Triplex with Up to Seven Parking
For Sale
Under Contract
$1,299,000
1614 Dennis Street, Key West, FL 33040
MULTI_FAMILY - Key West, FL
Property Size2,699 SF
Lot Size0.11 Acres
Price / SF$481.29
Days on Market44
Property Features for 1614 Dennis Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SF - Single Family
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 5, Bathroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 7, Bedroom 2, Bedroom 6
Parking features
Open
Patio and Porch features
Porch
Appliances
Washer, Dryer, Dishwasher, Refrigerator, Oven, Microwave
Subdivision
New Town - Unrecord (3.0)
View
Water
Standard status
Active Under Contract
APN
00062930000000
Size
2,699 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Kw Diag Pb 1-13 All Lt 10 The Sely 2 Ft 4 In Of Lt 13 Sqr 4 Tr 30 Or300-455/56 Or520-947 Or980-892 Or1089-1773 Or1324-17
Tax Annual Amount
8312
Legal Description
Kw Diag Pb 1-13 All Lt 10 The Sely 2 Ft 4 In Of Lt 13 Sqr 4 Tr 30 Or300-455/56 Or520-947 Or980-892 Or1089-1773 Or1324-17
Utilities
Cooling system
Central Air
Building Details
Year built
1968
Flooring type
Combo, Tile, Vinyl
Building materials
CBS, Frame, Combo Construction
Roof type
Metal
Listing Agency:
Ocean Sotheby's International Realty
(305) 294-1117
Listed By:
Matthew J Sheehan · License #KWA.263502074
(305) 849-9233
Added: Jul 20
Changed: Aug 3
Last Checked: Aug 31 at 11:06PM
MLS# 620718
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.
1614 Dennis Street is a three-unit triplex built in 1968 on a 0.11-acre lot. The property totals 2,699 square feet and is arranged with Unit A as a 2/1, Unit B as a 2/1, and Unit C (upstairs) as a 3/2. Each unit is supported by central air, and the home features a porch.
Construction includes CBS, frame, and combo construction, with tile and vinyl flooring and a metal roof. The property offers open parking for up to 7 vehicles, an uncommon benefit for tenants and owners at this size. Appliances include washer, dryer, dishwasher, refrigerator, oven, and microwave.
Zoned SF - Single Family, this triplex can support an owner-occupant structure or rental-focused use across all three units.
Construction includes CBS, frame, and combo construction, with tile and vinyl flooring and a metal roof. The property offers open parking for up to 7 vehicles, an uncommon benefit for tenants and owners at this size. Appliances include washer, dryer, dishwasher, refrigerator, oven, and microwave.
Zoned SF - Single Family, this triplex can support an owner-occupant structure or rental-focused use across all three units.
Key Highlights
- 2,699 SF triplex with three units: Unit A 2/1, Unit B 2/1, Unit C (upstairs) 3/2
- 0.11‑acre lot with open parking for up to 7 vehicles
- Central air and a porch
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
$45,214
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
3.48%
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%
$904,280
$904.3K
Cap Rate 7%
$645,914
$645.9K
Cap Rate 9%
$502,378
$502.4K
Market Conditions
NOI Build-Up for 2,699 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
$69.0K $25.56/SF
− Vacancy
−$4.4K −$1.63/SF
EGI
$64.6K $23.93/SF
− OpEx
−$19.4K −$7.18/SF
NOI
$45.2K $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%
$904,280
Cap Rate 7%
$645,914
Cap Rate 9%
$502,378
Alternative Uses
Best Use
Multifamily LT 5
$645.9K
$565.2K – $753.6K
NOI $45,214 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$598.3K
$523.5K – $698.0K
NOI $41,882 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$1.09M
$949.9K – $1.27M
NOI $75,995 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,297
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?
Triplex - Three-unit triplex with central air and a porch, zoned SF - Single Family.
Where is this triplex located?
The property is located at 1614 Dennis Street Key West, FL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 2,699 SF triplex with three units: Unit A 2/1, Unit B 2/1, Unit C (upstairs) 3/2; 0.11‑acre lot with open parking for up to 7 vehicles; Central air and a porch
