Maya Thomas Real Estate Broker: July 2011

1010 Grinnell St., Key West FL 33040

1010 Grinnell in Key West FL. 4 unit compound one block off of Truman Avenue. Unit A, B and C are connected. A is closest to the street. C is farthest from the street. All 4 units were sold for $900,000 on December 23, 2003.

Unit D, the 4th unit, is a commercial store front. Unit D is NOT included in the sale. Unit D was sold for $250,000 on December 2, 2004 and resold for $295,000 on April 12, 2005. It's 380 square feet. The owner is not in default. Unit D owns 18.1% of the common elements. A new owner would likely set up a Homeowners Association or a Condo Association to allocate costs for property upkeep and pool maintenance.

Unit A, B and C will be sold together and are bank owned properties. Unit D is not in default and is not offered for sale.

Don's Place bar is on the corner. The Mac Store is on another corner. A Bike Shop is on another corner. A laundry mat and little take out restaurant are on the 4th corner. 1010 Grinnell is 5 blocks from Duval Street, a quick bike ride to the beaches and 5 blocks to Horace O Bryant middle school.

1010 Grinnell Street, Key West, FL 33040

Flood Zone is X500

Built in 1943

Pool

5 electric meters (house panel for the pool).
5 water meters (house meter for the pool).

Garage for 1 truck or car

V crimp metal roof

HDMR High Density Mixed Residential

Zoned Mixed Use with 3 Residential Units and 1 Commercial Unit

Master File AK 9080074

Condominium Association is active and in good standing.

Additional Photos

Unit A Front Door (closest to the street)

Estimated annual insurance $8,000 if an owner lives in one unit. Approximately $9,500 annually if the owner rents all 3 units.

** Unit C is Affordable Housing Deed Restricted for 25 Years from December 23, 2003 ** The December 2013 grid (effective for 2014) to analyze the maximum income, sale and rent prices are on the city of Key West web site. Unit C is at "100%" of the median income so the maximum income of a tenant (single occupancy) would be $57,700. For double occupancy of the unit the maximum income is $66,000. For a married couple or domestic partner, the maximum allowable household income would be $88,000 annually. The maximum sale price of the unit is currently $231,000. The maximum rent would be $1,650 per month. A tenant's employer(s) must provide income and employment verification annually. A tenant would need to provide the Housing Authority a copy of the lease and provide a copy of tax returns annually.

UNIT A

Estimated Rent: $1,850

633 square feet

Small private outdoor living area

Wood floors

Alternate Key (AK) 9080079

Real Estate Number (RE) 00031100-000101

Legal Description: Unit A Grinnell Street Condo OR2241-683 OR2454-1327/28

UNIT B (vacant)

Estimated Rent: $1,750

573 square feet

Private out door living area. Larger than Unit A.

Wood floors

Alternate Key (AK) 9080083

Real Estate Number (RE) 00031100-000102

Legal Description: Unit B Grinnell Street Condo OR 2241-713 OR 2454-1325/26

2010 assessed tax value $170,662

Taxes $1,905

UNIT C ** Deed Restricted Affordable Housing **

The purchaser must have an income that falls within Monroe County Affordable Housing Guidelines and must rent at prices within the Monroe County Affordable Housing Guidelines. The latest update is the December 2012 income, sale and rent restrictions are listed on the City of Key West web site. Income, Tenant rents and ownership income restriction are addressed in the last 2 pages of the Declaration of Condominium and the Land Development Regulations by the City of Key West section 122-1466. The condo docs are located in book 2052 on page 171 of the Monroe County Clerk of the Court.

Estimated Rent: $1,550

510 square feet
No private outdoor living area

Ceramic tile

Alternate Key (AK) 9080087

Real Estate Number (RE) 00031100-000103

Legal Description: Unit C Grinnell Street Condo OR2241-737 OR2454-1329/30