709 Whitmarsh Lane

Description

This exceptional 6-dwelling unit redevelopment opportunity perched atop Solares Hill, the 18' highest point in Key West, is practically shovel-ready and includes top-level planning & design that resulted in an issued building permit in 2024. Substantial renovation is already complete on four of the 1-bedroom units; only the single family house renovation and condo conversion remain. The current owner, an experienced developer, invested significant time and capital securing previous approvals with the assistance of seasoned local professionals to renovate and then convert the rentals to condos, including detailed architectural plans, local-attorney-prepared condominium documents, a proposed survey for the 5-6 unit condo development, detailed labor and materials cost projection by a local licensed contractor for the construction of the house, and full submittal documents and a building permit issued in early 2024. The only thing missing is a new buyer ready to complete the process. The property's ideal central location in the very heart of Old Town just two short blocks from Duval St., combined with the insurance savings and peace of mind given the high elevation, added to the redevelopment design and previous permitting, represents measurable, tangible value. The property's 6 residential units break down as follows:(1) an architecturally redesigned home at 709 Whitmarsh Ln, with parking and pool, to replace the current single-family home and studio apartment, and (2) 4 additional, fully renovated, large 1-bedroom apartments housed in a historic 2-story building at 713 Whitmarsh Ln. This outstanding investment opportunity represents 6 legal, currently rented units in the absolute best location in Old Town Key West and with the building permit previously issued, a streamlined path to final execution of the condominium redevelopment. All final entitlements and approvals to be confirmed and completed by buyer. Fully tenant occupied, photos taken prior to move in.