127 & 121 Monroe Drive 13, Islamorada, FL 33070
$2,899,000
Property Type:
Residential Income
Square Footage:
2,409
Status:
Active
Current Price:
$2,899,000
List Date:
6/15/2026
Last Modified:
8/01/2026
Overview
Description
...
(Read more)
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 Islamorada, it's rare to find side-by-side multifamily parcels in such a convenient, desirable neighborhood. This CBS triplex is 2,409 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 great outdoor living areas. Units 1 and 3 were renovated with updated interiors that attract solid tenants. In 2025, the dock electric was upgraded with a dedicated meter for dock power, one on each property. Next door, 121 Monroe Drive is an additional multifamily parcel of about 7,500 sq ft, ready for development. Add more units, a pool, covered parking with storage, or enhance 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 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.
Listing Details MLS# A12061389
General Property Information
- Number Of Units Total
- Yes
- Property Sub Type
- Triplex
- Living Area Main
- 2409
- Year Built
- 1972
- Parking Total
- 10
- Waterfront YN
- Yes
- Water Frontage Feet
- 120
- Stories Total
- 2
- Pool Private YN
- No
Property Features
Documents Available:
Existing Survey
Flooring:
Laminate; Tile
Property Condition:
Resale; Updated/Remodeled
Boat and Dock Features:
Private Dock
Construction Materials:
CBS
Cooling:
Ceiling Fan(s); Wall/Window Unit(s)
Heating:
Heat Strip; Separate Meters
Listing Terms:
Cash; Conventional; FHA; VA Loan
Possession:
Close Of Escrow
Roof:
Concrete
Sewer:
Public Sewer
Utilities:
Cable Available
Water Access:
No Fixed Bridge; Ocean Access
Waterfront Features:
Canal Front
Showing Requirements:
24 Hour Notice; Appointment Only; Call Listing Agent
Unit 1 Appliances:
Dishwasher; Dryer; Microwave; Range; Refrigerator; Washer
Unit 1 Other Equipment:
Smoke Detector(s)
Unit 1 Parking Features:
Open Parking
Acreage Description:
1/4 To Less Than 1/2 Acre Lot
Contract Information
- Comp Sale YN
- No
- Original List Price
- 2899000
Location and Legal
- Country
- United States
- County Or Parish
- Monroe
- County Parish Name
- Monroe
- Street Number
- 127
- Street Name
- & 121 Monroe
- Street Suffix
- Drive
- Unit Number
- 13
- City Name
- Islamorada
- State Or Province
- FL
- Postal Code
- 33070
- Postal Zip
- 33070
- Subdivision Name
- Vacation Village-AMD (89)
- Development Name
- 24.9961° N latitude
- Area
- 5940 - Other Florida County
- Geographic Area
- Other
- Elementary School
- Plantation Key
- Middle Or Junior School
- Plantation Key
- High School
- Coral Shores
- Parcel Number
- 00417500000100
- Subdivision Number
- 98
- Zoning
- MF - Multi-Family At
Financial Information
- Tax Annual Amount
- 21308
- Tax Year
- 2025
- Tax Legal Description
- BK 1 W 1/2 LOT 4 VACATION VILLAGE AMND AND EXTENDED PB5-69 PLANTATION KEY OR528-881 OR1316-2492 OR2973-641 OR2973-642 OR
Status Change Information
- Major Change Timestamp
- 2026-06-15T04:00:00Z
- Major Change Type
- New Listing
- Status Change Date
- 2026-07-31
More Information
Meter Information
- Separate Electric Meters YN
- Yes
Income and Expenses
- Gross Income
- 7870
Boat and Dock Information
- Dock
- Yes
- Boat Dock Accommodates
- Up to 100 Ft Boat
Unit 1 Details
- Actual Rent
- 7870
- Baths Full
- 4
- Efficiency YN
- No
- Furnished
- Unfurnished
Unit 1 Lease Description
- Currently Leased YN
- Yes
Price Calculations
- Current Price To SqFt
- 1203.4
Section Details
- Parcel Number MLX
- 0000
Originating Details
- Originating System Key
- 538036937
- Originating System ID
- M00000151
Listing Office:
LoKation

Last Updated: August - 01 - 2026
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