Multifamily Property with
For Sale
$1,350,000
1503 Atlantic Boulevard, Key West, FL 33040
Renovation opportunity with a flexible multi-unit layout and concrete pool.
Property Size2,750 SF
Lot Size0.18 Acres
Price / SF$490.91
Days on Market48
Property Features for 1503 Atlantic Boulevard
General Information
Standard status
Active
Size
2,750 SF
Lot size
0.18 Acres
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
would benefit from a major renovation
Additional Details
Road Access
Yes
Amenities
pool
Building Details
Year Built
1968
Listing Agency:
Truman & Co. (KW)
(305) 393-1267
Listed By:
Team Kaufelt · License #kwa.teamkaufelt
Source:
Buythekeys
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 31 at 1:10PM
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 Truman & Co. (KW)
Investment Insights
Based on property information with market context.
Located at 1503 Atlantic Boulevard in Key West, this multifamily property includes roughly 2,750 square feet of living area on an approximately 8,050 square foot lot. The configuration supports multiple residential units, while a concrete pool serves as a central outdoor feature.
Built in 1968, the existing residence requires major renovation and updating. The property is positioned along Atlantic Boulevard, with beaches, Old Town, Casa Marina, schools, and dining identified in the surrounding area. Its lot size, pool, and adaptable residential layout provide the physical components for a substantial renovation or reconfiguration.
Built in 1968, the existing residence requires major renovation and updating. The property is positioned along Atlantic Boulevard, with beaches, Old Town, Casa Marina, schools, and dining identified in the surrounding area. Its lot size, pool, and adaptable residential layout provide the physical components for a substantial renovation or reconfiguration.
Key Highlights
- Approximately 8,050 square foot lot
- Roughly 2,750 square feet of living area
- Flexible multi‑unit residential configuration
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
$42,674
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
3.16%
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%
$853,480
$853.5K
Cap Rate 7%
$609,629
$609.6K
Cap Rate 9%
$474,156
$474.2K
Market Conditions
NOI Build-Up for 2,750 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
$83.2K $30.24/SF
− Vacancy
−$5.6K −$2.03/SF
EGI
$77.6K $28.21/SF
− OpEx
−$34.9K −$12.70/SF
NOI
$42.7K $15.52/SF
Area
Monroe County, FL
Vacancy
6.70%
Lease Rate
$30.24 /SF/Yr
Expense Ratio
45.00%
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%
$853,480
Cap Rate 7%
$609,629
Cap Rate 9%
$474,156
Alternative Uses
Best Use
Apartment 5plus
$609.6K
$533.4K – $711.2K
NOI $42,674 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$967.9K – $1.29M
NOI $77,431 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,180
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?
Multifamily property - Renovation opportunity with a flexible multi-unit layout and concrete pool.
Where is this multifamily property located?
The property is located at 1503 Atlantic Boulevard Key West, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Approximately 8,050 square foot lot; Roughly 2,750 square feet of living area; Flexible multi‑unit residential configuration
