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

    1430 Vernon Ave Key West, FL 33040

    View on Map
    Sponsored
    For Sale
    $9,888,000

    Multi-family - Key West, FL

    Type:Multi Family
    Property size:
    2,071 SF
    Lot size:
    0.20 Acres
    Days on Market:
    22
    Last Refresh:
    Mar 10 at 4:06 pm

    Property Features for 1430 Vernon Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Standard status
    Active
    Zoning
    HCT - Historic Commercial Tourist
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3
    Bedrooms
    3
    Bathrooms
    2
    APN
    00038120-000000
    Interior features
    Storage
    Exterior features
    Sandy Beach, Shed
    Appliances
    Dishwasher, Range, Refrigerator, Washer
    Size
    2,071 SF
    Lot size
    0.20 Acres

    Utilities

    Cooling system
    Ceiling Fan(s)
    Water front features
    Oceanfront, Waterfront
    Water front
    1

    Building Details

    Year built
    1953
    Flooring type
    Tile
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Packing Shed, Shed(s)

    We can help!

    Listing Contact
    Irina Pytlik

    Keys Top Realty LLC (305) 676-8400

    Listing agent Irina Pytlik (305) 987-7775 License #3441724

    Listing date Feb 16, 2026

    MLS# 614801 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 Multifamily Development Opportunity

    Located in Key West, this property offers a unique opportunity in the Historic Commercial Tourist District (HCT zone). As the last remaining undeveloped property in the area, it presents a chance to create something unique with unobstructed ocean and beach views. The property is a two-story home equipped with two separate electric meters. The 8,700-square-foot lot is located three blocks from Duval Street. Permitted HCT uses include single-family and two-family residential dwellings, multiple-family residential dwellings, restaurants, business and professional offices, hotels, motels, and transient lodging. The property offers space for creative vision, whether for a luxurious residence, a commercial venture, a boutique hotel, or a restaurant. The lot size is approximately 0.2 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Key West Beach ... Hotel & Motel

    Suggested Use

    Law Firm Real Estate Agency Spa & Massage Center Dental Office Restaurant Hair Salon Nail Salon Building Supply Gym & Fitness Center 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
    -81.79341
    Latitude
    24.547486

    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?
    Commercial land - Undeveloped ocean-view property in Key West's Historic Commercial Tourist District.
    Where is this commercial land located?
    The property is located at 1430 Vernon Ave Key West, FL.
    What is the asking price?
    The asking price for this property is $9,888,000.
    What are key features of this property?
    This property features: - Last remaining undeveloped property in Key West's Historic Commercial Tourist District (HCT zone).; - Enjoy breathtaking, unobstructed ocean and beach views.; - Oversized 8,700 sq ft ocean-view lot, three blocks from Duval Street.
    (305) 987-7775
    Request Owner's contact information
    1430 Vernon Ave 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.
    1430 Vernon Ave
    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
    1430 Vernon Ave 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
    Irina Pytlik
    Real Estate License ID: 3441724
    (305) 987-7775
    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!