Fully Renovated Duplex Income
For Sale
Contact for pricing
Pending
1018 Georgia Street, Key West, FL 33040
Turnkey, renovated duplex with separate electric and two downstairs lockout units plus an occupied upstairs unit.
Property Size3,042 SF
Days on Market162
Property Features for 1018 Georgia Street
General Information
Standard status
Pending
Size
3,042 SF
Property subtype
Multifamily
Zoning
HMDR - Historic
Building Details
Year Built
1942
Stories
2
Units
2
Listing Agency:
Coldwell Banker Commercial Schmitt Real Estate Company Key West
Listed By:
Sean Farrer · License #FL
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Jul 24 at 8:11AM
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
Investment Insights
Based on property information with market context.
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.
Key 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
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
$50,960
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
5.10%
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%
$1,019,200
$1.0M
Cap Rate 7%
$728,000
$728.0K
Cap Rate 9%
$566,222
$566.2K
Market Conditions
NOI Build-Up for 3,042 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
$77.8K $25.56/SF
− Vacancy
−$5.0K −$1.63/SF
EGI
$72.8K $23.93/SF
− OpEx
−$21.8K −$7.18/SF
NOI
$51.0K $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%
$1,019,200
Cap Rate 7%
$728,000
Cap Rate 9%
$566,222
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,453
Businesses Nearby
Explore this area
Business Placement
Demographics for 33040, FL
35,958
Population
19,001
Households
1.9
Avg Household Size
44
Median Age
38%
College-Educated
92%
High-School Grad
17.7 sq mi
ZIP Area
2,032
Density / Sq Mi
$79,038
Median Household Income
$42,458
Median Earnings
$2,079
Median Rent
$766,400
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 - 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
