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    206 4Th St Key West, FL 33040

    Sponsored
    For Sale
    $1,400,000

    Multi-family - Big Coppitt, FL

    Type:Multi Family
    Property size:
    2,275 SF
    Lot size:
    7,685.00 Acres
    Days on Market:
    1
    Last Refresh:
    Jan 20 at 7:06 pm

    Property Features for 206 4Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Standard status
    Active
    Zoning
    IS - Improved Subivision District
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    5
    Bathrooms
    4
    APN
    00149680-000000
    Appliances
    Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
    Size
    2,275 SF
    Lot size
    7,685.00 Acres

    Utilities

    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    2003
    Flooring type
    Tile, Vinyl
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Logan Guevremont

    Berkshire Hathaway Keys Real Estate | Knight & Gardner Realty (305) 294-5155 [email protected]

    Listing agent Logan Guevremont (305) 294-5155 License #3451909

    Listing date Jan 20, 2026

    MLS# 618210 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

    Two Homes on Contiguous Lots

    This property presents a rare opportunity to purchase two single-family homes situated on separate but contiguous lots, offering both privacy and flexibility in a desirable Lower Keys location. The first residence, constructed in 2003, is an elevated stilt home featuring 3 bedrooms and 2 bathrooms. It provides approximately 1,075 sq. ft. of living space on a 7,685 sq. ft. lot. The interior boasts tile flooring, a spacious open layout, and abundant natural light. The elevated design includes covered storage beneath the home, along with front outdoor space and a covered porch. A swimming pool is located on this lot and is currently separated by fencing. This home is subject to Monroe County Affordable Housing occupancy requirements, limiting occupancy to a qualifying household. The second residence, located behind the first, is a 2-bedroom, 2-bath single-family home with approximately 1,200 sq. ft. of living space on a 7,972 sq. ft. lot, without deed restrictions. The home is configured with two divided living areas, each with its own mini-split system, making it well suited for flexible living arrangements or rental opportunities. Large windows provide natural light, a rear entrance offers convenient outdoor access, and mature trees provide privacy and shade. Together, these homes create two contiguous lots totaling approximately 15,657 square feet, offering flexibility, privacy, and long-term value just minutes from Key West.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Realty agency Restaurant Spa & Massage Nail Salon Clothing Store Building Supply Accounting Firm Skin Care Clinic Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.66266
    Latitude
    24.596192

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    FAQs

    What type of property is this?
    Single family property - Two single-family homes on contiguous lots in the Lower Keys.
    Where is this single family property located?
    The property is located at 206 4Th St Key West, FL.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: - Two single-family homes on contiguous lots totaling approximately 15,657 sq. ft. in a desirable Lower Keys location, offering flexibility and long-term value.; - The first residence is a 3-bedroom, 2-bath elevated stilt home with a swimming pool.; - The second residence is a 2-bedroom, 2-bath home with flexible living areas and rental potential.
    (305) 294-5155
    Request Owner's contact information
    206 4Th St Key West, FL 33040
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    Key West, FL 33040
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    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
    206 4Th St Key West, FL 33040
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    We can help!
    Listing Contact
    Logan Guevremont
    Real Estate License ID: 3451909
    (305) 294-5155
    Learn more
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