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    Value-Add Fourplex Investment Opportunity Title is generated by Realmo AI

    1224 2nd Street, Key West, FL 33040

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    Claim this Listing
    For Sale
    $1,700,000

    MULTI_FAMILY - Other - Key West, FL

    Property size:
    3,000 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $566/SF
    Added:
    May 1, 2026
    Days on Market:
    48
    Last Refresh:
    Jun 17 at 6:06 pm

    Property Features for 1224 2nd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MDR-1 - Medium Desnity Re
    Bedrooms
    4
    Bathrooms
    4
    Rooms
    Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3
    Appliances
    Oven
    Standard status
    Active
    APN
    00051450-000000
    Size
    3,000 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    BK 1 LOT 5 SUNSHINE SUB PLAT NO 3 PB2-169 OR51-144 OR438-196 OR561-579 OR592-336 OR845-437 OR1188-247 OR1686-928 OR3167-
    Tax Annual Amount
    10120

    Building Details

    Year built
    1950
    Building materials
    Combo Construction
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Jenna Stauffer
    Jenna Stauffer

    Listing agent Jenna Stauffer License #3394848

    Listing office Ocean Sotheby's International Realty 1075 Duval Street, 15C, Key West, FL

    Listing date May 1, 2026

    MLS# 619703 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.

    HighLights

    • High income potential: Projected to generate over $200,000 annually.
    • Value‑add opportunity with major improvements completed: New roof, windows, and updated concrete already in place.
    • Condo conversion potential: Offers an additional exit strategy and income upside.
    • Reduced risk: Heavy lifting already completed, allowing for immediate upside.
    • Strong rental income potential: Projected rental income of $6,000/month for lower units and $7,000/month for upper units.
    • Includes oven appliance.

    Overview

    This multi-family fourplex presents a value-add investment opportunity with major improvements already completed. A new roof, brand-new windows, and updated concrete work have been completed. The property offers the potential to generate over $200,000 in annual income across all four units once finished and delivered furnished. Additional upside includes the option to condo-convert, with projected rental income of approximately $6,000/month for the lower units and $7,000/month for the upper units. The property is located in Key West, FL, and is situated on a 0.16-acre lot. The property size is 3000 square feet. The zoning is MDR-1 - Medium Density Residential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare 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
    -81.781611
    Latitude
    24.558677

    FAQs

    What type of property is this?
    Quadplex - Fourplex with income potential after renovations in Key West, FL.
    Where is this quadplex located?
    The property is located at 1224 2nd Street Key West, FL.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: High income potential: Projected to generate over $200,000 annually.; Value‑add opportunity with major improvements completed: New roof, windows, and updated concrete already in place.; Condo conversion potential: Offers an additional exit strategy and income upside.
    More about this property
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