225 Petronia Street, Key West - Investment Property

Just listed - 225 Petronia Street. This commercial/residential  property is located two blocks west of Duval Street at the corner of Thomas Street in Key West. The listing Realtor describes the property this way:

"Fantastic potential for this large property in Bahama Village. One of the premier commercial locations in the area. Across from Blue Heaven, La Creperie and Johnson's Grocery; just hard to find a better location on what is proposed to be the entrance street to the waterfront at Truman annex."

I looked in my old shoebox and found a photo of this same building that was taken back in 1965. The black and white photo shows an adjacent building located to the right. That building which appears to be a single family residence no longer exists. The empty space is now used as parking for the building at 225 Petronia Street. I checked the Monroe County Property Appraiser's files and learned that the CBS (concrete block structure) was built in 1953 and has 2156 sq ft. of mixed-use space. In One Era Antiques is the current tenant in the commercial space. The balance of the building is residential. The 5292 sq ft lot has 98 feet frontage on Petronia Street and 54 feet frontage on Thomas Street. There is gated and fenced parking on the Thomas Street side.

I found a second photo also taken in the 1960s that shows Bop Brown's Jazzy Spot which was previously numbered as 225 Petronia Street. That building was razed and expanded or incorporated into the current CBS building.  

Frequent readers may recall that I wrote about nearby 221 Petronia Street (above photo) when it was offered for sale in mid January. That fire ridden building just sold for $460,000 cash. I think it equally possible that the 221 Petronia Street property might be razed and rebuilt or that it might be renovated into commercial usage. The Firefly Restaurant is located between 221 and 225 Petronia Street. CLICK  HERE to view more photos of the area.

The listing agent believes the current CBS building  at 225 Petronia Street can be razed and a new mixed use building could be built in its place similar to what was constructed across the street at 300 Petronia where La Creperie is now located. I found two photos of the previous smaller commercial building at 300 Petronia which was razed to make way for the current 2 1/2 story building. The new building has commercial space down and two apartments on the second level plus two off street parking spots. The 300 Petronia Street lot is 4,433sq ft or 861 sq ft small than the parcel at 225 Petronia St.

CLICK HERE to view the Key West mls datasheet on 225 Petronia Street. Then please call me, Gary Thomas, 305-766-2642 to schedule a showing of this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

1201 Pearl Street, Key West - Bank Owned

The newly listed Bank Owned property at 1201 Pearl Street in Key West will surely attract a lot of attention and for good reason.  The house was updated about 20 years ago when the interiors were remodeled, kitchen and baths updated, and pool added. There is off street parking for two cars. And it is located near schools and Bayview Park. Asking just $480,000.

I found 1201 Pearl Street on the 1912 Sanborn Fire Map for Key West. The prior additions neglected this area. That means the house existed as of 1912 but could have built much earlier. I also found of the house taken fifty years ago. The photo is faded and looks more like it was taken a hundred years ago. At first glance you may think I got the photo mixed-up with some other property. Taint the case. The front entry was flipped from the right side to the left. The steps to the front porch are still located in the same place. A privacy screen was added to the left side of the porch. The jalousie windows have been replaced. The 1950s ear carport was nixed and that area was enclosed to provide privacy for the new pool.

The listing Realtor, not me, describes this two bedroom two bath home this way:

"Great 2/2 single family home with a private pool. Large great room with cathedral ceilings and skylights. One bedroom and full bath upstairs with lots of storage. Open kitchen with washer and dryer area. French doors overlooking private yard and pool. Fully fenced corner lot. Midtown location close to schools, shopping and beaches."

The original house was totally reconfigured during the renovation and expansion that occurred in 1995-1996.  The entry was relocated to the left side of the house where the hall leads past the front bedroom and bath to the new great room and kitchen at the rear. Midway there is new stairway that leads up and back towards the front of the original house. There is now a full bedroom and bath on this level. The old metal louver shutter seen in the black and white photo above still opens out to view Pearl Street below.

A new V-crimp roof and all new windows and doors were added throughout this house during the renovation. Double sets of French doors open out the deck and pool area. The garden area is now overgrown. As I stood taking photos I could tell the former owners had taken good care of this house and must have loved the outdoor space. CLICK HERE to see all the photos I took of this property.

CLICK HERE to view the Key West Association of Realtors mls datasheet on 1201 Pearl Street located two houses away from the famous Rose Tattoo House and around the corner from the former home of Tennessee Williams. After you have looked at the listing info, 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.

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.