Triplex with Off-Street
For Sale
$1,299,000
1614 Dennis Street, Key West, FL 33040
Three residential units include two two-bedroom layouts and one upstairs three-bedroom unit.
Property Size2,699 SF
Price / SF$481.29
Days on Market39
Property Features for 1614 Dennis Street
General Information
Standard status
Active
Size
2,699 SF
Total Parking Spaces
7
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Building Details
Year Built
1968
Listing Agency:
Ocean Sotheby's International Realty
(305) 849-9233
Listed By:
Matthew Sheehan · License #kwa.263502074
Source:
Buythekeys
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 31 at 1:05PM
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 Ocean Sotheby's International Realty
Investment Insights
Based on property information with market context.
This 1968 triplex contains three residential units with a 2/1 configuration in each of two units and a 3/2 upstairs unit. The property also provides off-street parking for up to 7 vehicles, supporting practical day-to-day use for residents and ownership arrangements that include occupancy of one unit.
Located at 1614 Dennis Street in Key West, the property is close to schools, shopping, dining, and parks, with downtown Key West just minutes away. The three-unit configuration and varied bedroom counts create a flexible multifamily layout for residential income use.
Located at 1614 Dennis Street in Key West, the property is close to schools, shopping, dining, and parks, with downtown Key West just minutes away. The three-unit configuration and varied bedroom counts create a flexible multifamily layout for residential income use.
Key Highlights
- Three‑unit triplex with two 2/1 units and one upstairs 3/2 unit
- Off‑street parking for up to 7 vehicles
- Built in 1968
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
$45,214
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
3.48%
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%
$904,280
$904.3K
Cap Rate 7%
$645,914
$645.9K
Cap Rate 9%
$502,378
$502.4K
Market Conditions
NOI Build-Up for 2,699 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
$69.0K $25.56/SF
− Vacancy
−$4.4K −$1.63/SF
EGI
$64.6K $23.93/SF
− OpEx
−$19.4K −$7.18/SF
NOI
$45.2K $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%
$904,280
Cap Rate 7%
$645,914
Cap Rate 9%
$502,378
Alternative Uses
Best Use
Multifamily LT 5
$645.9K
$565.2K – $753.6K
NOI $45,214 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$598.3K
$523.5K – $698.0K
NOI $41,882 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$1.09M
$949.9K – $1.27M
NOI $75,995 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,297
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?
Triplex - Three residential units include two two-bedroom layouts and one upstairs three-bedroom unit.
Where is this triplex located?
The property is located at 1614 Dennis Street Key West, FL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Three‑unit triplex with two 2/1 units and one upstairs 3/2 unit; Off‑street parking for up to 7 vehicles; Built in 1968
