The new Short Sale listing (this is not my listing) at 809 Fleming Street will surely get a lot of attention because of the prime Old Town Key West location. It has a lot of Rah! Rah! Rah! factor. The house was built in 1906 as a single family residence. The property is currently a legal two story duplex. Upstairs is a 3 bedroom, 1 bathroom - 699 sq ft unit with a balcony overlooking the 800 block of Fleming Street that rents for $2,000 per month. Downstairs is 2 bedroom, 2 bathroom - 1074 sq ft with a terrace that also overlooks Fleming Street. this apartment rents for $2400 per month. The property has off street parking. The asking price is $799,000 or $450 per sq ft.
Everybody knows the value of location. This place has location, location, and location. As an investment property, this duplex has the appeal of being well located with enough bedrooms and living spaces plus the front balconies to attract long term renters with ease. A lot of local singles live in roommate situations where rent is divided based on the number of bedrooms or space shared. This location is great for locals who do not have a car because most of Old Town is within an easy walking or biking distance to most jobs and most of the nightlife. Duval Street is three blocks west, the Historic Key West Seaport is two blocks north, and just about any place important is within a five to ten minute walk. Keeping this property occupied will never be a problem.
A prospective buyer might decide to upgrade the property and perhaps add a pool where the parking presently exists. It has Dade County Pine on the inside and classic Key West charm on the outside. The location might make this property an excellent renovation project for the buyer who wants to create a small island oasis that he or she could rent as a vacation rental to help defray the cost of ownership. Or a new owner could simply continue to collect the rent on one unit and live in the other. CLICK HERE to view the Key West mls datasheet on this property.
This property is located on guest house row. Several of the larger gay guest houses in Key West are located on this particular block including Oasis, Coconut Grove, Equator, and Coral Tree Inn. Curry House is an all welcome guest house that is located across the street. A couple of small commercial businesses including an art gallery are located on this block as well. There are a couple of single family homes on the block, and the remaining properties are apartments or condos. I am not sure that conversion to a single family home makes the most sense for this property on this block.
CLICK HERE to view a slide show of photos I took of this property. Better yet, please call me, Gary Thomas, 305-766-2642 to arrange a showing of this property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.