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.
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4BEDS
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0.34ACRES
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4BATHS
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01/2 BATHS
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2,409SQFT
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$996$/SQFT
School Ratings & Info
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.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than Key West Luxury Real Estate Inc are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.