7 Beds
7 Baths
3,956 SqFt
7 Beds
7 Baths
3,956 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Units
Listing Status Active
Purchase Type For Sale
Square Footage 3,956 sqft
Price per Sqft $880
Subdivision Old Town - Unlisted (1.0)
MLS Listing ID 619578
Style Above Flood
Bedrooms 7
Full Baths 7
HOA Y/N No
Year Built 1943
Annual Tax Amount $16,589
Tax Year 2025
Lot Size 4,986 Sqft
Acres 0.11
Lot Dimensions 91 X 55
Property Sub-Type Multi-Units
Land Area 3956
Property Description
Substantial renovation is already complete on four of the 1-bedroom units; only the single family house renovation and condo conversion remain. The current owner, an experienced developer, invested significant time and capital securing previous approvals with the assistance of seasoned local professionals to renovate and then convert the rentals to condos, including detailed architectural plans, local-attorney-prepared condominium documents, a proposed survey for the 5-6 unit condo development, detailed labor and materials cost projection by a local licensed contractor for the construction of the house, and full submittal documents and a building permit issued in early 2024. The only thing missing is a new buyer ready to complete the process. The property's ideal central location in the very heart of Old Town just two short blocks from Duval St., combined with the insurance savings and peace of mind given the high elevation, added to the redevelopment design and previous permitting, represents measurable, tangible value. The property's 6 residential units break down as follows:(1) an architecturally redesigned home at 709 Whitmarsh Ln, with parking and pool, to replace the current single-family home and studio apartment, and (2) 4 additional, fully renovated, large 1-bedroom apartments housed in a historic 2-story building at 713 Whitmarsh Ln. This outstanding investment opportunity represents 6 legal, currently rented units in the absolute best location in Old Town Key West and with the building permit previously issued, a streamlined path to final execution of the condominium redevelopment. All final entitlements and approvals to be confirmed and completed by buyer. Fully tenant occupied, photos taken prior to move in.
Location
State FL
County Monroe
Area 02 - Key West
Zoning HHDR - Historic High Density Residential
Direction Truman Ave. and make a right on Simonton St. Right on Angela St. Right on Whitmarsh Lane. Property is second on the left.
Interior
Cooling Wall/Window Unit(s), Ceiling Fans(s)
Flooring Vinyl, Tile
Furnishings Unfurnished
Window Features Single Hung Windows
Appliance Dryer, Washer, Range, Refrigerator
Exterior
Exterior Feature Privacy Wall/Fence, Storage
Utilities Available FKAA, Municipal Sewer, Buyer To Verify
Waterfront Description None
Roof Type Metal Roof
Porch Open Porch/Balcony
Garage No
Building
Architectural Style Above Flood
New Construction No
Others
HOA Fee Include None
Tax ID 00015540-000000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Pets Allowed Yes