Improved Four-Unit
For Sale
$1,700,000
1224 2nd Street, Key West, FL 33040
Residential, Key West, FL
Property Size3,000 SF
Lot Size0.16 Acres
Price / SF$566.67
Days on Market141
Property Features for 1224 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MDR-1 - Medium Desnity Re
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 3
Appliances
Oven
Subdivision
Sunshine Sub Plat 3 (3.0)
View
Water
Standard status
Active
APN
00051450-000000
Size
3,000 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BK 1 LOT 5 SUNSHINE SUB PLAT NO 3 PB2-169 OR51-144 OR438-196 OR561-579 OR592-336 OR845-437 OR1188-247 OR1686-928 OR3167-
Tax Annual Amount
10120
Legal Description
BK 1 LOT 5 SUNSHINE SUB PLAT NO 3 PB2-169 OR51-144 OR438-196 OR561-579 OR592-336 OR845-437 OR1188-247 OR1686-928 OR3167-
Building Details
Year built
1950
Building materials
Combo Construction
Roof type
Metal
Architectural style
Other
Listing Agency:
Ocean Sotheby's International Realty
(305) 294-1117
Listed By:
Jenna Stauffer · License #3394848
(260) 433-2319
Added: May 1
Changed: Sep 15
Last Checked: Sep 18 at 7:06PM
MLS# 619703
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.
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains approximately 3,000 square feet arranged as four two-bedroom residences of roughly 750 square feet each. Two units occupy the lower level, while the upper level contains two additional residences with approximately 960 square feet of combined balcony area. Built in 1950, the property includes an oven and combo construction.
Recent capital work includes a standing-seam metal roof, impact-resistant windows and doors throughout, and completed concrete, stucco, and other exterior improvements. The remaining work allows the next owner to complete the property according to its preferred investment strategy. The 0.16-acre site is zoned MDR-1 - Medium Desnity Re and 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 other exterior improvements. The remaining work allows the next owner to complete the property according to its preferred investment strategy. The 0.16-acre site is zoned MDR-1 - Medium Desnity Re and is located at 1224 2nd Street in Key West, Florida.
Key Highlights
- Four two‑bedroom residences totaling approximately 3,000 square feet
- Each residence contains approximately 750 square feet
- Upper‑level residences include approximately 960 square feet of combined balcony space
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
$50,257
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
2.96%
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%
$1,005,140
$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
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
$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 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%
$1,005,140
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.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,654
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences span two levels, with extensive balcony space serving the upper-floor units.
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 residences totaling approximately 3,000 square feet; Each residence contains approximately 750 square feet; Upper‑level residences include approximately 960 square feet of combined balcony space
