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    1209 Pearl Street Key West, FL 33040

    View on Map
    For Sale
    $1,249,000

    Multi-family - Key West, FL

    Type:Multi Family
    Property size:
    1,395 SF
    Lot size:
    0.05 Acres
    Added:
    Feb 16, 2026
    Days on Market:
    49
    Last Refresh:
    Apr 6 at 11:06 am

    Property Features for 1209 Pearl Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Zoning
    HHDR - Historic High Density Residential
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3
    Interior features
    Drapes/Blinds Incl, Quartz Countertops, Built-in Cabinets
    Appliances
    Dishwasher, Dryer, Microwave, Refrigerator, Washer
    Standard status
    Active
    APN
    00035760-000100
    Size
    1,395 SF
    Lot size
    0.05 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6574.14

    Utilities

    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    1933
    Flooring type
    Laminate
    Building materials
    Frame
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Will Langley
    Will Langley

    Listing agent Will Langley License #3242135

    Listing office Berkshire Hathaway HomeServices Knight & Gardner Realty 336 Duval St., Key West, FL

    Listing date Feb 16, 2026

    MLS# 617855 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.

    Overview

    Historic Duplex Near Key West Beaches

    This historic duplex is ideally located within walking distance to the White Street Gallery District, Old Town, and Key West beaches. The property features two units and is fully fenced with mature tropical landscaping, offering exceptional privacy. The ground-floor unit has a 2-bedroom, 1-bathroom layout with a separate living room and updated kitchen. It also includes off-street parking and a good-size yard with room to add a pool. A covered outdoor living area spans the length of the property, surrounded by tropical landscaping and brick walkways. The second-floor unit is a remodeled one-bedroom studio with its own kitchenette and bath. The living area opens to a shaded porch among the treetops. The 0.05-acre property, zoned HHDR - Historic High Density Residential, offers 1,395 square feet of living space. The units each have separate entrances for privacy. This property could easily be configured into a single-family home or would be perfect for a family to off-set ownership expenses by renting one unit and enjoying the other.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.786912
    Latitude
    24.555806

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    FAQs

    What type of property is this?
    Duplex - Charming duplex near Old Town, beaches, and gallery district.
    Where is this duplex located?
    The property is located at 1209 Pearl Street Key West, FL.
    What is the asking price?
    The asking price for this property is $1,249,000.
    What are key features of this property?
    This property features: Prime location: Walking distance to White Street Gallery District, Old Town, and Key West beaches.; Duplex configuration: Potential for rental income or conversion to single‑family.; Ground‑floor unit: **2 bedrooms, 1 bathroom, updated kitchen, separate living room, and off‑street parking.**
    (305) 294-5155
    We can help!
    Listing Contact
    Will Langley
    Will Langley
    Real Estate License ID: 3242135
    Learn More
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    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
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