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Active - Triplex for sale
127 & 121 Monroe Dr. 1-3, Islamorada FL 33070, Tavernier, FL
Facts & features
Why you’ll love it
- Waterfront
- Renovated
- Pool
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 Islamorada, it's rare to find side-by-side multifamily parcels in such a convenient, desirable neighborhood. This CBS triplex is 2,409 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 great outdoor living areas. Units 1 and 3 were renovated with updated interiors that attract solid tenants. In 2025, the dock electric was upgraded with a dedicated meter for dock power, one on each property. Next door, 121 Monroe Drive is an additional multifamily parcel of about 7,500 sq ft, ready for development. Add more units, a pool, covered parking with storage, or enhance 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 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.
Listed by: Ewa Schwarz • 305-781-5704 • LoKation
Co-listed by: LoKation
Source: Miami MLS, MLS#: A12061389
Based on information as of Sep 02, 2026 at 06:39am EDT.
Come see by yourself
Affordability
$16,435/mo
- Mortgage$14,659
- Property tax$1,776
- HOA fee
- Homeowners insurance
Beycome estimates only. Actual amounts and terms vary by lender and location.
Discover the neighborhood
Travel times
About Vacation Village-Amd (89),24.9961° N Latitude
AI-generated overview for informational purposes only.
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Flood & climate risk
FEMA Flood Zone AE
In a FEMA Special Flood Hazard Area — flood insurance is typically required with a federally-backed mortgage.
More details
Base flood elevation: 8 ft. Source: FEMA National Flood Hazard Layer. Confirm on the FEMA Flood Map.
Fire
Storm
Air quality
Pollen
Disclaimer
No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements.
Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided.
Copyright ©2026.
Based on information as of Sep 02, 2026 at 06:39am EDT.
