Ad #7882445
MLS #620278
Exceptional investment and lifestyle opportunity in the heart of
127 & 121 Monroe Dr 1-3, Plantation Key, FL 33070
$2,399,000
4Beds
4Baths
2,409Sqft
0.34Acres
About this property
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.
Property Features
4 Beds
4 Baths
2,409 Sqft
Built in 1972
0.34 Acres
On Beachfront
Open, RV
Siding: CBS
Concrete Roof
Ductless (Heating)
$21,308 / yr property tax
Monroe County
Vacation Village - AMD (8) Community
Additional Photos
Contact Information
Peter Schwarz-Top Producer
LoKation Real Estate
305-781-5704
Location
Listing Agent: Peter Schwarz-Top Producer (License #: 3301618) 305-781-5704
Broker: LoKation Real Estate 954-545-5583 Listing Site
Copyright © 2026 Florida Keys Board of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Broker: LoKation Real Estate 954-545-5583 Listing Site
Copyright © 2026 Florida Keys Board of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
BeachHouse.com
Printed Aug 12, 2026
Photo Gallery
$2,399,000
4
Beds
4
Baths
2,409
Sqft
127 & 121 Monroe Dr 1-3, Plantation Key, FL 33070
By contacting this agent you agree to these Terms and Conditions.
MLS# 620278
Exceptional investment and lifestyle opportunity in the heart of
$2,399,000
127 & 121 Monroe Dr 1-3, Plantation Key, FL 33070
4
Beds
4
Baths
2,409
Sqft
0.34
Acres
$2,399,000
127 & 121 Monroe Dr 1-3, Plantation Key, FL 33070
4 Beds
4 Baths
2,409 Sqft
0.34 Acres
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.
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Property Details
HOME DETAILS
4 Beds
4 Baths
2,409 Sqft
Built in 1972
0.34 Acres
BEACH & VIEW
On Beachfront
EXTERIOR
Open, RV
Siding: CBS
Concrete Roof
INTERIOR
Ductless (Heating)
FINANCIAL & COMMUNITY
$21,308 / yr property tax
Monroe County
Vacation Village - AMD (8) Community
See More Details
Location
Mortgage Calculator
Ad Statistics
Ad Number
7882445
Viewed
42 times
Listing Status
Active
Added
Jun 15, 2026
Last Refreshed
Jul 03, 2026 06:17:28 PM
Listing Information
Data Source
Florida Keys Board of REALTORS®
Source Property ID
620278
Listing Agent: Peter Schwarz-Top Producer (License #: 3301618) 305-781-5704
Broker: LoKation Real Estate 954-545-5583 Listing Site
Copyright © 2026 Florida Keys Board of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Broker: LoKation Real Estate 954-545-5583 Listing Site
Copyright © 2026 Florida Keys Board of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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