Fully Renovated Duplex Income
1018 Georgia Street, Key West, FL 33040
Turnkey, renovated duplex with separate electric and two downstairs lockout units plus an occupied upstairs unit.
Type:Multifamily
Property size:
3,042 SFPrice / SF:
$328/SF- Added:
- Mar 12, 2026
- Days on Market:
- 108
- Last Refresh:
- Jun 20 at 5:56 am
Property Features for 1018 Georgia Street
General Information
- Standard status
- Active
- Size
- 3,042 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1942
Listing office Coldwell Banker Commercial Schmitt Real Estate Company Key West
Listing date Mar 12, 2026
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial Schmitt Real Estate Company Key West
HighLights
- Income‑producing duplex built in 1942 with separate electric and two downstairs lockout units plus an occupied upstairs unit
- Projected rental income: rear downstairs unit ~$2,800/month, front downstairs unit ~$2,300/month, with total projected ~$7,700/month (~$92,400 annually)
- Recent upgrades include new roof, new siding, impact windows, updated kitchens and baths, and new flooring in the rear unit
- Downstairs rear unit includes a large private backyard, with room noted for a pool
- Property is located directly across from Bayview Park, with X Flood zone designation
Overview
This fully renovated duplex presents a turnkey setup with recent exterior and interior upgrades throughout. Improvements noted include a new roof and siding, impact windows, and updated kitchens and baths, along with new flooring in the rear downstairs unit. The property is configured with two downstairs lockout units, and the rear unit includes a large private backyard. An upstairs treetop unit is currently tenant-occupied, supporting the property’s ongoing rental use.
The duplex is centrally located directly across from Bayview Park. Separate electric is provided, which can help simplify metering across the units. The property is described as being in an X Flood zone, and the backyard area is sized to allow for a pool.
From an income-property standpoint, the downstairs front unit is projected at $2,300 per month and the rear lockout unit is projected at $2,800 per month, while the upstairs unit is currently tenant-occupied. The remarks project total income of approximately $7,700 per month, or $92,400 annually, reflecting an estimated 9.2% cap rate. The owner would prefer to hold the financed note for a new owner, offering an option for qualified buyers seeking financing terms through the seller.
The duplex is centrally located directly across from Bayview Park. Separate electric is provided, which can help simplify metering across the units. The property is described as being in an X Flood zone, and the backyard area is sized to allow for a pool.
From an income-property standpoint, the downstairs front unit is projected at $2,300 per month and the rear lockout unit is projected at $2,800 per month, while the upstairs unit is currently tenant-occupied. The remarks project total income of approximately $7,700 per month, or $92,400 annually, reflecting an estimated 9.2% cap rate. The owner would prefer to hold the financed note for a new owner, offering an option for qualified buyers seeking financing terms through the seller.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $77.8k | $25.56 |
| − Vacancy | −$5.0k | −$1.63 |
| EGI | $72.8k | $23.93 |
| − OpEx | −$21.8k | −$7.18 |
| NOI | $51.0k | $16.75 |
3,042 SF · lease $25.56/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$728.0K
$637.0K – $849.3K
NOI $50,960 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$674.4K
$590.1K – $786.8K
NOI $47,205 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,653 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Monroe County Auto ...
Logistics Company
Location Insight
- Map
- Local Demand
- City
- Key West
- County
- Monroe
- State
- Florida
- Longitude
- -81.7900385
- Latitude
- 24.5559951
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Turnkey, renovated duplex with separate electric and two downstairs lockout units plus an occupied upstairs unit.
Where is this duplex located?
The property is located at 1018 Georgia Street Key West, FL.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Income‑producing duplex built in 1942 with separate electric and two downstairs lockout units plus an occupied upstairs unit; Projected rental income: rear downstairs unit ~$2,800/month, front downstairs unit ~$2,300/month, with total projected ~$7,700/month (~$92,400 annually); Recent upgrades include new roof, new siding, impact windows, updated kitchens and baths, and new flooring in the rear unit
