Three-Unit Income
For Sale
Under Contract
$750,000
185 Dove Lake Drive, Key Largo, FL 33070
MULTI_FAMILY - Key Largo, FL
Property Size2,197 SF
Lot Size0.28 Acres
Price / SF$341.37
Days on Market535
Property Features for 185 Dove Lake Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF - Multi-Family Attache
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 3, Bedroom 3
Parking features
Open
Security features
Security
Pets allowed
Yes
Appliances
Washer, Dryer, Refrigerator, Range, Oven
Subdivision
Ocean Park Village (92.5)
View
Water
Standard status
Active Under Contract
APN
00445900-000000
Size
2,197 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
BK 3 LOTS 11 AND 12 OCEAN PARK VILLAGE PB4-14 KEY LARGO OR488-167/68 OR495-470 OR661-641 OR709-132 OR771-933Q/C OR839-1
Tax Annual Amount
6627
Legal Description
BK 3 LOTS 11 AND 12 OCEAN PARK VILLAGE PB4-14 KEY LARGO OR488-167/68 OR495-470 OR661-641 OR709-132 OR771-933Q/C OR839-1
Amenities
screened porches
walking paths
Building Details
Year built
1974
Flooring type
Tile
Building materials
CBS, Concrete, Frame, Combo Construction
Roof type
Metal
Listing Agency:
Berkshire Hathaway HomeServices Keys Real Estate - Islamorada
(305) 664-4444
Listed By:
Lisa Frins P.A. · License #0672871
(305) 522-1479
Added: Feb 28, 2025
Changed: Jul 28
Last Checked: Aug 17 at 3:06AM
MLS# 613968
Copyright © 2026 Florida Keys Board 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 for-sale multi-family income property includes three residential units: two 2BR/1BA units and one 1BR/1BA unit, with two units upstairs and one unit downstairs. The downstairs unit provides access to back and side yards and offers multiple spacious screened porches.
The property is located on one lot with a separate vacant lot included, described as having scenic walking paths and lush tropical foliage. Public remarks indicate proximity to a County park with boat ramps, a beach, swim lagoon, playground, and ball fields.
Buyer should verify the legality of multi-unit use, as noted in the seller’s remarks.
The property is located on one lot with a separate vacant lot included, described as having scenic walking paths and lush tropical foliage. Public remarks indicate proximity to a County park with boat ramps, a beach, swim lagoon, playground, and ball fields.
Buyer should verify the legality of multi-unit use, as noted in the seller’s remarks.
Key Highlights
- Multi‑unit property with three income‑producing units: two 2BR/1BA units and one 1BR/1BA unit
- Downstairs 2BR/1BA unit includes access to back and side yards plus multiple spacious screened porches
- Single home on one lot plus a separate vacant lot with scenic walking paths and lush tropical foliage
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
$36,805
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
4.91%
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%
$736,100
$736.1K
Cap Rate 7%
$525,786
$525.8K
Cap Rate 9%
$408,944
$408.9K
Market Conditions
NOI Build-Up for 2,197 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
$56.2K $25.56/SF
− Vacancy
−$3.6K −$1.63/SF
EGI
$52.6K $23.93/SF
− OpEx
−$15.8K −$7.18/SF
NOI
$36.8K $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%
$736,100
Cap Rate 7%
$525,786
Cap Rate 9%
$408,944
Alternative Uses
Best Use
Multifamily LT 5
$525.8K
$460.1K – $613.4K
NOI $36,805 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$487.0K
$426.2K – $568.2K
NOI $34,092 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$883.7K
$773.3K – $1.03M
NOI $61,860 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Explore this area
Business Placement
Demographics for 33070, FL
6,220
Population
4,366
Households
1.4
Avg Household Size
52
Median Age
35%
College-Educated
93%
High-School Grad
4.2 sq mi
ZIP Area
1,481
Density / Sq Mi
$77,228
Median Household Income
$40,511
Median Earnings
$1,866
Median Rent
$695,000
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 - Triplex-style property features three rental units and includes a separate vacant lot.
Where is this triplex located?
The property is located at 185 Dove Lake Drive Key Largo, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Multi‑unit property with three income‑producing units: two 2BR/1BA units and one 1BR/1BA unit; Downstairs 2BR/1BA unit includes access to back and side yards plus multiple spacious screened porches; Single home on one lot plus a separate vacant lot with scenic walking paths and lush tropical foliage
