Active

709 Whitmarsh Lane LANE

KEY WEST, FL 33040

$3,485,000 $14,692/Mo

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Overview

Bed

Bath

3,956

Sqft

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 li censed 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.

Property Details

Property Type : Multi-family

Price : $3,485,000

AD Id : 77613314

MLS Id : 619578

Beds : 7

Living Area Size : 3,956

Year Built : 1943

County : Monroe

Subdivision: Old Town - Unlisted (1.0)

Map

What's Nearby

Nearby Areas

Features

Bedroom Information

Total Bedrooms: 7

Bathroom Information

Total Baths: 7 Full Baths: 7
Interior Features

Appliances: Washer,Range,Refrigerator,Dryer
Roofing Information

Metal Roof

Flooring Information

Tile,Vinyl

Heating & Cooling

Cooling: Wall/Window Unit(s),Ceiling Fans(s) Water Front: No None No Waterview

Window Information

Window Treatments: Single Hung Windows

Building Information

Year Built: 1943 Total Units: 6.00 Floor Location: 4986 Construction: Frame,Stucco Roof: Metal Roof
Exterior Features

Privacy Wall/Fence,Storage

Lot Information

Lot Dimensions: 91 X 55 Lot SqFt: 4,986 KW PT LOT 1 SQR 1 TR 4 G12-306/07 OR773-374/76 OR1197-1270 OR1540-1177 OR2185-1541/42 OR2403-2028 OR2931-535 OR2960-184
Property Information

SQ ft (Living Area): 3,956 View: No Waterview Subdivision: Old Town - Unlisted (1.0) Stories: 2 Stories

Listing Price Information

List Price: $3,485,000
Listing Information

Cash,Conventional

Tax Information

Taxes: $16,589 Tax Year: 2025 Parcel Number: 00015540-000000 Tax Exemptions: None

Multi-Unit Information

Pets Allowed: Pets Allowed
Homeowners Association Information

Mandatory Home Owners Asc: No 1st Right of Refusal: No Association Fee: $0.00

Utility Information

FKAA,Buyer to Verify,Municipal Sewer

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