$2,899,00046 days on marketActive

127 & 121 Monroe Drive 13, Islamorada, FL 33070

Islamorada, FL 33070

2,409

Sq Ft

$1,203

$/Sq Ft

1972

Year Built

Listing Snapshot

List Price	$2,899,000
Price / Sq Ft	$1,203
Beds	0
Baths	0
Living Area	2,409 sqft

Year Built	1972
Property Tax	$21,308/yr
MLS #	1178686991
Status	Active
Days on Market	46

About This Home

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.