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    2503 Fogarty Avenue

    Key West, FL 33040
    • $969,000
    • STATUS: Active
    • ON SITE: 50 days
    • MLS #: 590892
    UPDATED: 174 min ago
    $969,000
    • 5
      BEDS
    • 0.11
      ACRES
    • 3
      BATHS
    • 0
      1/2 BATHS
    • 1,900
      SQFT
    • $510
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1943
    County:

    School Ratings & Info

    Description

    The Perfect Key West Investment Retreat. This Keys home is an incredible investment opportunity with historical gross annual rental income of $88,200 and potential CAP rate of 7% - a return you will not find often!! This is currently a multi-family home with two separate meters, two full kitchens, but with many options for income and personal use...perfect for customizing to your unique goals and personal plans for your Keys homeownership. Perfect opportunities for both long-term (annual) rental, monthly vacation rental, and owner occupation amongst the three units. The property includes a sunny private pool, a vast, fully-fenced yard with mature landscaping. Plenty of available parking out front and ample space throughout the fully fenced property for your improvements.The main unit in the back of the house is a 2 Bedroom, 1 Bathroom one-story layout with an upgraded kitchen. French doors open out to the pool area and the bathroom has an easy door out to the pool as well. The back unit has central AC and a new washer and dryer. The back unit has been rented as both a long-term rental and a vacation rental and consistently sees $42,000 per year ($3,500 per month) in gross revenue as a long-term rental. When rented as a vacation rental, monthly income ranges by month of the year. The front unit is a 2 Bedroom, 1 Bathroom one-story layout with a full kitchen, spacious living room, washer & dryer, and fenced in front yard. It is rented as a long-term rental and has been occupied consistently with no vacancies for many years. It consistently sees gross rental revenue of $30,000/year ($2,500 per month) for the front unit, plus tenant pays utilities. The tower suite is a two-story studio-style loft apartment with a full bathroom and a closet. Accessed by sliding glass doors off of the back deck, this cozy suite is perfect for a casual owner lockout for owner stays or a long-term rental up to $16,200/year ($1,350 per month). Don't miss this perfect opportunity for investment, personal use, or a lot of both.

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    The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than KeyIsle Realty are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
    www.keyislerealty.com/homes/105917612
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    2503 Fogarty Avenue Key West, FL 33040

    • Price: $969,000
    • Status: Active
    • Updated: 174 min ago
    • MLS #: 590892
    5
    Beds
    3
    Baths
    0
    ½ Baths
    0.11
    Acres
    1,900
    SQFT
    $510
    $/SQFT
    1943
    Built
    Neighborhood:
    Midtown East
    County:
    Monroe
    Area:
    03 - Key West
    Property Description
    The Perfect Key West Investment Retreat. This Keys home is an incredible investment opportunity with historical gross annual rental income of $88,200 and potential CAP rate of 7% - a return you will not find often!! This is currently a multi-family home with two separate meters, two full kitchens, but with many options for income and personal use...perfect for customizing to your unique goals and personal plans for your Keys homeownership. Perfect opportunities for both long-term (annual) rental, monthly vacation rental, and owner occupation amongst the three units. The property includes a sunny private pool, a vast, fully-fenced yard with mature landscaping. Plenty of available parking out front and ample space throughout the fully fenced property for your improvements.The main unit in the back of the house is a 2 Bedroom, 1 Bathroom one-story layout with an upgraded kitchen. French doors open out to the pool area and the bathroom has an easy door out to the pool as well. The back unit has central AC and a new washer and dryer. The back unit has been rented as both a long-term rental and a vacation rental and consistently sees $42,000 per year ($3,500 per month) in gross revenue as a long-term rental. When rented as a vacation rental, monthly income ranges by month of the year. The front unit is a 2 Bedroom, 1 Bathroom one-story layout with a full kitchen, spacious living room, washer & dryer, and fenced in front yard. It is rented as a long-term rental and has been occupied consistently with no vacancies for many years. It consistently sees gross rental revenue of $30,000/year ($2,500 per month) for the front unit, plus tenant pays utilities. The tower suite is a two-story studio-style loft apartment with a full bathroom and a closet. Accessed by sliding glass doors off of the back deck, this cozy suite is perfect for a casual owner lockout for owner stays or a long-term rental up to $16,200/year ($1,350 per month). Don't miss this perfect opportunity for investment, personal use, or a lot of both.
    Exterior Features

    Above Flood Unknown Construction Cbs Dockage None Exterior Features Fencing Land Size Less Than 1/4 Acre Pool Info In Ground Pool YN Yes Porch Balcony DeckOpen Porch/BalconyPatio Roof Metal Roof Side Median Style Multi-Units Vehicle Storage Open Parking Waterfront None Waterfront YN No Waterview No Waterview

    Interior Features

    Appliances DishwasherDryerMicrowaveOvenRangeRefrigeratorStainless Steel ApplWasher Cooling Heating Ceiling FansCentral A/CDuctless A/C Floor Tile Floor Furnished Furniture Negotiable Pre Wired Cable Specialty Rooms Loft Windows Doors French Doors

    Property Features

    Assoc Fee 0.00 Assoc Hoa YN No Assoc Right Of Refusal No Bank Owned No Bank Owned Financial Status No City Key West Condition Updated/Remodeled Control Depth 0 Deed Restrictions Unknown Fee Includes None Flood Zone Ae Key West Neighborhood Midtown East Listing Board Key West Association Mile Marker 3.00 Min Rental Days 30.00 Pets Pets Allowed Potential Short Sale No Potential Short Sale Financial Status No Public Sewer Hookup Yes Rentals Allowed With Restrictions Sq Ft Source Seller Tax Exemptions HomesteadNone Tax Year 2019 Taxes 4164.44 Terms CashConventional Title Negotiable Total Units 3.00 Utilities Buyer To VerifyCable AvailableElect Separate MeterFkaaOther Sewer/WaterWater Separate Meter Zoning Sf - Single Family

    Listing courtesy of Alexis Kennedy O'donnell of Last Key Realty, Inc (Kw).


    The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than KeyIsle Realty are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
     
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