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$3,485,000
Key West, FL 33040
MLS# 619578
7 beds | 7 baths | 3956 sqft
1 / 25
Property 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 house and studio apartment 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 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 structure 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 before move in.
Details
Maps
Documents
Contract Information
Listing Board: Key West Association
Current Price: $3,485,000
Listing Date: 2026-04-20
List Price: $3,485,000
Location, Tax & Legal
KW Neighborhood: Old Town-N of Truman
City: KEY WEST
Mile Marker: 1
Marathon Neighborhood: N/A
Side: Median
Flood Zone: X
Alternate Key #: 1015911
Parcel #: 00015540-000000
Zoning: HHDR - Historic High Density Residential
Deed Restrictions: Unknown
Legal: KW PT LOT 1 SQR 1 TR 4 G12-306/07 OR773-374/76 OR1197-1270 OR1540-1177 OR2185-1541/42 OR2403-2028 OR2931-535 OR2960-184
Taxes: 16589.28
Tax Year: 2025
Pub Sewer HkUp: Yes
Street #: 709
Street Name: Whitmarsh
Street Suffix: Lane
Key/Island: Key West
State/Province: FL
Zip Code: 33040
County: Monroe
Subdivision: Old Town - Unlisted (1.0)
Area: 02 - Key West
General Property Description
Realtor.COM Type: Multi-family
Waterfront: No
Control Depth: 0
Lot Size: 91 X 55
Lot SqFt: 4986
Pool: No
Total Units: 6
Acres: 0.11
SqFt Source: Property Data Card
Rentals Allowed: With Restrictions
Min Rental Days: 28
Style: Multi-Units
Year Built: 1943
Living Apx SqFt: 3956
Total Bedrooms: 7
Full Baths: 7
Total Baths: 7
Remarks & Misc
Remarks – Consumer: 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 house and studio apartment 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 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 structure 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 before move in.
Directions: Truman Ave. and make a right on Simonton St. Right on Angela St. Right on Whitmarsh Lane. Property is second on the left.
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
Association Fee $: 0
Fee Includes
None: 1
Dockage
None: 1
Tax Exemptions
None: 1
Appliances
Dryer: 1
Range: 1
Refrigerator: 1
Washer: 1
Pets
Pets Allowed: 1
Cooling
Ceiling Fans(s): 1
Wall/Window Unit(s): 1
Waterfront
None: 1
Waterview
No Waterview: 1
Floor
Tile: 1
Vinyl: 1
Property Condition
Fixer Upper: 1
Updated/Remodeled: 1
Building Style
Above Flood: Yes
Ground Level: 1
Stories: 2 Stories
Windows/Doors
Single Hung Windows: 1
Construction
Frame: 1
Stucco: 1
Land Size
Less Than 1/4 Acre: 1
Furnished
Unfurnished: 1
Terms
Cash: 1
Conventional: 1
Utilities
Buyer to Verify: 1
FKAA: 1
Municipal Sewer: 1
Porch/Balcony
Open Porch/Balcony: 1
Title
Negotiable: 1
Exterior Features
Privacy Wall/Fence: 1
Storage: 1
Roof
Metal Roof: 1
Status Change Info
Status: Active
Property Features
Fee Includes: None
Tax Exemptions: None
Waterfront: None
Waterview: No Waterview
Dockage: None
Property Condition: Fixer Upper; Updated/Remodeled
Building Style: Ground Level
Furnished: Unfurnished
Cooling: Ceiling Fans(s); Wall/Window Unit(s)
Utilities: Buyer to Verify; FKAA; Municipal Sewer
Appliances: Dryer; Range; Refrigerator; Washer
Exterior Features: Privacy Wall/Fence; Storage
Construction: Frame; Stucco
Floor: Tile; Vinyl
Roof: Metal Roof
Pets: Pets Allowed
Land Size: Less Than 1/4 Acre
Terms: Cash; Conventional
Title: Negotiable
Architectural Plans 
Listing Office: Truman & Co. (KW)
Last Updated: April - 20 - 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.