Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1018 Georgia St Key West, FL 33040

    Sponsored
    For Sale
    $1,100,000

    Multi-family - Key West, FL

    Type:Multi Family
    Property size:
    1,452 SF
    Lot size:
    0.07 Acres
    Days on Market:
    4
    Last Refresh:
    Mar 2 at 9:06 am

    Property Features for 1018 Georgia St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Standard status
    Active
    Window features
    Skylight(s)
    Zoning
    HMDR - Historic Medium Density Residential
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3
    Bedrooms
    3
    Bathrooms
    3
    APN
    00033870-000000
    Interior features
    Built-in Cabinets, Smoke Alarms, Sky Light(s), Dade County Pine, Granite Counter Top
    Exterior features
    Fencing, Shed
    Fencing
    Fenced
    Appliances
    Dryer, Range, Refrigerator
    Size
    1,452 SF
    Lot size
    0.07 Acres

    Utilities

    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    1943
    Floors in Building
    2
    Flooring type
    Tile, Wood
    Building materials
    Frame
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Packing Shed, Shed(s)

    We can help!

    Listing Contact
    Sean Farrer
    Sean Farrer

    Coldwell Banker Schmitt Real Estate Co. (KW) (305) 296-7727

    Listing agent Sean Farrer, P.A. (305) 296-7727 License #3168212

    Listing date Feb 27, 2026

    MLS# 618760 Listing URL

    Copyright © 2026 Key West Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Key West Income Producing Duplex

    This income-producing duplex is located in Old Town Key West. The property has been fully renovated and is in turnkey condition, offering strong income potential. Recent upgrades include a new roof, siding, impact windows, updated kitchens and baths, and new flooring in the rear unit. The downstairs features two lockout units. The rear unit is projected to generate $2,800 per month and includes a large private backyard, while the front unit is projected at $2,300 per month. The upstairs treetop unit is currently tenant-occupied. The total projected income is approximately $7,800 per month, or $93,600 annually, reflecting an estimated 8.5% cap rate. The property is centrally located directly across from Bayview Park, offering consistent rental demand and separate electric meters. Situated in an X Flood zone, the property includes a 0.07-acre lot with room for a pool in the backyard. The property size is 1,452 square feet. This multi-family property is zoned HMDR - Historic Medium Density Residential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Monroe County Auto ... Logistics Company

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.790047
    Latitude
    24.555994

    Nearby Similar for Sale

    • $3,500,000
      2,396 SF

      Iconic Bar & Liquor Store

      Bar and liquor store with drive-through in Key West, Florida.
      1000-1006 Truman Ave, Key West, FL 33040
      View Details
    • $689,000
      892 SF

      Commercial Space in Old Town

      Centrally located commercial space in Key West's Old Town.
      1202 White St, Key West, FL 33040
      View Details
    • $799,999
      1,300 SF

      Prime Commercial Space in Old Town

      Centrally located commercial space in Key West's Old Town.
      1206 White St, Key West, FL 33040
      View Details
    • $749,000
      1,491 SF

      New Mixed-Use Development in Key West

      New commercial space in mixed-use development, completion end of 2026.
      3201 Flagler Ave, Key West, FL 33040
      View Details
    • $779,000
      1,169 SF

      Updated Commercial Condo For Sale

      Commercial condo with recent updates, impact windows, and assigned parking.
      1200 White St, Key West, FL 33040
      View Details
    • $499,000
      665 SF

      Turnkey Commercial Condo in Old Town

      Renovated 665 SF office condo in Key West's Old Town.
      812 Fleming St, Key West, FL 33040
      View Details
    • $485,000

      Old Town Commercial Condo Opportunity

      Versatile commercial condo in the heart of Old Town Key West.
      1012 Truman Ave, Key West, FL 33040
      View Details
    • Contact for pricing
      600 SF

      Updated Office Space Available

      Newly updated 600 sq. ft. office space for sale.
      3154 Northside Dr, Key West, FL 33040
      View Details
    • $1,205,000
      2,045 SF

      Renovated Key West Office Building

      Income-producing, renovated two-story office building in Key West, Florida.
      3140 Northside Dr, Key West, FL 33040
      View Details
    • $2,999,000

      Prime Corner Location on Truman

      Commercial property with high visibility, development potential, and existing structure.
      1000 Truman Ave, Key West, FL 33040
      View Details
    • Contact for pricing

      Key West Offices on Eaton

      Downtown Key West office space with included utilities.
      524 Eaton St, Key West, FL 33040
      View Details
    • $599,000

      Key West Office Condo Investment

      Fully leased office condo with strong tenant and ocean view.
      3718 N Roosevelt Blvd, Key West, FL 33040
      View Details

    FAQs

    What type of property is this?
    Duplex - Renovated duplex in Old Town Key West with income potential.
    Where is this duplex located?
    The property is located at 1018 Georgia St Key West, FL.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: - Income-producing duplex with strong rental income potential: Projected $7,800/month ($93,600 annually) with an estimated 8.5% cap rate.; - **Fully renovated and in turnkey condition with recent upgrades**: new roof, siding, impact windows, updated kitchens and baths, and new flooring.; - **Prime Old Town Key West location**: Centrally located directly across from Bayview Park ensuring consistent rental demand.
    (305) 924-0700
    Request Owner's contact information
    1018 Georgia St Key West, FL 33040
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1018 Georgia St
    Key West, FL 33040
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1018 Georgia St Key West, FL 33040
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Sean Farrer
    Sean Farrer
    Real Estate License ID: 3168212
    (305) 924-0700 (305) 296-7727
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!