Investment Overview

Marcus & Millichap is proud to present for sale a rare opportunity to acquire a fully approved and entitled project located at 5730 Fourth Avenue and 6440 Maloney Avenue Stock Island/Key West, which is two parcels totaling approximately 83,750 square feet of land. The project comprises of 27 single-family short-term rental home sites of which 18 home sites will surround a large courtyard and pool with nine additional home sites located on an adjacent parcel and will be accessible to the common areas. In addition to the 27 home sites, a commercial corner pad is included giving you approximately 1,750 square feet of additional rentable area. The site is shovel ready to initiate demolition. The site plan has already been approved by Monroe County and the current owners have already commenced work under the permit. The permit is valid for approximately one more year to start the work on the site plan and there is also an elective extension for up to 180 days. The site plan is transferable and ready for a design mix of three, four, and five-bedroom units, by the new owner. The approved site plan eliminates development risk while saving the developer years of time and planning/permitting expenses not to mention the carrying cost. The barrier to entry for development in the Florida Keys is largely related to how long and difficult the planning process can be. Stock Island, located in the Florida Keys, recently has had a massive increase in population and growth unlike any other Florida Key and has seen a massive number of developments. The subject is surrounded by many projects. Roy’s Trailer Park, to the south has relocated its residents to the brand-new Wrecker’s Cay apartment community (280 Units) so demolition on its site can commence on the new apartment project. On the west side of the subject is a approximately a six acre site that will be a new hotel resort. To the north of the property Garden View apartments (103 Units) had its ribbon-cutting ceremony on May 23, 2023 This is a rare opportunity for an investor to enter the Key West residential/hospitality market with a permitted site in a unique market that is largely serviced by corporate hotels.