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1311 Newton Street - The Meadows Area - Key West Just Listed by referred Properties (that's where I work but this is not my listing) 1311 Petronia Street which is located in the Meadows Area of Key West. The listing Realtor describes this 1272 sq ft property as

"Property is presently set up for 3 rental units and a bonus unit in the back for owner or caretaker. Could easily be converted back to a single family home. Has had some remodeling and updates. Great quiet neighborhood with ample on street parking."

I looked through my old shoebox and found a photo taken in 1965 that shows this property when it was a single family home. And look at what that little twig of a tree grew into in 49 years. I then searched the Historic Sanborn Fire Maps to see if I could determine the approximate time this house was built. The very first time this house appeared on a Sanborn Ma was in 1912, but that does not mean it was constructed near that time. Blocks of houses were omitted from earlier additions of the maps. So all we know is that this house dates back to at least 1912. This was previously a single family house with a rear cottage that was converted to a multiple family dwelling several years ago. The character of the neighborhood really suggests that it is time to take this back to a single family home in my opinion, but a new owner could continue to rent the three legal units (there are three electric meters).  There is a scarcity of rental housing in the Old Town and Meadows area. It would be pretty easy to re-rent the three units and start collecting income. I have posted photos of some of the rooms and the rear lot so that readers can get an appreciation of the condition of the house and size of the yard. CLICK HERE to view all the photos I took of this property. I do think it could be an up and running three unit building immediately after closing were a new owner looking at purchasing it as an investment property. But I believe the highest and best use of the property would be to take it back to a single family home.

The Monroe County Property Appraiser shows this property as having 1272 sq ft of living space capable of being air conditioned. The lot is shown as 3288 sq ft. There is more than enough room for the construction of a pool. Maybe the rear cottage could be converted into a pool house or possibly be removed to create even more rear outside living area. Posted by Gary Thomas at 1:14 PM Labels: 1311 Petronia Street Key West, gary thomas realtor, investment, key west real estate blog, pool, preferred properties, three unit

