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127 & 121 Monroe Drive DRIVE #1-3

Tavernier, FL 33070

$2,899,000 $12,222/Mo

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Overview

Bed

Bath

2,409

Sqft

Description

Exceptional investment and lifestyle opportunity in the heart of Plantation Key. This offering includes a triplex income property together with the adjacent multifamily lot, giving you both immediate rental income and room to grow. In the Village of Islamorada, it is rare to find side-by-side multifamily parcels in such a convenient, desirable Upper Keys neighborhood. 127 Monroe Drive is a concrete triplex of roughly 2,400 sq ft on a 7,500 sq ft lot, with 3 rental units (1/1, 1/1, 2/2), full kitchens and baths, abundant on-site parking, and comfortable outdoor living areas. Units 1 and 3 were renovated with fresh finishes and updated interiors that attract solid tenants and keep maintenance in check. In 2025, the dock electric was upgraded with a dedicated meter for the dock power, one on each property.Next door, 121 Monroe Drive is an additional multifamily parcel of about 7,500 sq ft, now vacant and ready for your next phase of development. Consider adding more units, a pool, covered parking with storage, or enhanced outdoor spaces to create a cohesive compound and boost rental revenue. Multifamily waterfront land in Islamorada is limited, and demand for quality rentals remains strong. With recent upgrades already completed and easy access to the mainland, this combined offering is a great opportunity for investors, 1031 buyers, or owner-operators who want a flexible Keys property with income today and room for future build-out and long-term appreciation. Free access to Founders Park, with sandy beach, swimming pool, boat ramp, playground, tennis, pickleball, walking paths, sports fields, dog park and daily fun activities and regular events.

Property Details

Property Type : Multi-family

Price : $2,899,000

AD Id : 84903018

MLS Id : 620278

Beds : 4

Living Area Size : 2,409

Year Built : 1972

County : Monroe

Subdivision: Oasis

Map

What's Nearby

Nearby Areas

Features

Bedroom Information

Total Bedrooms: 4

Bathroom Information

Total Baths: 4 Full Baths: 4
Interior Features

Drapes/Blinds Incl Appliances: Washer,Stainless Steel Appliance(s),Microwave,Oven,Refrigerator,Dishwasher,Dryer
Roofing Information

Concrete Roof

Flooring Information

Tile,Laminate

Heating & Cooling

Cooling: Ductless Heating: Ductless Water Front: Yes Canal Front Canal View

Window Information

Window Treatments: Other Windows/Doors,Impact Rstnce Window

Building Information

Year Built: 1972 Total Units: 3.00 Floor Location: 15000 Construction: CBS Roof: Concrete Roof
Exterior Features

Chickee Hut

Lot Information

Lot Dimensions: 120 X 250 Lot SqFt: 15,000 Lot SqFt Source: Property Data Card BK 1 W 1/2 LOT 4 VACATION VILLAGE AMND AND EXTENDED PB5-69 PLANTATION KEY OR528-881 OR1316-2492 OR2973-641 OR2973-642 OR
Property Information

SQ ft (Living Area): 2,409 View: Canal View Subdivision: Vacation Village - AMD (89.0) Stories: 2 Stories

Listing Price Information

List Price: $2,899,000
Listing Information

No Seller Finance,Cash,FHA,VA,Conventional

Tax Information

Taxes: $21,308 Tax Year: 2025 Parcel Number: 00417500-000100 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,Elect Separate Meter,Cable Available,Municipal Sewer

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Nearby Home Value

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145 Casa Court Drive, Tavernier, FL, 33070	$765,000	2	3	1,824	1,824 SqFt
185 Dove Lake Drive DRIVE, Tavernier, FL, 33070	$750,000	5	3	2,197	2,197 SqFt
102 Harry Harris Drive .., Tavernier, FL, 33070	$779,000	4	2	1,496	1,496 SqFt
220 W Indies Road ROAD, Tavernier, FL, 33070	$714,900	4	2	1,541	1,541 SqFt
189 Casa Court Drive, Tavernier, FL, 33070	$880,000	--	--	1,804	1,804 SqFt