1200 Varela Street - Just Became a Better Compound Investment

Talk about "compound investment", checkout the legal duplex at Varela Street Compound (located at 1200 Varela Street) in the SoTru area of Key West. SoTru is South of Truman.

The listing agent describes this property thus:

"Charming Key West Compound consisting of 7 homes and a shared pool. Completely fenced and very private. Lower unit has large covered deck and upper unit has large covered balcony.Both units are 902 Sq Ft under air w/dishwashers and stack W/D. Upper unit has vaulted ceilings & stained glass transoms. Entrance to compound and duplex off Catherine St. through secured gate."

Entrance to the Compound shown above

Notice the palladium windows in the lower level unit

The photos above show this two story unit that sits at the corners of Catherine at Varela Streets. CLICK MAP The duplex is equally divided into two floors of 902 sq ft each. Each unit has two bedrooms and two baths. The asking price on this short sale property was just reduced to only $374,900 or $208 per sq ft. CLICK HERE to see the mls listing info and to view photos of this unit. Checkout that pool!

This duplex might be the perfect property for a buyer that wants to have his cake and eat it too. A new owner could rent one unit long term and use the income to help make mortgage payments. The new owner could alternatively live in the other unit full time, use it for extended owner visits, or rent both units.

These units are spacious. The second floor unit has great vaulted ceilings. Both units have palladium windows which create dramatic interior spaces. Both have large rear balconies that open onto the private courtyard. I think there is plenty of room for a private pool inside the private courtyard. The interiors are a little dated but they do not require anything that I could see when I showed the property.

This compound has historically had a low turnover of units. Most of the other units are owner occupied. The neighborhood has a mix of expensive to moderate priced homes and condos. There are many rentals in the area as well. This is a very stable "community".

Corner of Catherine and Varela Streets in the SoTru area of Key West

The shops and galleries on White Street are just one block to the east. The Atlantic Ocean and beaches are about six blocks to the south and Duval Street is and equal distance to the west.

If you are looking for a place to stash your cash, please call me, Gary Thomas, 305-766-2642. Let's take a look at 1200 Varela Street to see if it will meet your investment needs. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.