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Maya Thomas' Blog

By Maya Thomas LLC, Broker | Agent in Key West, FL

Multi Unit Investment Property 1010 Grinnell St., Key West FL 33040

Multi Unit Investment Property 1010 Grinnell St., Key West FL 33040

1010 Grinnell in Key West FL. 4 unit compound one block off of Truman Avenue. Unit A, B and C are connected. A is closest to the street. C is farthest from the street. Unit D is a commercial store front. Unit A, B and C will be sold together and are bank owned properties. Unit D is not in default.

Don's Place bar is on the corner. The Mac Store is on another corner. A Bike Shop is on another corner. A laundry mat and little take out restaurant are on the 4th corner. 1010 Grinnell is 5 blocks from Duval Street, a quick bike ride to the beaches and 5 blocks to Horace O Bryant middle school.

1010 Grinnell Street, Key West, FL 33040

Flood Zone is X500

Built in 1943

Pool

4 electric and 4 water meters

Garage for 1 truck or car.

V crimp metal roof

HDMR High Density Mixed Residential

Zoned Mixed Use with 3 Residential Units and 1 Commercial Unit

Master File AK 9080074

Condominium Association has been dissolved

Estimated cost to form an Home Owners Association (HOA) $500


No building permits for Unit A, Unit B or Unit C (all residential units) have ever been pulled with the City of Key West Building Department. Unit D, the commercial store front, has had 2 building permits pulled for demolition of 20 feet of a concrete block wall.

Unit A Front Door (closest to the street)

Estimated annual insurance $7,000 if an owner lives in one unit. Approximately $8,500 annually if the owner rents all 3 units.

** Unit C is Affordable Housing Deed Restricted for 25 Years from December 23, 2003 ** The grid to see the maximum income and sale price are on the city of Key West web site. Unit C is at "100%" of the median income so the maximum income of a tenant (single occupancy) would be $55,300. For double occupancy of the unit the maximum income is $63,200. The maximum sale price of the unit is currently $221,200. The maximum rent would be $1,580 per month. The tenant's employer(s) would need to provide income and employment verification annually. The tenant would need to provide the Housing Authority a copy of the lease and provide a copy of tax returns annually.

UNIT A

Rent: $1,500

633 square feet

Small private outdoor living area

Wood floors

Alternate Key (AK) 9080079

Real Estate Number (RE) 00031100-000101

Legal Description: Unit A Grinnell Street Condo OR2241-683 OR2454-1327/28

UNIT B (vacant)

Estimated Rent: $1,360

573 square feet

Private out door living area. Larger than Unit A.

Wood floors

Alternate Key (AK) 9080083

Real Estate Number (RE) 00031100-000102

Legal Description: Unit B Grinnell Street Condo OR 2241-713 OR 2454-1325/26

2010 assessed tax value $170,662

Taxes $1,905

UNIT C ** Deed Restricted Affordable Housing **

The purchaser must have an income that falls within Monroe County Affordable Housing Guidelines and must rent at prices within the Monroe County Affordable Housing Guidelines. Tenant rents and ownership income restriction are addressed in the last 2 pages of the Declaration of Condominium and the Land Development Regulations by the City of Key West section 122-1466. The condo docs are located in book 2052 on page 171 of the Monroe County Clerk of the Court.

Rent: $1,200

510 square feet
No private outdoor living area

Ceramic tile

Alternate Key (AK) 9080087

Real Estate Number (RE) 00031100-000103

Legal Description: Unit C Grinnell Street Condo OR2241-737 OR2454-1329/30



1010 Grinnell Street Key West FL Pool View

 

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