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127 & 121 Monroe Dr. 1-3, Islamorada FL 33070

Multi-family For Sale
$2,899,000

BTC: 45.58176101

ETH: 1,523.67237102

1 days
Waterfront
0 room(s)
2,409 sqft

Overview

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.

Location

Florida • Islamorada • 33070 • Multi-family • For Sale • Waterfront

Details

Type:
Residential Income
Parking:
No Data
Year Built:
1972
Lot:
No Data
Heating:
Heat Strip
Price/sqft:
$1,203
Cooling:
Ceiling Fan(s) / Wall/Window Unit(s)
HOA:
No Data

Highlights

Annual tax
$21,308
2025
Waterfront
Canal Front, Canal Width 81-120 Feet
Parking
10 spaces
All facts and features

  • Flooring

    • Tile

    Heating

    • Heat Strip

    Cooling

    • Ceiling Fan(s)

    • Wall/Window Unit(s)

    Other interior features

    • Stairs

  • Other Property Information

    • Parcel Number: 00417500000100

    • Zoning: MF - Multi-Family At

  • Type and style

    • Property Type: Residential Income

    • Property Sub Type: Triplex

  • Other financial information

    • Annual tax amount: $21,308

  • Source details

    • MLS ID: A12061389

    Other facts

    • Construction Materials: CBS Construction

    • Lot Features: 1/4 To Less Than 1/2 Acre Lot

    • Architectural Style: Attached

    • Waterfront: Yes

    • Living Area: 2409

    • Subdivision Name: Vacation Village-AMD (89),24.9961° N latitude

Private inquiry
Talk to the advisor on this listing.
Floor plans, HOA docs, off-market comparables, scheduling a private showing — one message, direct to the local specialist.

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Market around this address

Live counts in the same area.
View all
This zip
33070
45
median $1.8M
Active
Same city
Islamorada
38
median $3.6M
Active
Same type
Multi-family
1
median $3.3M
Active
Similar price
$2.0M – $3.8M
6
median $2.8M
Active

The multiple listing information is provided by the Miami Association of REALTORS® from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2026-present Miami Association of REALTORS®. All Rights Reserved. The information provided is for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified. Listing courtesy of: LoKation