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Amy Bruggeman

amy@americancaribbean.com +1(305) 619-0818

Listed by Keith Bland Truman & Co. (KW)

$ 3,485,000

Est. payment | -/mo

7 Beds

7 Baths

4,986 Sqft Lot

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$ 3,485,000

Est. payment | -/mo

Save

7 Beds

7 Baths

4,986 Sqft Lot

Key Details

Property Type Commercial

Sub Type Residential Income

Listing Status Active

Purchase Type For Sale

Subdivision Old Town - Unlisted (1.0)

MLS Listing ID 619585

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 Residential Income

Property Description

This exceptional 6-dwelling unit redevelopment opportunity perched atop Solares Hill, the 18' highest point in Key West, is practically shovel-ready and includes top-level planning & design that resulted in an issued building permit in 2024. 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 before occupancy.

Location

State FL

County Monroe

Area 02 - Key West

Zoning HDR - High Density Residential

Direction Simonton St and turn right on Simonton St. Turn right on Angela St. Turn right on Whitmarsh Ln. Property is second on the left.

Interior

Interior Features Laundry Room

Cooling Wall/Window Unit(s), Ceiling Fans(s)

Flooring Vinyl, Tile

Window Features Single Hung Windows

Appliance Dryer, Washer, Range, Refrigerator

Exterior

Utilities Available FKAA, Municipal Sewer, Buyer To Verify

Waterfront Description None

Roof Type Metal Roof

Garage No

Others

HOA Fee Include None

Tax ID 00015540000000

Acceptable Financing Buyer Obtain Finance

Listing Terms Buyer Obtain Finance

709 Whitmarsh LN Key West, FL 33040

Amy Bruggeman

Key Details

Location

Interior

Exterior

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709 Whitmarsh LN