1501 Truman Avenue, Key West - Transient Licensed Property

Sometimes we need to look backward to see forward. That's the case for the investment opportunity located at 1501 Truman Avenue in Key West. The listing Realtor, not me, describes this listing as a:

"Great Investment Opportunity. High Visibility On Truman Ave. 4 Units Each With Full Kitchen And Private Bath. Transient Licenses, Pool And Off Street Parking For Two Cars.Original Structure Has Dade County Pine.Needs Tlc,Being Sold As Is."

I recently took some photos for a potentially interested buyer which you can see if you CLICK HERE. I used the pocket camera and the pics are not all that good. You will quickly see that the camera would not have made much of a difference. This place needs work! A lot of it. Let's look back to a couple of older photos of this property.

 This photo shows the house much better than we can see it today because of all the trees and foliage that protects the house from Truman Avenue.  You'll notice the broad front porch which angles back on the right side where there is also one off street parking spot. Note also the exterior staircase to the second floor. That tells us there is no interior staircase. And finally we see a second floor front balcony that appears to have been added.

The above photo shows a banner across Truman Avenue welcoming M.W. Davis H. Wilkinson, Mason Grand Master of Florida to Key West in 1960. You can also see that wrap-around porch. The house has a stately look back then. Today, the beauty of the house is more difficult to see party because of all the trees but also because the place has not been maintained.  A good haircut never hurt anybody. It's gonna take more than a paint job to fix this old place, but it will certainly look much better after it gets a spiffed up.

The site is located at the corner of Truman Avenue and Pearl Street. The lot measures 49' X 88' or 4371 sq ft. The Monroe County Property Appraiser records show the main house plus rear first floor addition and a second rear cottage on the Pearl Street side total 2214 sq ft of living space capable of being air conditioned.  The stairs were removed from the main house. Today these areas are used as kitchens or baths for the three apartments that make up the current building. I think any renovation would remove the exterior staircase and relocate it back in the main house. 

Original staircase area now used as a kitchen.

The above photo shows the second floor apartment. The room on the right is where the stairway would have landed. The opened door leads to the front balcony that overlooks Bayview Park across the street. The views from the balcony are actually pretty interesting.

The three photos immediately above show two sawtooth additions appended to the rear of the main house followed by a rear cottage which the listing Realtor describes as an owner's unit. You'll see a nice pool located just off the owner's unit plus the sunny expanse on the opposite side of the tall white fence.  Each of the three apartments in the main house have a valuable Transient Rental License which permits daily rental.  The street photos also show what the listing Realtor describes as off street parking. CLICK HERE to view the Key West Association of Realtors mls datasheet on 1501 Truman Avenue which is offered for sale at $949,000.

The large building lot located on the far side of 1501 Truman Avenue is my listing at 1430 Albury Street (formerly 901 Pearl Street). This lot measures 50' X 70' or 3500 sq ft.  I think a smart investor might be able combine the two parcels into a single lot and potentially relocate one or two of the transient licenses into structures moved from the front portion to the rear or to build a new structure or structures there. There is actually plenty of room to have three stand alone cottages each with separate pool and parking. A land planner and a real estate attorney would need to advise a buyer whether such a combination is legally permissible and politically acceptable.  CLICK HERE to view the Key West mls datasheet on 1430 Albury Street which is offered for sale at $750,000.

I think that the old house combined with new construction could create a wonderful Renaissance project that could work. The transient licenses and the size of the vacant lot provides all sorts of potential for such a project. Please call me, Gary Thomas, 305-766-2642 to schedule a private showing of both properties. Let's look at what exists and explore what might be. I am a full time Realtor at Preferred Properties Key West. 

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.

1103 Fleming Street - Key West - Sitting Pretty with a Transient License

A lot of potential buyers for homes in Key West seek a house that can be rented to help defray a part of the cost of home ownership.  A few years ago the City of Key West adopted a restrictive ordinance that limited the number homes that would qualify to receive a transient rental license which would permit daily or weekly rentals throughout the year. The conch house located at 1103 Fleming Street is one of the few single family homes in Old Town that has a transient rental license.  It is offered for sale at the asking price of $1,099,000. The listing Realtor describes this property as:

"Transient License! Grossed $94,279 in 2013. Charming cottage on beautiful Fleming Street. 1 bed/1 bath down; king-sized bed/1 bath up with skylights & owner's closet, cocktail pool--resurfaced, new pump, new heater in 2013--with a private deck & outdoor shower. Cathedral ceiling in the living room with 3 sets of French doors to deck, pass through kitchen window, Dade County Pine, hardwood floors downstairs, tiled bathrooms. Excellent rental history since 2004. Walking distance to Duval Street, White Street & the Seaport District. Offered turnkey, all furnishings, cookery, cutlery, linens, etc. included."

 I did a quick search of the Historic Sanborn Fire Maps for Key West and learned that 1103 Fleming Street first appeared in the 1912 edition. Then I searched and found a photo of the house taken in 1970.  If you compare the black and white photo to the colored photo you will see that the house looks pretty much the same today as it did 44 years ago with the exception of a nice white picket fence that adds some privacy. 

The house has been updated with a newer kitchen, baths, and pool plus living room at the rear which has a cathedral ceiling. A bank of three sets of French doors bathes the living area with difused light. I showed this home a while back and asked the guest what they thought of the property. They were returning guests and had stayed there before. The loved this charming home that met all of their needs.

CLICK HERE to view the Key West mls datasheet on 1103 Fleming Street.  After you have looked at photos, please call me, Gary Thomas, 305-766-2642, to schedule a personal showing.  I am a buyers agent and a full time Realtor at Preferred Properties Key West.  

522 DuPont Lane # 1 - Key West - Transient Licensed Single Family Home

Just listed by Preferred Properties, that's where I work but this is not my listing, 522 DuPont Lane #1 in Old Town Key West.  If you have been dreaming of buying a place in Key West that you could rent when you are not using the property, this home may be the answer to your dreams.  The listing Realtor describes the property this way:

"TRANSIENT LICENSE! One half block from Duval Street with PARKING and a great pool and outdoor dining pavilion. There is one bedroom downstairs with an en suite bath and there is also a half bath downstairs. The living room has two pairs of French doors opening to the pool and deck. Upstairs are two bedrooms with en suite baths, vaulted ceilings and appealing balconies."

522 DuPont Lane is located at the end of what used to be called Titanic Lane.  The lane is located about 120 feet east of Duval Street on Petronia Street. It is the proximity to Duval Street that makes this property so appealing to returning visitors to Key West who want to be near all that Old Town has to offer.

 The property is completely gated and fenced. The two story house has 1568 sq ft of living space that includes three bedrooms, three baths plus a half bath, large living area with French doors that open out to the pool and deck. The pool is surrounded by tropical plants bathed in color French doors int he living room and bedroom open onto the courtyard. There is a separate poolside pavilion for alfresco dining.  And there is off street parking (adjacent).

 CLICK HERE to view the Key West mls datasheet and to view listing photos  This property may not be toured until March 15th.  But don't let that prevent you to consider purchasing this money maker.  This property has a valuable transient rental license and can be legally rented on a daily basis to a different vacation traveller every day of the year. That's not practical, but it is important to understand that this property can provide a steady income stream to you as an investor. There is one drawback to owning a property like this: you can't use it as often as you want because when you use it, you are not making as much money as you could.  What a darned plight to have!

If you would like more information on this house or if you would like to see it as soon as we can get inside, 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.  Let me help you fulfill your dream of owning a home in Key West.