127 & 121 Monroe Dr. 1-3

Property 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 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.

Overview

Property Status

For Sale

MLS ID

A12061389

Property Type

Multi-Family

Year Built

1972

Features & Amenities

Architecture Styles

Attached

Water Frontage

Canal Front, Canal Width 81-120 Feet, Ocean Access

Stories

Roof

Concrete

Lot Features

1/4 To Less Than 1/2 Acre Lot

Heat Type

Heat Strip

Air Conditioning

Ceiling Fan(s), Wall/Window Unit(s)

Other Interior Features

Stairs

Sewer

Public Sewer

Sales Price

$2,899,000

Real Estate Tax

$21,308/yr

Zoning

MF - Multi-Family At

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for your interest in 127 & 121 Monroe Dr. 1-3, Islamorada, FL 33070

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