomas, 305-766-2642 to obtain more information. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

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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.

829 Simonton Street - Old Town - Key West - Historic Investment Property

I distinctly remember going inside the old building at 829 Simonton Street on Superbowl Sunday (January 25, 1987). The place was a sandwich shop called "La Bodega". I had spent the afternoon at Atlantic Shores and wanted to grab a sandwhich. The place was near and the food was good. My needs were met. Fast forward 24 years and the building looks pretty much the same.

The unpainted facade looks pretty much today like it did when the two photos below were taken.

829 Simonton Street Key West May 2011

The building was called The Square Deal Market when the photo above was taken in 1965 by the Monroe County Property Appraiser. The appraiser says the building was built circa 1974. The sign at the street advertises "STEAK 89 cents lb." and "Homo Milk".

The pic above was taken in 1970 before Key West got gentrified.

The 4662 square foot building (listing agent provided) which is located on a 51' x 106' (5353 sq ft) lot near the top of Solares Hill and just one block south of Truman Avenue. The listing Realtor describes this investment property this way:

Exquisite mixed use piece of property- Historically renovated with exceptional eye to detail. The downstairs of this property consists of two commercial bays each with about 998 square feet. The upstairs is made up of two residential units. One unit is a 2br/2ba with 1678 square feet. The other is a 1br/1ba affordable housing unit with 463 square feet.It features 7 off-street parking spots."

The property has been renovated a couple of times in the past ten years. The most recent renovation converted the front downstairs space into offices which are now used as a real estate office. The photo above was taken from the large parking lot located on Olivia Street. Listing agent says there is parking for seven vehicles. Note the beautiful Royal Poinciana Tree that frames the lot.

The asking price on the investment property at 829 Simonton Street is $1,600,000. If you are interested in this property, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

419 Simonton Street - Old Town Investment Property - Key West

419 Simonton Street - Old Town - Key West

Just listed, but not by me, 419 Simonton Street in Old Town Key West. The listing agent describes this property like this:

"Historic, 2 story residence on a 5967 sq ft Old Town lot that's close to everything. Covered balcony & covered porch on front. Upper level balcony & covered porch at rear. Currently set up as four legal apartments (with four 1.0 ROGO's & 4 electric meters) and one off street parking space. Lot has mature Spanish Lime trees and at nearly 6,000 sq ft, it affords room for expansion or pool. HNC-1 zoning lends to many potential uses (City approval required). Convert to grand single family residence, keep apartments, condo out, put in 'light' commercial aspect, etc.., this is a great opportunity to acquire a superb Old Town property."

Click GOOGLE MAP for a great aerial view of this property. Then move the toggle switch and look at the street view. The Dean Lopez Funeral Home is across the street. Other neighbors include a Chinese restaurant, an antique store, a guest house, the Methodist Church, Voltaire Book Store, and the Marquesa Hotel and Cafe Marquesa on the corner. The setting is Key West urban for sure. As the listing Realtor says "HNC-1 zoning lends to many potential uses (City approval required)".

The Monroe County Property Appraiser shows this property as having 2469 sq ft of living space on two floors. The lot is an irregular rectangle of approximately 44' (wide) x 83' (length). The listing agent says room for a pool. But be cautious because of the big trees in backyard. This is a big property for Old Town both in size of building and lot size. The location does lend itself to several different uses. The asking price is $759,000. This is an estate sale. CLICK HERE to view the Key West mls database and more photos of this property.

Off street parking - for two cars!

If you would like to see 419 Simonton Street, or any other property in Key West, 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.

Bank Owned - Office Building - Key West

Just listed, but not by me, a Bank Owned Office Building located at the very entrance to Old Town Key West. The listing agent describes the property this way:

"Bank Owned Property priced to sell! First Building to be seen from US Hwy 1 driving West into Old Town Key West. Highly visible office building with parking on Truman Ave (US Hwy 1). Property was renovated in 2002. Reception, private offices, kitchen area, ADA compliant bathrooms."

1511 Truman Avenue is located at the intersection of Eisenhower Drive and Truman Avenue. Bayview Park (Key West's main city park) is located across the street. While the building has four parking spaces, there is abundant on street parking across the street which could me most helpful for a busy office or retail location. Patients, clients or customers could use park facilities while waiting to see doctor, business professional, or whoever. If the interior partition walls were removed, this would be an excellent building and location for a gym. The view from the inside looking toward the park should make working there a joy.

Abundant on street parking across the street

The listing agent says the building has 3354 sq ft of interior space that sits on a 101' x 42' lot (3963 sq ft lot-numbers taken directly from Property Appraiser's website).

The reception area is exceptional. Any business professional would love to have a reception area like this. No renovation money needed here. There are several existing offices and meeting rooms that could work well for many business types without requiring much remodeling. There is one very large uni-sex bathroom; somebody should have thought better about that! CLICK HERE to view lots of photos I took of the building just a couple of weeks ago when it was tenant occupied.

Reception area looks out toward Bayview Park across the street

Even though this building was remodeled only a few years ago, it has two problems that a buyer should consider. First, there are several noticeable stains in ceiling tiles which indicates the roof has problems. I noticed one huge problem in a conference room. (See photo below.) Second, there is a bit a spauling on the outside. That is a common occurrence in poured concrete buildings in Key West. A building inspector can advise a potential buyer as whether this warrants concern. A new owner might want to tone down the exterior paint colors, but otherwise, this is a very attractive office building. There is lots of space and abundant daylight.

Conference room leak

Minor spauling

1511 Truman Avenue is a Bank Owned property that is priced to sell at $574,500 or $171 per sq ft. This is a property definitely worth looking at quickly. Please call me, Gary Thomas, 305-766-2642 to arrange your showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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Strip Center - 1200 White Street - Key West

1200 White Street Strip Center Key West Florida in 1965

The same strip center in 2010

The strip center shown above is located at 1200-1206 White Street in Key West. Locals know the building by sight. Ugly sight. A sight that needs razed and rebuilt or renovated into something befitting the location. The asking price has been reduced to $999,000. CLICK HERE for more info and photos.

This is how the listing Realtor describes this property:

"A rare, mixed use strip center with adjacent parking lot on busy White Street in Key West. There are three commercial units and two residential units on this property. Property was formerly used as a bakery and has the potential to be opened under a similar use. White Street is the fastest growing commercial corridor in Key West, acting as a border of Old Town and New Town Key West.Owners may consider owner financing package. Included in sale 1212 White Street."

The property sits in the last block of commercial property in the 1200 block of White Street. All of the remaining properties situated to the south lead to the Atlantic Ocean and the beaches except for two small churches and a doctor's office that is located in a house. The commercial enterprises in the immediate vicinity include the Island Gym, a real estate office, a super expensive hamburger joint, a hand job car wash, Island Tile, Dog 30, a real estate appraiser's office, several yoga places, two gas stations that sell very expensive gas (must be imported or something), several art galleries and antique stores, several hair clip joints, a very confusing French restaurant, more art galleries, a travel agency, a few guesthouses, and Faustos Grocery. The National Weather Service is located one block to the south across the street from the old Key West High School that is used as an elementary school today.

Two parcels that are for sale that have a total square footage of 8147 sq ft according to the listing Realtor. The two properties have approximately 153'.26" frontage on White Street. The lots are 51'9" deep per the Monroe County Appraiser's website.

The adjacent parking lot at 1212 White Street is included in the offering

1223 White Street Key West Florida in 1965

The same location but all new and really attractive mixed use development in 2010

Cars enter on United St and exit on White Street

Look a the three photos immediately above. The black and white pic was taken in the 1960s and shows a one story CBS building (concrete block structure) that was used as a pizza parlor. That structure was razed and a new commercial /residential building with parking was erected in 2007. The new building is mixed use of commercial office space on ground level and residential apartments on the second. A nice bricked parking area and landscaping complete the parcel development. The property at 1200 White has about 40' less frontage but the lots are just about equal in depth. I think that a structure somewhat akin to the building above might work for 1200 White Street. The 1200 White Street lot size is smaller and a new building could not be as large as the one pictured.

There is a real need for nice new office space with parking in the Old Town and Mid Town areas. If you are an investor or developer looking to acquire a development parcel such as this, please call me, Gary Thomas, 305-766-2642 or Phil Wilson, 305-394-4105. We are both full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Phil Wilson has extensive commercial sales and leasing experience. Together, let us help you find your investment opportunity in Paradise.

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