4 Beds
4 Baths
2,409 SqFt
4 Beds
4 Baths
2,409 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Units
Listing Status Active
Purchase Type For Sale
Square Footage 2,409 sqft
Price per Sqft $995
Subdivision Vacation Village - Amd (89.0)
MLS Listing ID 620278
Style Above Flood
Bedrooms 4
Full Baths 4
HOA Y/N No
Year Built 1972
Annual Tax Amount $21,307
Tax Year 2025
Lot Size 0.344 Acres
Acres 0.34
Lot Dimensions 120 X 250
Property Sub-Type Multi-Units
Land Area 2409
Property Description
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.
Location
State FL
County Monroe
Community Community Boat Ramp, Bike Paths, Beach, Clubhouse, Tennis Court(S), Pool
Area 25 - Plantation Key
Zoning MF - Multi-Family Attached
Interior
Interior Features Drapes/Blinds Incl
Heating Ductless
Cooling Ductless
Flooring Tile, Laminate
Furnishings Unfurnished
Window Features Impact Rstnce Window,Other Windows/Doors,Shutters
Appliance Dryer, Washer, Dishwasher, Microwave, Oven, Stainless Steel Appliance(s), Refrigerator
Exterior
Exterior Feature Chickee Hut
Parking Features Open, Guest, Off Street
Community Features Community Boat Ramp, Bike Paths, Beach, Clubhouse, Tennis Court(s), Pool
Utilities Available Electric Separate Meter, Cable Available, FKAA, Municipal Sewer
Waterfront Description Canal Front
Roof Type Concrete Roof
Porch Screened Patio, Screened
Garage No
Building
Architectural Style Above Flood
Others
HOA Fee Include None
Tax ID 00417500-000100
Pets Allowed Yes