Four-Unit Residential Building with
For Sale
$1,700,000
1224 2nd Street, Key West, FL 33040
Four two-bedroom residences are arranged across two levels, with extensive balcony space on the upper floor.
Property Size3,000 SF
Price / SF$566.67
Days on Market180
Property Features for 1224 2nd Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi-Units
Units
Unit Mix
four two-bedroom residences
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,119
Building Details
Building Size
3,000 SF
Year Built
1950
Listing Agency:
Ocean Sotheby's International Realty
Listed By:
Jenna Stauffer · License #3394848
(260) 433-2319
Source:
Keystoprealty
Added: May 1
Changed: Oct 26
Last Checked: Oct 26 at 3:22PM
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 Ocean Sotheby's International Realty
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Investment Insights
Based on property information with market context.
This 3,000-square-foot residential property contains four two-bedroom units, each approximately 750 square feet. Two residences occupy the lower level, while the two upper-level residences share approximately 960 square feet of balcony area. The building dates to 1950.
Recent capital work includes a standing-seam metal roof, impact-resistant windows and doors throughout, and completed concrete, stucco, and exterior improvements. Remaining work is for the next owner to complete. The property is located at 1224 2nd Street in Key West, Florida.
Recent capital work includes a standing-seam metal roof, impact-resistant windows and doors throughout, and completed concrete, stucco, and exterior improvements. Remaining work is for the next owner to complete. The property is located at 1224 2nd Street in Key West, Florida.
Key Highlights
- Four two‑bedroom units totaling approximately 3,000 square feet
- Each residence is approximately 750 square feet
- Two units on each level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,257
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,005,140
$1.0M
Cap Rate 7%
$717,957
$718.0K
Cap Rate 9%
$558,411
$558.4K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$76.7K $25.56/SF
− Vacancy
−$4.9K −$1.63/SF
EGI
$71.8K $23.93/SF
− OpEx
−$21.5K −$7.18/SF
NOI
$50.3K $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 Rate 5%
$1,005,140
Cap Rate 7%
$717,957
Cap Rate 9%
$558,411
Alternative Uses
Best Use
Multifamily LT 5
$718.0K
$628.2K – $837.6K
NOI $50,257 @ 7.0% cap · market cap 2.96%
Second Best
Apartment 5plus
$665.0K
$581.9K – $775.9K
NOI $46,553 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,470 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,654
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences are arranged across two levels, with extensive balcony space on the upper floor.
Where is this quadplex located?
The property is located at 1224 2nd Street Key West, FL.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Four two‑bedroom units totaling approximately 3,000 square feet; Each residence is approximately 750 square feet; Two units on each level
