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Commercial Real Estate in Key West & the Florida Keys by RE/MAXCommercial Real Estate in Key West & the Florida Keys by RE/MAX

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Tips on Remodeling Your Rental Property

Tips on Remodeling Your Rental PropertyRental properties need periodic renovation, whether to keep such units in a state of good repair or to keep up with changing renter requirements. While the general processes of renovating a rental property are similar to those used for a personal residence, they are also different in one key way. You’re not renovating the property for yourself — you’re doing it to make money.

Repairs vs. Improvements

A complete property renovation usually qualifies as a capital improvement, which you will have to depreciate over 27.5 years. Unrelated repairs, on the other hand, can usually be expensed in the year you pay for them. If you can structure your renovation as a series of small repairs, you may save a great deal of money when you file your taxes. You also may be able to do the repairs while the unit is occupied, saving you from having to take it out of service and losing rental income.

Keep It Neutral

As you remodel a rental property, remember that you’re preparing it for someone else to occupy. Neutral colors, finishes and accessories may prevent anyone from falling in love with the property, but it will also prevent potential renters from ruling it out because it doesn’t suit their personal tastes. Renovate your property with durable, easy-to-maintain materials so that they can withstand long-term use.

Leaving Good Enough Alone

While a neat, clean and attractive property is easier to lease out than one that is beat-up, there is a point of diminishing returns. For many rental properties, a coat of paint and a good carpet cleaning can work wonders and save you from more expensive renovations. Another example of this is that if your bathtub is a bit tired, you might be able to keep using the original tub after resurfacing it, saving you the cost of a replacement. If something in your rental property is good enough that a tenant will accept it, it probably doesn’t need replacing.

Remodel for Rent

When you renovate your property, remember that your goal should be to get your money back. If your tenants won’t pay additional rent for skylights, there’s essentially no reason to have them cut into your roof. In many cases, tenants will pay rent for nicer bathrooms, kitchens and closets. Renovations like these can recoup their cost relatively quickly in increased rent and, with it, through a higher property value due to having more income to capitalize.

Hot Key West Business Opportunities

101600 Overseas Highway $20,000,000

101600 Overseas Highway KEY LARGO, Florida

3 Beds 3 Baths 3,717 SqFt

139 Seaside Avenue $10,500,000

139 Seaside Avenue KEY LARGO, Florida

5 Beds 7 Baths 6,740 SqFt

5730 4Th Avenue $9,995,000

5730 4Th Avenue Stock Island, Florida

9 Baths 6,444 SqFt

1622 Overseas Highway $9,900,000

1622 Overseas Highway MARATHON, Florida

3,400 SqFt

12685 Overseas Highway $8,500,000

12685 Overseas Highway MARATHON, Florida

5,607 SqFt

517 Duval & 518 Bahama Street $7,500,000

517 Duval & 518 Bahama Street KEY WEST, Florida

4 Baths 7,854 SqFt

3428 Roosevelt Boulevard N 1,2,3,4,5,6 $5,995,000

3428 Roosevelt Boulevard N 1,2,3,4,5,6 KEY WEST, Florida

7 Baths 8,046 SqFt

$5,250,000

Key Largo, Florida

2 Baths 4,680 SqFt

96180 Overseas Highway $4,650,000

96180 Overseas Highway KEY LARGO, Florida

3 Beds 3 Baths 1,445 SqFt 0.960 Acres

919 - 921 Duval Street $3,750,000

919 - 921 Duval Street KEY WEST, Florida

9 Beds 6 Baths 4,173 SqFt

101350 Overseas Highway $3,250,000

101350 Overseas Highway KEY LARGO, Florida

2 Baths 6,674 SqFt

1100 Indies Drive S $2,725,000

1100 Indies Drive S Duck, Florida

4 Beds 4 Baths 3,402 SqFt 0.290 Acres

100150 Overseas Highway $2,400,000

100150 Overseas Highway KEY LARGO, Florida

2,436 SqFt

352 Seaview Drive E $2,200,000

352 Seaview Drive E Duck, Florida

2 Beds 3 Baths 1,440 SqFt 0.190 Acres

218 Bristol Court $1,999,000

218 Bristol Court Tavernier, Florida

3 Beds 2 Baths 1,628 SqFt 0.150 Acres

Are You Looking for Commercial Property in the Florida Keys?

Use our site to search commercial real estate in Key West and all of the Florida Keys. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated with new properties every HOUR. By creating a Property Manager account you can stay on top of the newest businesses that go up on the market and get Price Change alerts so you can stay ahead of other buyers and beat them to the best deals!

In the meantime, check out these 1-click searches:

  • All Businesses for Sale
  • Office Buildings
  • Hotels, Motels & Bed & Breakfasts
  • Bars & Restaurants
  • Marinas for Sale in Key West
  • Investment Properties
  • Business Opportunities

Newest Key West Commercial Properties on the Market

Old Town creative small office space, located on the 2nd floor at 524 Front Street in Key West. Office #2 is available for lease starting February 11th approximately 115sf, perfect small space for a couple of desks, shared sitting area, porch & kitchenette. Location is in the Heart of Old Town in the Cruise Ship District. All utilities included. In addition to monthly rent quoted is sales tax. $750 Active

524 Front Street Office #2 KEY WEST, Florida

1 Baths 115 SqFt

Great opportunity to purchase a SIX UNIT corner property!  All units are spacious with 2 bedrooms and 1 bath. Separately metered for water and electric.  Five units are month to month and one unit has a lease ending 9/2023. Close to dining, resorts, marina, and only minutes to Key West.  Ideal for investors, perfect for employee housing or owner occupier with rental income.  Prime corner 125x50 lot with ample off street parking. Sale is subject to court approval of Personal Rep. for the Estate of Co-Seller. $1,750,000 Active

6336 2nd Street Stock Island, Florida

6 Beds 6 Baths 5,394 SqFt

Endless possibilities! Rare multi-use commercial/residential building located in prime location in Old Town, Key West. Now available, 2000 sq.ft. commercial space on ground floor with 2 bathrooms and bonus office/storeroom. Upstairs are (3) three large residential apartments with a terrace. All the units have independent entrances and separate electric meters. The first apartment has 3 large bedrooms, 2 full bathrooms, stainless steel appliances & spacious balcony. The second apartment has a new kitchen with 2 bedrooms, 1 bathroom. The third unit is a large studio with full kitchen and bathroom. Enjoy the proximity to the beaches, restaurants, shopping and all the attractions. This mixed-use property is a must see! Perfect for 1031 exchange, investor, employee housing or owner occupier. As per request, rental income and annual expenses are available. Schedule your viewing today! $2,900,000 Active

1110 White Street KEY WEST, Florida

6 Beds 6 Baths 3,657 SqFt

Fantastic space available in the heart of the evening crowd across from the Opal and Ocean Key House Hotels and steps away from world famous Mallory Square, Key West's popular Sunset Celebration. High traffic location with cruise ship passengers and tourists using the old town train & trolley stationed right across the street. Ground level storefront with large display windows and approximately 1250 sq. ft. of retail space with an additional 950 sq. ft. of space that could be combined next door for a total of 2,200 sf. ft. Triple net expenses and sales tax are in addition to the amount quoted $8,300 Active

308 Front Street KEY WEST, Florida

1 Baths 9,411 SqFt

View All

Posted in: Bed & Breakfasts, Hotels, Investing, Motels, Renting Commercial Real Estate, Vacation Rentals

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Key West Office

RE/MAX ALL KEYS REAL ESTATE
305-296-1400 Office

Business Address:
517 Duval St Suite 200, Key West, FL 33040

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Key Largo Office

RE/MAX ALL KEYS REAL ESTATE
305-451-0060 Office

Business Address:
98880 Overseas Hwy, Key Largo, FL 33037

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RE/MAX Advance Realty
305-444-7111 Office

Business Address:
11010 SW 88th St. Ste. 200, Miami, FL 33176

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33040, 33043, 33042, 33050, 33036, 33037
Key West, Stock Island, Big Pine Keys, Marathon, Islamorada, Key Largo

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