Waterfront Duplex
New
For Sale
$799,000
51 Coral Lane, Key Colony Beach, FL 33051
Residential, Key Colony, FL
Property Size1,428 SF
Lot Size0.04 Acres
Price / SF$559.52
Days on Market4
Property Features for 51 Coral Lane
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R-2A - Key Colony Two Fam
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1
Window features
Aluminum Frames
Patio and Porch features
Porch, Patio
Pets allowed
Yes
Interior features
Granite Counter Top, Storage
Exterior features
Lighting, Storage
Appliances
Washer, Dryer, Dishwasher, Refrigerator, Oven
Subdivision
Key Colony Beach Botel (53.5)
Directions
US 1 to Sadowski Cswy to Clara Blvd to Coral LN.
Standard status
Active
APN
00079050-000000
Size
1,428 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NLY 25 FT OF LOT 13 KEY COLONY BCH-BOTEL SUBD CRAWL KEY PB4-82
Tax Annual Amount
5670
Legal Description
NLY 25 FT OF LOT 13 KEY COLONY BCH-BOTEL SUBD CRAWL KEY PB4-82
Utilities
Cooling system
Central Air
Water front
1
Amenities
balconies
Building Details
Year built
2005
Flooring type
Tile
Building materials
CBS
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Florida Keys Real Estate Group
(305) 783-3395
Listed By:
Jennifer Hamill · License #3611186
(305) 393-1993
Added: Aug 24
Changed: Aug 26
Last Checked: Aug 27 at 7:06PM
MLS# 621072
Copyright © 2026 Marathon and Lower Keys 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 waterfront duplex property in Key Colony features a stilted CBS structure with 1,428 square feet of living space, three bedrooms, and three bathrooms. Completed in 2005, the home includes tile flooring, granite countertops, storage, central air, and a metal roof. Interior appliances include a washer, dryer, dishwasher, refrigerator, and oven. Two balconies overlook the canal, while the porch, patio, covered parking, and four total parking spaces extend the usable outdoor areas.
The property occupies 0.04 acres in Key Colony, Florida, with direct water access for boating and fishing. Restaurants and shops are accessible by boat or on foot, and the surrounding community includes a golf course, pickleball facilities, a dog park, restaurants, and Sunset Park. Zoning is R-2A - Key Colony Two Fam.
The property occupies 0.04 acres in Key Colony, Florida, with direct water access for boating and fishing. Restaurants and shops are accessible by boat or on foot, and the surrounding community includes a golf course, pickleball facilities, a dog park, restaurants, and Sunset Park. Zoning is R-2A - Key Colony Two Fam.
Key Highlights
- Waterfront location with direct boating and fishing access
- 1,428 square feet with 3 bedrooms and 3 bathrooms
- Stilted CBS construction completed in 2005
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
$23,922
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
2.99%
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%
$478,440
$478.4K
Cap Rate 7%
$341,743
$341.7K
Cap Rate 9%
$265,800
$265.8K
Market Conditions
NOI Build-Up for 1,428 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
$36.5K $25.56/SF
− Vacancy
−$2.3K −$1.63/SF
EGI
$34.2K $23.93/SF
− OpEx
−$10.3K −$7.18/SF
NOI
$23.9K $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%
$478,440
Cap Rate 7%
$341,743
Cap Rate 9%
$265,800
Alternative Uses
Best Use
Multifamily LT 5
$341.7K
$299.0K – $398.7K
NOI $23,922 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$316.6K
$277.0K – $369.3K
NOI $22,159 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$574.4K
$502.6K – $670.1K
NOI $40,208 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
Explore this area
Business Placement
Demographics for 33051, FL
790
Population
1,132
Households
0.7
Avg Household Size
63
Median Age
48%
College-Educated
95%
High-School Grad
0.4 sq mi
ZIP Area
1,975
Density / Sq Mi
$94,531
Median Household Income
$38,860
Median Earnings
$1,849
Median Rent
$834,800
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 - Canal-front property with two balconies, covered parking, and direct boating access.
Where is this duplex located?
The property is located at 51 Coral Lane Key Colony Beach, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Waterfront location with direct boating and fishing access; 1,428 square feet with 3 bedrooms and 3 bathrooms; Stilted CBS construction completed in 2005
