Date
Details
Price
Change
Source
6/15/2026
Listed
$2,899,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
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1/61
$2,899,000
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Property 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 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.
Full Property Details
Full Property Details for 127 & 121 Monroe Dr 1-3
General
- Price: $2,899,000
- Taxes: $21,308 (2025)
- Status: Active
- Type: Triplex
- Source: Greater_Miami
- MLS ID: A12061389
- Updated: 7/31/2026
- Added to Site: 75 day(s) ago
Rental Information
- Rent Includes: Sewer, Trash Collection
Interior
- Interior Features: Stairs
- Flooring: Tile
Parking
- Total Spaces: 10
Location
- Area: Vacation Village-amd (89)
- County: Monroe County
- Subdivision: Vacation Village-AMD (89), 24.9961° N latitude
- Building Name: Vacation Village-AMD (89)
Community
- Community Name: Vacation Village-amd (89)
- Units Assoc/Comm: 1
Heating & Cooling
- Air Conditioning: Yes
- Cooling Type: Ceiling Fan(s), Wall/Window Unit(s)
- Heating Type: Heat Strip
Utilities
- Sewer: Public Sewer
Structural Information
- Architectural Style: Attached
- Structure Type: Triplex
- Detached/Attached: Detached
- Construction: CBS Construction
- Roof: Concrete
- Stories/Levels: 2
- Square Feet: 2,409
- Living Area: 2,409 Sq. Ft.
- Year Built: 1972
- Property Condition: Substantially Remodeled
Unit Information
- Units in Complex: 1
Lot Features
- Frontage Feet: 120
- Lot Features: 1/4 To Less Than 1/2 Acre Lot
- Zoning: MF - Multi-Family At
Water Features
- Water Front: Yes
- Water Front Desc.: Canal Front, Canal Width 81-120 Feet, Ocean Access
Financial Considerations
- Price Per Sq. Ft.: $1,203.4
- Tax Amount: $21,308
- Tax Year: 2025
- Terms: All Cash, Conventional, FHA, VA Loan
Disclosures and Reports
- Documents Avail.: Existing Survey
- Legal Description: BK 1 W 1/2 LOT 4 VACATION VILLAGE AMND AND EXTENDED PB5-69 PLANTATION KEY OR528-881 OR1316-2492 OR2973-641 OR2973-642 OR
- Inclusions: Private Dock, Unrestricted Salt Water Access, Dock Owned/Included, Private Dock, Up to 100 Ft Boat
- Property ID: 417500000100
Listed by LoKation
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— 127 & 121 Monroe Dr 1-3 —
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Schools
Schools serving 127 & 121 Monroe Dr 1-3
School District:Monroe County School District, Middle Torch Key, FL
| Name | Grades | Distance |
|---|---|---|
Plantation Key School 100 Lake Road, Tavernier, FL 33070 | PK-8 | 1.2 mi |
Coral Shores High School 89901 Old Highway, Tavernier, FL 33070 | 9-12 | 1.6 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 127 & 121 Monroe Dr 1-3
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127 & 121 Monroe Dr. 1-3, Islamorada, FL 33070 (MLS# A12061389) is a Triplex property with 0 bedrooms and 0 full bathrooms. 127 & 121 Monroe Dr. 1-3 is currently listed for $2,899,000 and was received on June 15, 2026. Want to learn more about 127 & 121 Monroe Dr. 1-3? Do you have questions about finding other Triplex real estate for sale in Islamorada? You can browse all Islamorada real estate or contact a Coldwell Banker agent to request more information.