Duval Square Condominium 1075 Duval St Key West FL #32
1075 Duval St in Old Town is on the market for $444,900. It's not my listing but it is listed by the office where I work, Sellstate Island Properties. Duval Square condominium a mixed use condo with retail space ground level and residential units, some with transient licenses, on the 2nd floor. There is covered parking for 1 car in the parking garage. It's in an X flood zone which means that it has never flooded and flood insurance is not required.
This unit is original, built in 1987, with wear and tear. It's going to need improvements. There are no appliances. The kitchen and baths are dated. It's unfurnished. #32 is 1,490 square feet. This unit has a transient rental license so it can be rented short term like a 1 room guest house.
I have a 2/2 that is supposed to close on August 10th for $410,000. It's all original like this unit. It's 1,240 square feet so it's 250 square feet smaller. The sold price per square foot for unit 7 that is selling for $410,000 is $330.65 per square foot. If unit 32 sold at the same price it would be $492,668.60.
# 32 is a 3/2. It's the only free standing unit. All of the other units are above the shops across the courtyard where the pool is.
It would probably not be your 1st choice for a primary residence, but it's a very busy vacation rental.
I talked to one of the reservationists at the vacation rental company (across the court yard) that managed this unit for years. He said that it rents for $318 to $575.
I am using income estimates based upon a web site with slightly different figures. The site says the unit rents for $318 (low season / summer), $378 (shoulder season), to $428 per night (high season). The reservationists $575 nightly rate is probably limited to special events and holidays in high season.
The reservationist said the company has been averaging appx 85% occupancy during the summer.
Here is list of rentals at Duval Square. Duval Square was built in 1987. It's between Duval Street and Simonton Street on the corner of
I was in the hotel business for many years and this is how we typically divided the seasons / rates:
October, November and December are shoulder season and very in demand, but the occupancy is lower. October is pretty slow, but everyone has a 7 night minimum and the last week of October is always sold out. Special events such as Fantasy Fest would be $575 per night rate)
Jan, February, March April are high season (highest rates and typically sold out 100% in Feb & March. The 1st 2 weeks of Jan need a lower rate to rent the, with the last 2 weeks are typically 95% to 100% sold out at the hotels with a slightly lower rate. February and March will be 100% sold out at the hotels with the highest rate which is not typically Special Event rates, but the highest normal rate.
May is a shoulder month and has higher rates, but lower occupancy and high season. At the hotels the rate could be a little lower to increase occupancy or the rate can stay higher with a little lower occupancy. The weather is heavenly!
June, July, August and September are low season. Hotels are typically running 70% in the summer.
This is an example of a rental fee schedule
for a 2 bedroom 2.5 bath unit at Duval Square
1/26/2011 to 1/5/2012 $410 per night and $2,870 weekly
1/6/2012 to 1/13/12 $310 per night and $2,030 weekly
1/4/2012 to 1/22/2012 $310 per night and $2,030 weekly
1/23/2012 to 4/14/2012 $310 per night and $2,030 weekly
4/15/2012 to 5/31/2012 $300 per night and $2,030 weekly
6/1/2012 to 10/20/2012 $250 per night and $1,680 weekly
This is an example of a rental fee schedule
for a 2 bedroom 2.5 bath unit at Duval Square
From $315 per night, $1900 per week (winter)
From $270 per night, $1,600 per week (shoulder)
From $240 per night, $1,400 per week (summer)
Refundable $150 key deposit
Cleaning fee $145
This is an example of a rental fee schedule
for a 2 bedroom 2.5 bath unit at Duval Square
*based upon a 7 night stay. Shorter stay will have a surcharge
5/30/2012 to 7/2/2012 $190 per night, 3 night minimum
7/3/2012 to 7/7/2012 $260 per night, 4 night minimum
7/8/2012 to 8/29/2012 $190 per night, 3 night minimum
8/30/2012 to 9/3/2012 $260 per night, 4 night minimum
9/4/2012 to 10/`8/2012 $190 per night, 3 night minimum
10/19/2012 10/20/2012 $300 per night, 7 night minimum
10/31/2012 to 12/21/2012 $220 per night, 3 night minimum
12/22/2012 to 1/21/2013 $220 per night, 7 night minimum
10/31/2012 to 12/21/2012 $220 per night, 3 night minimum
12/22/2012 to 1/2/2013 $300 per night, 7 night minimum
1/3/2013 to 4/30/2013 $260 per night, 7 night minimum
This is an example of a rental fee schedule
for a 3 bedroom 2 bath unit at Duval Square
12/17/2011 to 12/25/2011 $450per night, $3,150 weekly
12/26/2011 to 1/5/2011 $490 per night, $3,430 weekly
1/6/2012 to 1/13/2012 $410 per night, $2,730 weekly
1/14/2012 to 4/14/2012 $410 per night, $3,430 weekly
1/14/2012 to 1/22/2012 $590 per night, $4,900 weekly
1/23/2012 to 4/14/2012 $360 per night, $2,380 weekly
4/15/2012 to 5/31/2012 $470 per night, $3,150 weekly
6/1/2012 to 10/20/2012 $310 per night, $2,030 weekly
This is an example of a rental fee schedule
for a 4 bedroom 4.5 bath unit at Duval Square
11/1/2011 to 12/16/2011 $470 per night, $3,150 weekly
12/17/2011 to 12/25/2011 $620 per night, $4,340 weekly
12/26/2011 to 1/5/2012 $720 per night, $5,400 weekly
1/6/2012 to 1/13/2012 $590 per night, $990 for weekly
1/14/2012 to 1/22/2012 $590 per night, $4,900 weekly
1/23/2012 to 4/14/2012 $590 per night, $3,990 weekly
4/15/2012 to 5/31/2012 $470 per night, $3,150 weekly
6/1/2012 to 10/20/2012 $410 per night, $2,730 weekly
Estimated income total for # 32 = $114,060
low season, 4 months at 70% occupancy at $318 per night = $26,712
shoulder season, 4 months at 85% occupancy at $378 per night = $38,556
high season, 4 months at 95% occupancy at $428 per night = $48,792
Less 20% management fee for vacation rental company $20,892.60
I need to check on the cleaning expense. I'll figure $145 per check out so we can look at a figure now. We can adjust that later when we get the info. I used $145 X 52 weeks X 90% = $6,786. One of the sites lists a cleaning fee of $145 per night and the guest pays the $145.
Less taxes $4,835. This unit is assessed at $478,290. Taxes are a little over 1% of the assessed value.
Less 10% for reserves for repairs $10,446.30
Less condo dues which includes exterior building maintenance. This unit is 1,490 square feet. I'll estimate $7,150 annually and $596 per month until we get the actual figure. The 1,250 square foot units are approximately $500 per year or $6,000.
For investment property we will need additional insurance. I will check with insurance company that I use. For a primary residence it's typically appx $700. We can figure $1,400 for this and adjust it after we get real figures.
If this unit sold for 50% of the 2005 value of $832,500 the purchase price would be $416,250.
Total Estimated Pre-Paid Expenses $3,600.72
Total Closing Costs and Pre-Paid Expenses $7,866.72
Down Payment $83,250.00
Estimated Total Cash Required $91,116.72
Estimated Monthly Cash Required
Monthly Payment (P & I) $1,638.16
Monthly Property Taxes $402.08
Monthly Insurance $116.67 (estimated interior / renters coverage)
Monthly HOA Dues $596.00 (estimated)
Total Estimated Monthly Payment $2,752.91
Total estimated income = $114,060
Less the mortgage payment $2,752.91 X 12 = $33,034.92
Less vacation rental company = $20,892.60
Less taxes = $4,835
Less 10% reserves for repairs $10,446.30
Less estimated condo fees = $7,150
Less estimated additional insurance $1,400
Total estimated potential net income = $36,301.18. This figure leaves out Special Event and holiday income.
