Two-Unit
For Sale
$799,000
1421-1425 2nd Street, Key West, FL 33040
Recently renovated residential income property offered independently of a vacant lot.
Property Size1,342 SF
Lot Size0.07 Acres
Price / SF$595.38
Days on Market121
Property Features for 1421-1425 2nd Street
General Information
Standard status
Active
Size
1,342 SF
Lot size
0.07 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$74,400
Taxes and HOA fees
Annual Taxes
$5,590
Building Details
Building Size
1,342 SF
Year Built
1965
Listing Agency:
Keller Williams Key West Compass Realty
Listed By:
The Watkins Group
(305) 304-4269
Source:
Keystoprealty
Added: Jun 30
Changed: Oct 26
Last Checked: Oct 26 at 3:53PM
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 Keller Williams Key West Compass Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This duplex contains 1,342 square feet of living area on a 2,841-square-foot lot. Built in 1965, the property has been renovated and is configured as two 2-bedroom units.
The duplex is being marketed separately from a vacant lot. The two properties may also be acquired together.
The duplex is being marketed separately from a vacant lot. The two properties may also be acquired together.
Key Highlights
- Two 2‑bedroom units
- 1,342 square feet of living area
- 2,841‑square‑foot lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,482
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$449,640
$449.6K
Cap Rate 7%
$321,171
$321.2K
Cap Rate 9%
$249,800
$249.8K
Market Conditions
NOI Build-Up for 1,342 SF
Gross rent
$34.3K $25.56/SF
− Vacancy
−$2.2K −$1.63/SF
EGI
$32.1K $23.93/SF
− OpEx
−$9.6K −$7.18/SF
NOI
$22.5K $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%
$449,640
Cap Rate 7%
$321,171
Cap Rate 9%
$249,800
Alternative Uses
Best Use
Multifamily LT 5
$321.2K
$281.0K – $374.7K
NOI $22,482 @ 7.0% cap · market cap 2.81%
Second Best
Apartment 5plus
$297.5K
$260.3K – $347.1K
NOI $20,825 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$539.8K
$472.3K – $629.8K
NOI $37,786 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,411
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
Frequently Asked Questions
What type of property is this?
Duplex - Recently renovated residential income property offered independently of a vacant lot.
Where is this duplex located?
The property is located at 1421-1425 2nd Street Key West, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two 2‑bedroom units; 1,342 square feet of living area; 2,841‑square‑foot lot
