Multifamily Property with
For Sale
$1,095,000
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$398.18
Days on Market93
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)
Listed By:
Team Kaufelt · License #kwa.teamkaufelt
(305) 393-1267
Source:
Buythekeys
Added: Jul 16
Changed: Oct 3
Last Checked: Oct 14 at 8:09PM
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)
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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 / Yr
$42,674
Cap Rate
3.90%
Suggested Prices Based on Cap Rates
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
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 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 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$967.9K – $1.29M
NOI $77,431 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,180
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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 $1,095,000.
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
