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$2,399,000
Plantation Key, FL 33070
MLS# 620278
4 beds | 4 baths | 2409 sqft
1 / 68
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 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.
Details
Maps
Documents
Contract Information
Listing Board: Florida Keys
Potential Short Sale: No
Bank Owned: No
Species List: No
Current Price: $2,399,000
Listing Date: 2026-06-15
List Price: $2,399,000
Location, Tax & Legal
Unit #: 1-3
City: Tavernier
Mile Marker: 89
Marathon Neighborhood: N/A
Side: Bay/Gulf
Flood Zone: AE
Alternate Key #: 1513661
Add'l Parcel #1: 00417500-000000
Parcel #: 00417500-000100
Zoning: MF - Multi-Family Attached
Deed Restrictions: Unknown
Legal: 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
Taxes: 21307.86
Tax Year: 2025
Pub Sewer HkUp: Yes
Street #: 127 & 121
Street Name: Monroe
Street Suffix: Drive
Key/Island: Plantation Key
State/Province: FL
Zip Code: 33070
County: Monroe
Subdivision: Vacation Village - AMD (89.0)
Area: 25 - Plantation Key
General Property Description
Realtor.COM Type: Multi-family
Waterfront: Yes
Control Depth: 5
Lot Size: 120 X 250
Lot SqFt: 15000
Pool: No
Lot Sqft Source: Property Data Card
Total Units: 3
Acres: 0.34
SqFt Source: Property Data Card
Rentals Allowed: With Restrictions
Min Rental Days: 28
Style: Multi-Units
Year Built: 1972
Living Apx SqFt: 2409
Total Bedrooms: 4
Full Baths: 4
Total Baths: 4
Remarks & Misc
Remarks – Consumer: 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.
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
Association Fee $: 0
Fee Includes
None: 1
Dockage
Dock Length: 120
Dock: Concrete
Tax Exemptions
None: 1
Appliances
Dishwasher: 1
Dryer: 1
Microwave: 1
Oven: 1
Refrigerator: 1
Stainless Steel Appliance(s): 1
Washer: 1
Pets
Pets Allowed: 1
Cooling
Ductless: 1
Heating
Ductless: 1
Waterfront
Canal Front: 1
Waterview
Canal View: 1
Floor
Laminate: 1
Tile: 1
Neighborhood Feature
Beach: 1
Bike Paths: 1
Clubhouse: 1
Community Boat Ramp: 1
Community Pool: 1
Tennis Courts: 1
Interior Features
Drapes/Blinds Incl: 1
Building Style
Above Flood: Unknown
Stories: 2 Stories
Windows/Doors
Impact Rstnce Window: 1
Other Windows/Doors: 1
Vehicle Storage
Car(s): 4+
Guest Parking: 1
Open Parking: 1
RV Parking Open: 1
Off Street Parking: 1
Trailer Storage: 1
Construction
CBS: 1
Land Size
1/4 - 1/2 Acre: 1
Furnished
Unfurnished: 1
Terms
Cash: 1
Conventional: 1
FHA: 1
No Seller Finance: 1
VA: 1
Utilities
Cable Available: 1
Elect Separate Meter: 1
FKAA: 1
Municipal Sewer: 1
Porch/Balcony
Screened P/B: 1
Screened Patio: 1
Title
Negotiable: 1
Exterior Features
Chickee Hut: 1
Roof
Concrete Roof: 1
Financial Status
Bank Owned: No
Potential Short Sale: No
Standard Sale: Yes
Shutters
Accordion: 1
Status Change Info
Status: Active
Property Features
Fee Includes: None
Tax Exemptions: None
Waterfront: Canal Front
Waterview: Canal View
Vehicle Storage: Guest Parking; Off Street Parking; Open Parking; RV Parking Open; Trailer Storage
Furnished: Unfurnished
Cooling: Ductless
Heating: Ductless
Utilities: Cable Available; Elect Separate Meter; FKAA; Municipal Sewer
Interior Features: Drapes/Blinds Incl
Appliances: Dishwasher; Dryer; Microwave; Oven; Refrigerator; Stainless Steel Appliance(s); Washer
Exterior Features: Chickee Hut
Construction: CBS
Shutters: Accordion
Floor: Laminate; Tile
Roof: Concrete Roof
Pets: Pets Allowed
Neighborhood Feature: Beach; Bike Paths; Clubhouse; Community Boat Ramp; Community Pool; Tennis Courts
Land Size: 1/4 - 1/2 Acre
Terms: Cash; Conventional; FHA; No Seller Finance; VA
Title: Negotiable
Building Right Letter 
Listing Office: LoKation Real Estate - Pompano Beach
Last Updated: June - 15 - 2026
The data relating to real estate for sale on this web site comes in part from the Florida Keys MLS, Inc. Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commeral use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS.