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 Market169
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
Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1
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: Oct 1
Last Checked: Oct 16 at 6:06PM
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.
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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 / 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.
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Current Use
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 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
