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    Key West, FL 33040

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    Sponsored
    For Sale
    $2,100,000

    Apartment 3 or more - Key West, FL

    Property size:
    750 SF
    Lot size:
    0.23 Acres
    Days on Market:
    6
    Last Refresh:
    Mar 7 at 3:06 am

    Property Features for

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MDR-1 - Medium Desnity Residential
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    8
    Bathrooms
    4
    APN
    00046600-000000
    Appliances
    Dryer, Range
    Size
    750 SF
    Lot size
    0.23 Acres

    Building Details

    Year built
    1963
    Floors in Building
    1
    Number of units
    4
    Architectural style
    Other

    We can help!

    Listing Contact
    Raymond J Capas

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

    Listing agent Raymond J Capas (305) 294-5155 License #171355

    Listing date Mar 2, 2026

    MLS# 610922 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 Townhouse Unit Complex

    This is a development opportunity featuring a four-unit townhouse complex situated on a heavily landscaped 10,000 sq ft parcel. The complex comprises two side-by-side duplexes, legally subdivided into four individual licensed units. Each unit is 750 sq ft under air, with separate legal descriptions, parcel numbers, insurance policies, and utility meters. Each unit has its own laundry room addition directly off the kitchens with separate exterior screen doors and new washers & dryers. The only common area is the roof over each duplex, the shared wall between the units, and walkways between each of the duplexes. The property has been continually well maintained with painting, new air conditioners & water heaters replaced when needed, and blinds & curtain rods on all windows. All roof screws were replaced & new ones added to code standards. Mature, well-maintained landscaping surrounds the property and separates the units. Oversized covered front porches with high open-beamed ceilings offer additional square footage, along with on-site parking for 10 cars. The property has always operated as a successful rental property. Current rents for each 2-bedroom, 1-bathroom unit range from $2,225 to $2,900. Added value could be realized by installing a lap pool/patio area in the 100' wide backyard as a common amenity, or by providing a private pool area for each of the rear units, increasing their sale value.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Map

    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.6849
    Latitude
    24.5796

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    FAQs

    What type of property is this?
    Quadplex - Four-unit townhouse complex on a 10,000 sq ft parcel.
    Where is this quadplex located?
    The property is located at Key West, FL.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: - Development opportunity: 4 townhouse units on a 10,000 sq ft lot, legally subdivided.; - Strong rental income potential with upcoming rent increases.; - Value-add opportunities: Potential to increase property value by adding a common lap pool/patio area or private pools for rear units.
    (305) 294-5155
    Request Owner's contact information
    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
    Key West, FL 33040
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    We can help!
    Listing Contact
    Raymond J Capas
    Real Estate License ID: 171355
    (305) 294-5155
    Learn more
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