1530 Ocean Bay Drive 508, Key Largo, FL 33037

$672,000

Property Type: Residential Bedrooms: 2 Baths: 2 Square Footage: 1,188 Lot Size (sq. ft.): 1,322 Status: Closed

Current Price: $672,000 List Date: 8/29/2025 Last Modified: 12/10/2025

Overview

Description

Turnkey investment opportunity in the heart of Key Largo! This property qualifies for special financing where personal income verification is not required. Approval is based solely on the property's proven or projected rental income, making it an ideal opportunity for investors seeking a high-return vacation rental or short-term rental property. Property has potential to generate over $100,000 per year in rental income. This updated 2BR/2BA condo at Kawama Yacht Club Tower (Unit 508) is being sold as a potentially high-performance short-term rental. Rare legal daily rental zoning ideal for maximizing occupancy and cash flow. Fully furnished, impact windows, beautifully maintained, and ready to generate revenue from day one. Resort amenities include marina, pools, beach, tennis, pickleball and 24/7 gated security. Excellent ROI in one of the most desirable waterfront communities in the Florida Keys.

Listing Details MLS# 615672

Location, Tax & Legal

Street #: 1530
Street Name: Ocean Bay
Street Suffix: Drive
Key/Island: Key Largo
State/Province: FL
Zip Code: 33037
County: Monroe
Subdivision: Kawama Tower (100.0)
Area: 27 - Key Largo MM 97-107
Unit #: 508
City: KEY LARGO
Mile Marker: 100
Marathon Neighborhood: N/A
Side: Ocean
Flood Zone: AE,AE
Alternate Key #: 8843747
Handicap Access: No
Parcel #: 00090495-000508
Zoning: MI - Maritime Industries District
Deed Restrictions: No
Legal: UNIT 508 KAWAMA TOWER A CONDOMINIUM OR1374-1421/22 OR2632-1343
Taxes: 4719.29
Tax Year: 2024
Pub Sewer HkUp: Yes

Contract Information

Listing Board: Florida Keys
As is Rght to Inspct: Yes
Potential Short Sale: No
Bank Owned: No
Species List: No

General Property Description

Realtor.COM Type: Residential - Condo/Townhouse
Style: Condo
Waterfront: Yes
Control Depth: 6
Unit/Complex: Unit
Pool: Yes
Year Built: 1993
Total Units: 48
Lot SqFt: 1322
Lot Sqft Source: Tax Records
Living Apx SqFt: 1188
SqFt Source: Tax Records
Total Bedrooms: 2
Full Baths: 2
Total Baths: 2
Rentals Allowed: Yes
Min Rental Days: Yes

Status Change Info

Under Contract Date: 2025-10-28
Sold Date: 2025-12-08

Association Info

Mandatory Home Owners Asc: Yes
1st Right of Refusal: No
Association Fee $: 1055
Maintenance Fee $: 385
Assoc/Mnt Fee Per: Monthly

Building Style

Above Flood: Yes
Stories: 5 Stories

More Information

Pool Info

Heated: Yes
In Ground: Yes

Financial Status

Auction: No
Bank Owned: No
Potential Short Sale: No
Standard Sale: Yes

Remarks & Misc

Remarks – Consumer: Turnkey investment opportunity in the heart of Key Largo! This property qualifies for special financing where personal income verification is not required. Approval is based solely on the property's proven or projected rental income, making it an ideal opportunity for investors seeking a high-return vacation rental or short-term rental property. Property has potential to generate over $100,000 per year in rental income. This updated 2BR/2BA condo at Kawama Yacht Club Tower (Unit 508) is being sold as a potentially high-performance short-term rental. Rare legal daily rental zoning ideal for maximizing occupancy and cash flow. Fully furnished, impact windows, beautifully maintained, and ready to generate revenue from day one. Resort amenities include marina, pools, beach, tennis, pickleball and 24/7 gated security. Excellent ROI in one of the most desirable waterfront communities in the Florida Keys.

Fee Includes

Bldg Exterior Mnt: Yes
Building Insurance: Yes
Cable: Yes
Common Area Mnt: Yes
Exterminating: Yes
Security: Yes
Sewer: Yes

Dockage

Boat Ramp: Yes

Tax Exemptions

None: Yes

Appliances

Dishwasher: Yes
Disposal: Yes
Dryer: Yes
Microwave: Yes
Oven: Yes
Range: Yes
Refrigerator: Yes
Washer: Yes

Pets

Pets Allowed: Yes

Cooling

Ceiling Fans(s): Yes

Heating

Hot Water: Yes

Waterfront

Oceanfront: Yes

Waterview

Ocean View: Yes

Floor

Laminate: Yes

Interior Features

Built-in Cabinets: Yes
Drapes/Blinds Incl: Yes
Elevator: Yes
Granite Counter Top: Yes
Smoke Alarms: Yes
Walk-in Closet(s): Yes
Window Treatments: Yes

Windows/Doors

Impact Rstnce Doors: Yes
Impact Rstnce Window: Yes

Vehicle Storage

Open Parking: Yes

Construction

CBS: Yes
Stucco: Yes

Land Size

10 or more Acres: Yes

Furnished

Furnished: Yes

Terms

Cash: Yes
Conventional: Yes

Utilities

Cable Available: Yes

Porch/Balcony

Open Porch/Balcony: Yes

Title

Title Ins - Buyer: Yes

Exterior Features

Tennis Court(s): Yes

Pre-Wired

Cable: Yes

GF-Interior Features

Programmable Thermst: Yes

Property Features

Fee Includes: Bldg Exterior Mnt; Building Insurance; Cable; Common Area Mnt; Exterminating; Security; Sewer Tax Exemptions: None Waterfront: Oceanfront Waterview: Ocean View Dockage: Boat Ramp Vehicle Storage: Open Parking Furnished: Furnished Cooling: Ceiling Fans(s) Heating: Hot Water Utilities: Cable Available Interior Features: Built-in Cabinets; Drapes/Blinds Incl; Elevator; Granite Counter Top; Smoke Alarms; Walk-in Closet(s); Window Treatments Pre-Wired: Cable Appliances: Dishwasher; Disposal; Dryer; Microwave; Oven; Range; Refrigerator; Washer Exterior Features: Tennis Court(s) Pool Info: In Ground Construction: CBS; Stucco Floor: Laminate Pets: Pets Allowed Land Size: 10 or more Acres Terms: Cash; Conventional Title: Title Ins - Buyer GF-Interior Features: Programmable Thermst

Listing Office: Pedrin of Miami Realty, Inc.

Last Updated: December - 10 - 2025

The data relating to real estate for sale on this web site comes in part from the Florida Keys MLS, Inc. Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commeral use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS.

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