Legal Duplex on Spacious
For Sale
Under Contract
$1,250,000
1409 4Th Street, Key West, FL 33040
MULTI_FAMILY - Key West, FL
Property Size2,664 SF
Lot Size0.23 Acres
Price / SF$469.22
Days on Market158
Property Features for 1409 4Th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MDR-1 - Medium Desnity Re
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 3
Security features
Security
Patio and Porch features
Patio, Deck
Pool private
1
Interior features
Walk-in Closet(s)
Exterior features
Shed
Accessibility
Accessible Approach with Ramp
Appliances
Washer, Dryer, Dishwasher, Refrigerator, Oven, Microwave
Subdivision
Key West Realty Cos Sub (3.0)
View
Water
Standard status
Active Under Contract
APN
00045530-000000
Size
2,664 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KW KW REALTY COS FIRST SUB PB1-43 LOTS 13 - 14 SQR 5 TR 21 G11-151/53 OR412-61/62 OR1273-183/85 OR2187-2412 OR2598-1347/
Tax Annual Amount
6447
Legal Description
KW KW REALTY COS FIRST SUB PB1-43 LOTS 13 - 14 SQR 5 TR 21 G11-151/53 OR412-61/62 OR1273-183/85 OR2187-2412 OR2598-1347/
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1976
Flooring type
Tile
Building materials
CBS, Concrete, Frame
Roof type
Tile
Listing Agency:
Expert Realty LLC (HQ)
(305) 587-7330
Listed By:
Keys Team Bryant and Kat
(305) 407-0894
Added: Mar 1
Changed: Jul 24
Last Checked: Aug 6 at 2:06PM
MLS# 618862
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.
Investment Insights
Based on property information with market context.
This property features a legal duplex situated on a 10,000 SqFt corner lot. The main residence, constructed of solid CBS, includes 2 bedrooms, 2 bathrooms, and 2,004 SqFt of living space. The layout is open-concept, featuring a large living room and a kitchen with an adjoining dining area, enhanced by natural light. Additional features include a garage, laundry room, and the potential to add a third bedroom. A separate 2-bedroom, 1-bath cottage provides 660 SqFt of space, suitable for rental income, extended family, or use as a private guest house. The expansive yard offers space for a custom patio, outdoor kitchen, or fire pit, suitable for entertaining or outdoor enjoyment. There is parking for multiple vehicles, a boat, or a trailer. Located in Key West, Florida, this property offers potential for investors or those seeking a multi-generational living solution.
Key Highlights
- Legal duplex on a 10,000 SqFt corner lot with a main residence plus a separate cottage.
- Main residence: 2 bed, 2 bath, 2,004 SqFt CBS construction with an open‑concept layout.
- Second unit: separate 2 bed, 1 bath cottage with 660 SqFt living area.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,628
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$892,560
$892.6K
Cap Rate 7%
$637,543
$637.5K
Cap Rate 9%
$495,867
$495.9K
Market Conditions
NOI Build-Up for 2,664 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.1K $25.56/SF
− Vacancy
−$4.3K −$1.63/SF
EGI
$63.8K $23.93/SF
− OpEx
−$19.1K −$7.18/SF
NOI
$44.6K $16.75/SF
Area
Monroe County, FL
Vacancy
6.37%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$892,560
Cap Rate 7%
$637,543
Cap Rate 9%
$495,867
Alternative Uses
Best Use
Multifamily LT 5
$637.5K
$557.9K – $743.8K
NOI $44,628 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$590.6K
$516.7K – $689.0K
NOI $41,339 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$1.07M
$937.6K – $1.25M
NOI $75,010 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,581
Businesses Nearby
Explore this area
Business Placement
Demographics for 33040, FL
35,958
Population
19,001
Households
1.9
Avg Household Size
44
Median Age
38%
College-Educated
92%
High-School Grad
17.7 sq mi
ZIP Area
2,032
Density / Sq Mi
$79,038
Median Household Income
$42,458
Median Earnings
$2,079
Median Rent
$766,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Legal duplex with rental income potential on a 10,000 SqFt lot.
Where is this duplex located?
The property is located at 1409 4Th Street Key West, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Legal duplex on a 10,000 SqFt corner lot with a main residence plus a separate cottage.; Main residence: 2 bed, 2 bath, 2,004 SqFt CBS construction with an open‑concept layout.; Second unit: separate 2 bed, 1 bath cottage with 660 SqFt living area.
