Triplex with Off-Street
For Sale
Under Contract
$1,299,000
1614 Dennis Street, Key West, FL 33040
Residential, Key West, FL
Property Size2,699 SF
Lot Size0.11 Acres
Price / SF$481.29
Days on Market58
Property Features for 1614 Dennis Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SF - Single Family
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bedroom 7, Bedroom 6, Bathroom 2, Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 1
Parking features
Open
Patio and Porch features
Porch
Appliances
Washer, Dryer, Dishwasher, Refrigerator, Oven, Microwave
Subdivision
New Town - Unrecord (3.0)
View
Water
Standard status
Active Under Contract
APN
00062930000000
Size
2,699 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Kw Diag Pb 1-13 All Lt 10 The Sely 2 Ft 4 In Of Lt 13 Sqr 4 Tr 30 Or300-455/56 Or520-947 Or980-892 Or1089-1773 Or1324-17
Tax Annual Amount
8312
Legal Description
Kw Diag Pb 1-13 All Lt 10 The Sely 2 Ft 4 In Of Lt 13 Sqr 4 Tr 30 Or300-455/56 Or520-947 Or980-892 Or1089-1773 Or1324-17
Utilities
Cooling system
Central Air
Building Details
Year built
1968
Flooring type
Tile, Vinyl, Combo
Building materials
CBS, Frame, Combo Construction
Roof type
Metal
Listing Agency:
Ocean Sotheby's International Realty
(305) 294-1117
Listed By:
Matthew J Sheehan · License #KWA.263502074
(305) 849-9233
Added: Jul 20
Changed: Sep 15
Last Checked: Sep 15 at 3:06AM
MLS# 620718
Copyright © 2026 Key West Association 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 triplex contains three separate residences arranged as two 2-bedroom, 1-bath units and an upstairs 3-bedroom, 2-bath unit. The 2,699-square-foot property was built in 1968 and includes central air, tile and vinyl flooring, open parking, and a porch. Appliances include washers, dryers, dishwashers, refrigerators, ovens, and microwaves. Construction combines CBS and frame elements, with a metal roof.
The 0.11-acre property is located in Key West, near schools, shopping, dining, parks, and downtown. Zoning is SF - Single Family. Off-street parking accommodates up to 7 vehicles, supporting the property's three-unit configuration and potential for rental use or owner occupancy.
The 0.11-acre property is located in Key West, near schools, shopping, dining, parks, and downtown. Zoning is SF - Single Family. Off-street parking accommodates up to 7 vehicles, supporting the property's three-unit configuration and potential for rental use or owner occupancy.
Key Highlights
- Three‑unit layout with two 2‑bedroom, 1‑bath residences and one upstairs 3‑bedroom, 2‑bath residence
- 2,699 square feet on a 0.11‑acre lot
- Off‑street parking for up to 7 vehicles
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with flexible layouts, central cooling, and parking for tenants or owner-occupants.
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 layout with two 2‑bedroom, 1‑bath residences and one upstairs 3‑bedroom, 2‑bath residence; 2,699 square feet on a 0.11‑acre lot; Off‑street parking for up to 7 vehicles
