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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

6440 Maloney Avenue $12,000,000

6440 Maloney Avenue Stock Island, Florida

9,418 SqFt

1622 Overseas Highway $9,900,000

1622 Overseas Highway MARATHON, Florida

3,400 SqFt

59073 Overseas Highway $7,990,000

59073 Overseas Highway MARATHON, Florida

2 Beds 22,069 SqFt

919 - 921 Duval Street $3,995,000

919 - 921 Duval Street KEY WEST, Florida

9 Beds 6 Baths 4,173 SqFt

3574 Overseas Highway 1-7 $3,750,000

3574 Overseas Highway 1-7 MARATHON, Florida

5 Beds 5 Baths 8,413 SqFt

99304 Overseas Highway $3,700,000

99304 Overseas Highway KEY LARGO, Florida

7,651 SqFt

100150 Overseas Highway $2,900,000

100150 Overseas Highway KEY LARGO, Florida

2,436 SqFt

909 Frances Street $2,400,000

909 Frances Street KEY WEST, Florida

3 Beds 3 Baths 1,728 SqFt 0.040 Acres

19269 Bad George Road $1,650,000

19269 Bad George Road Sugarloaf, Florida

6,205 SqFt

8349 Overseas Highway $1,499,000

8349 Overseas Highway MARATHON, Florida

2,179 SqFt

188 La Paloma Road $1,400,000

188 La Paloma Road KEY LARGO, Florida

3 Beds 2 Baths 1,392 SqFt 0.150 Acres

372 Mahogany Drive $1,400,000

372 Mahogany Drive KEY LARGO, Florida

4 Beds 3 Baths 1,661 SqFt

1075 Duval Street $1,300,000

1075 Duval Street KEY WEST, Florida

1 Beds 1,625 SqFt

916 Red Bird Road $1,300,000

916 Red Bird Road KEY LARGO, Florida

5 Beds 3 Baths 2,556 SqFt 0.110 Acres

511 Greene Street 101 $1,100,000

511 Greene Street 101 KEY WEST, Florida

4 Baths 6,455 SqFt

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

Newest Key West Commercial Properties on the Market

Built in 2007, this commercial, mixed-use property is situated on White Street off of Elgin Lane very close to Eaton Street and minutes to the Historic Seaport. The current commercial tenant is using the office space for chiropractor services. As you enter the front door, the current layout is as follows. A waiting area and enclosed front desk greet you. To the left of the waiting area is a private windowed office. As you continue into the space there is a treatment room to the right and a supply room to the left. Either of those rooms could easily be transformed into another office. Further on there is an efficiency style kitchen and an ADA compliant bathroom. A set of floating desks lies beside the kitchenette. There is the possibility here for 4 offices and a floating workspace. The property offers 3 off-street parking spaces for the business including an ADA compliant spot in the back of the building.  A private entrance in the rear of the building will lead you up a flight of stairs to the two one-bedroom, one bath units. Each unit offers a small kitchen and loft area. These apartments are in the affordable rental pool. ($1,600 each per month) Great place to live and work! $1,150,000 Active

412 White Street 101 KEY WEST, Florida

2 Beds 3 Baths 1,513 SqFt

Ideal Small Commercial Space for Lease in Old Town.  Excellent location next to the laundry mat on the corner of Eaton and Elizabeth Street's. Perfect for small retailer or business professional with approximately 500sq.ft. of space and street visibility. $2,950 Active

627 Eaton Street down KEY WEST, Florida

1 Baths 500 SqFt

Perfect private office space with windows available for lease office 214 is approx. ~162sf, perfect for two+ desk. Join the friendly business environment catering to a diversity of local small business owners located the 626 Josephine Parker Office Suites in Old Town Key West. Common area breakroom & restrooms, electric and water included. Sales tax is in addition to the monthly rent quoted. Parking is assignable and $150 in addition to rent each month. $1,000 Active

626 Josephine Parker Drive 214 KEY WEST, Florida

2 Baths 162 SqFt

Very rare opportunity to own a piece of Key West History! The iconic Coffee Mill in Old Town, Key West is one of the most recognizable buildings on the island. Built prior to 1907, the property was home to an active coffee bean processing plant until the 1950's. In recent years, the building was famously home to one of Key West's most popular dance studios -- and now is being used as a holistic medicine and wellness center. The current owners have done extensive renovations to update the space to today's standards while maintaining many of the historical features of the property. Updates include a complete modernization of the electrical and plumbing systems, new central A/C and ductwork, masterful restoration of the original hardwood floors, and the construction of private treatment rooms and a business office -- all while preserving the original exterior and character of the building. Additional features include multiple skylights, a period correct metal shingle roof, beautiful historic arched transom windows salvaged from Henry Flagler's Casa Marina hotel, and an updated bathroom. The property is up to current building code and ADA compliant, and was awarded a Ceramic Star for historic preservation and a Certificate of Excellence by The Historic Florida Keys Foundation. The Coffee Mill has been a staple in Old Town for over 100 years and continues to be an important part of the historic district. Commemorating its roots, a section of the milling equipment has been preserved and is on display in the main room of the Mill. Located just steps from world famous Duval Street and walking or biking distance to the island's best restaurants, shopping, and galleries. If you're looking for a space that's as unique as Key West itself, look no further than the iconic Coffee Mill. Easy to show! $1,000,000 Active

916 Pohalski Street KEY WEST, Florida

1 Baths 1,256 SqFt

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

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

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305-444-7111 Office

Business Address:
7220 Red Rd., South Miami, FL 33143

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33040, 33043, 33042, 33050, 33036, 33037
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