127 & 121 Monroe Drive 1-3,Tavernier, FL 33070
Tavernier, FL 33070
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
| MLS # | 620278 |
|---|---|
| Listing Type | For Sale |
| Style | Duplex |
| Sub-Type | Resale |
| Status | Active |
| Year | 1972 |
| Days On Site | 70 |
| Listing Provided By | LoKation Real Estate - Pompano Beach | Peter Schwarz-Top Producer |
Features
| Bed(s) | 4 |
|---|---|
| Bath(s) | 4 Total |
| SQ Feet | 2,409 |
| Units | 3 |
| Zoning | MF - Multi-Family Attached |
| Acreage | 0.34 |
| Water Front | Yes |
| Property View | Canal |
Taxes
| Property | 21307 |
|---|
Area Information
| State | FL |
|---|---|
| County | Monroe |
| City | Tavernier |
| Zip Code | 33070 |
| Area | 25 Plantation Key |
| Community Name | Vacation Village AMD (89.0) |
| Listing VS Median (in Vacation Village AMD (89.0)) | |
Price: $2,899,000 low | high Med: $837,500 sqft: 2,409 low | high Med: 974 $ / sqft: $1,203 low | high Med: $831 On site: 70 low | high Med: 143.5 | |
Market Activity 33070
Request a showing
Request a showing
The data relating to real estate for sale on this web site come s in part from the Internet Data Exchange program of the Marathon and Lower Keys Association of REALTORS®, Inc. MLS. Real Estate listings held by brokerage firms other than Key Colony Beach Realty, Inc. are marked with the MLS logo and detailed information about them includes the name of the listing broker’s office.
Contact
Learn More About This Property
| State | FL |
|---|---|
| County | Monroe |
| City | Tavernier |
| Zip Code | 33070 |
| Area | 25 Plantation Key |
| Community Name | Vacation Village AMD (89.0) |
| Listing VS Median (in Vacation Village AMD (89.0)) | |
Price: $2,899,000 low | high Med: $837,500 sqft: 2,409 low | high Med: 974 $ / sqft: $1,203 low | high Med: $831 On site: 70 low | high Med: 143.5 | |
