Legal Duplex with Mini-Split
For Sale
Under Contract
$779,000
102 Harry Harris Drive, Key Largo, FL 33070
Residential, Key Largo, FL
Property Size1,496 SF
Lot Size0.11 Acres
Price / SF$520.72
Days on Market97
Property Features for 102 Harry Harris Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
IS - Improved Subivision
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 2
Parking features
Open
Appliances
Refrigerator, Range, Oven
Subdivision
Harris Ocean Park (93.0)
View
Water
Standard status
Active Under Contract
APN
00449880-000000
Size
1,496 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BK 8 LT 1 HARRIS OCEAN PK ESTATES FIRST ADDN KEY LARGO PB4-139 OR478-636 OR760-1336 OR777-437 OR994-799 OR1136-1771 OR11
Tax Annual Amount
6508
Legal Description
BK 8 LT 1 HARRIS OCEAN PK ESTATES FIRST ADDN KEY LARGO PB4-139 OR478-636 OR760-1336 OR777-437 OR994-799 OR1136-1771 OR11
Utilities
Utilities
Cable Available
Heating system
Electric (Heating), Ductless (Heating)
Cooling system
Ductless
Amenities
Mini split AC's
tankless water heaters
Washer & Dryer in Storage building
Building Details
Year built
1978
Flooring type
Combo
Building materials
CBS, Concrete
Roof type
Metal
Listing Agency:
American Caribbean Real Estate, Christie's International Real Estate
(305) 451-4078
Listed By:
Tom Rodriguez · License #493286
(305) 394-0688
Added: May 19
Changed: Aug 19
Last Checked: Aug 23 at 6:06AM
MLS# 619963
Copyright © 2026 Florida Keys Board 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 legal duplex includes two updated apartments in a concrete CBS building with a metal roof. Built in 1978, the property totals 1,496 SF on a 0.11-acre lot, with each unit at 748 SF. Each apartment has ductless mini-split heating and cooling and tankless water heaters. Separate utility metering includes two electric meters and two water meters, along with two mailboxes and plenty of parking with some privacy.
In-unit layouts are supported by standard appliances including a refrigerator, range, and oven. A separate storage building provides a washer and dryer that both tenants can use. Furnishing is split, with the upstairs unit furnished and the downstairs unit partial.
The property is in Key Largo, located just a few blocks from Harry Harris Park, an oceanfront county park with a doublewide float on a boat ramp, picnic areas, a beach area with bathrooms, and a basketball court, plus fields for soccer or baseball. The property is zoned IS - Improved Subivision.
In-unit layouts are supported by standard appliances including a refrigerator, range, and oven. A separate storage building provides a washer and dryer that both tenants can use. Furnishing is split, with the upstairs unit furnished and the downstairs unit partial.
The property is in Key Largo, located just a few blocks from Harry Harris Park, an oceanfront county park with a doublewide float on a boat ramp, picnic areas, a beach area with bathrooms, and a basketball court, plus fields for soccer or baseball. The property is zoned IS - Improved Subivision.
Key Highlights
- 0.11‑acre lot with a 1,496 SF legal duplex
- Two apartments, each 748 SF
- Ductless mini‑split AC and tankless water heaters in both units
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
$25,061
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
3.22%
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%
$501,220
$501.2K
Cap Rate 7%
$358,014
$358.0K
Cap Rate 9%
$278,456
$278.5K
Market Conditions
NOI Build-Up for 1,496 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
$38.2K $25.56/SF
− Vacancy
−$2.4K −$1.63/SF
EGI
$35.8K $23.93/SF
− OpEx
−$10.7K −$7.18/SF
NOI
$25.1K $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%
$501,220
Cap Rate 7%
$358,014
Cap Rate 9%
$278,456
Alternative Uses
Best Use
Multifamily LT 5
$358.0K
$313.3K – $417.7K
NOI $25,061 @ 7.0% cap · market cap 3.22%
Second Best
Apartment 5plus
$331.6K
$290.2K – $386.9K
NOI $23,214 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$601.8K
$526.5K – $702.1K
NOI $42,123 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
102
Businesses Nearby
Explore this area
Business Placement
Demographics for 33070, FL
6,220
Population
4,366
Households
1.4
Avg Household Size
52
Median Age
35%
College-Educated
93%
High-School Grad
4.2 sq mi
ZIP Area
1,481
Density / Sq Mi
$77,228
Median Household Income
$40,511
Median Earnings
$1,866
Median Rent
$695,000
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 - Legal duplex with updated interiors, two electric and two water meters, and ductless mini-split AC in each unit.
Where is this duplex located?
The property is located at 102 Harry Harris Drive Key Largo, FL.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 0.11‑acre lot with a 1,496 SF legal duplex; Two apartments, each 748 SF; Ductless mini‑split AC and tankless water heaters in both units
