Two-Unit Duplex with Central
New
For Sale
$799,000
159 Casa Court Drive, Key Largo, FL 33070
Residential, Key Largo, FL
Property Size1,844 SF
Lot Size0.17 Acres
Price / SF$433.30
Days on Market3
Property Features for 159 Casa Court Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MF - Multi-Family Attache
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1
Parking features
Open
Security features
Security
Pets allowed
Yes
Interior features
Dade County Pine, Walk-in Closet(s)
Appliances
Refrigerator, Range, Oven, Microwave, Stainless Steel Appliance(s)
Subdivision
Adobe Casa (94.0)
View
Water
Directions
MM94 Bayside, Casa Court Drive
Standard status
Active
APN
00481540-000000
Size
1,844 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Bk B Lot 20 Adobe Casa Court Pb5-17 Key Largo
Tax Annual Amount
6128
Legal Description
Bk B Lot 20 Adobe Casa Court Pb5-17 Key Largo
Utilities
Utilities
Cable Available
Heating system
Central
Cooling system
Central Air, Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1963
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
CBS
Roof type
Metal
Listing Agency:
Coldwell Banker Schmitt Islamorada
(305) 664-4470
Listed By:
Lizette Miller · License #3065983
(305) 289-6627
Added: Aug 20
Changed: Aug 22
Last Checked: Aug 22 at 11:06PM
MLS# 621042
Copyright © 2026 Florida Keys Board 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 1,844-square-foot duplex contains two separate 2-bedroom, 1-bath units on a 0.1728-acre lot. Built in 1963, the property features CBS construction, tile flooring, a metal roof, central heating, and central air, along with wall/window and window unit cooling. Interior details include Dade County Pine and walk-in closet(s), while the appliance package includes refrigerators, ranges, ovens, microwaves, and stainless steel appliances. Open parking is provided, and cable is available.
The property is located in Key Largo near shopping, a hospital, schools, and other everyday amenities. The mainland is approximately one hour away. An additional lot is available for separate purchase, subject to applicable zoning and approvals. The property is identified with MF - Multi-Family Attache zoning.
The property is located in Key Largo near shopping, a hospital, schools, and other everyday amenities. The mainland is approximately one hour away. An additional lot is available for separate purchase, subject to applicable zoning and approvals. The property is identified with MF - Multi-Family Attache zoning.
Key Highlights
- Two separate 2‑bedroom, 1‑bath units
- 1,844 square feet on a 0.1728‑acre lot
- MF - Multi‑Family Attache zoning
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
$30,891
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
3.87%
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%
$617,820
$617.8K
Cap Rate 7%
$441,300
$441.3K
Cap Rate 9%
$343,233
$343.2K
Market Conditions
NOI Build-Up for 1,844 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
$47.1K $25.56/SF
− Vacancy
−$3.0K −$1.63/SF
EGI
$44.1K $23.93/SF
− OpEx
−$13.2K −$7.18/SF
NOI
$30.9K $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%
$617,820
Cap Rate 7%
$441,300
Cap Rate 9%
$343,233
Alternative Uses
Best Use
Multifamily LT 5
$441.3K
$386.1K – $514.9K
NOI $30,891 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$408.8K
$357.7K – $476.9K
NOI $28,615 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$741.7K
$649.0K – $865.4K
NOI $51,921 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 33070, FL
6,220
Population
4,366
Households
1.4
Avg Household Size
52
Median Age
35%
College-Educated
93%
High-School Grad
4.2 sq mi
ZIP Area
1,481
Density / Sq Mi
$77,228
Median Household Income
$40,511
Median Earnings
$1,866
Median Rent
$695,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences each offer two bedrooms and one bathroom within a multi-family property near everyday amenities.
Where is this duplex located?
The property is located at 159 Casa Court Drive Key Largo, 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 separate 2‑bedroom, 1‑bath units; 1,844 square feet on a 0.1728‑acre lot; MF - Multi‑Family Attache zoning
