Renovated Duplex with Guest
For Sale
$1,050,000
162 Jo-Jean Way, Key Largo, FL 33070
Residential, Key Largo, FL
Property Size1,950 SF
Lot Size0.23 Acres
Price / SF$538.46
Days on Market242
Property Features for 162 Jo-Jean Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1 - Residential Single F
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1
Window features
Aluminum Frames
Patio and Porch features
Patio
Pets allowed
Yes
Exterior features
Detached Guest Qtrs, Lanai, Shed, Storage
Appliances
Washer, Dryer, Refrigerator, Range
Subdivision
Tavernier Harbor (92.0)
View
Water
Standard status
Active
APN
00482030-000000
Size
1,950 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5750
Utilities
Cooling system
Central Air, Ductless
Amenities
screened patio
landscaping
accent lighting
storage sheds
boat or trailer parking
Building Details
Year built
1949
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Wood, Combo
Building materials
Concrete, Frame
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Realty ONE Group Destination (ISL)
(305) 293-8881
Listed By:
Krissy Carnahan · License #3508306
(305) 522-0280
Added: Feb 6
Changed: Oct 1
Last Checked: Oct 6 at 6:06PM
MLS# 618624
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 duplex property combines a renovated main residence with a separate rear cottage. The approximately 1,600-square-foot primary home was updated in 2021 and includes three bedrooms, two bathrooms, an open living, kitchen, and dining arrangement, wood flooring, abundant windows, and a screened front patio. The one-bedroom, one-bath cottage was renovated in 2022 and includes its own laundry, driveway, and parking. The property also features central air and ductless HVAC, updated electrical systems, a metal roof installed in 2018, two storage sheds, accent lighting, and space for boat or trailer parking.
Set on a 0.23-acre lot measuring roughly 165 by 60 feet, the property is zoned R1 - Residential Single F and has no HOA. Shops and dining in Tavernier are within walking distance, while a public boat ramp at the end of the street provides access to the bay. An above-flood-elevation certificate is also in place.
Set on a 0.23-acre lot measuring roughly 165 by 60 feet, the property is zoned R1 - Residential Single F and has no HOA. Shops and dining in Tavernier are within walking distance, while a public boat ramp at the end of the street provides access to the bay. An above-flood-elevation certificate is also in place.
Key Highlights
- Duplex configuration with a 1,600‑square‑foot main home and separate 1‑bedroom/1‑bath cottage
- Main residence renovated in 2021; rear cottage fully renovated in 2022
- 0.23‑acre lot measuring roughly 165 * 60 ft
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,667
Cap Rate
3.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$653,340
$653.3K
Cap Rate 7%
$466,671
$466.7K
Cap Rate 9%
$362,967
$363.0K
Market Conditions
NOI Build-Up for 1,950 SF
Gross rent
$49.8K $25.56/SF
− Vacancy
−$3.2K −$1.63/SF
EGI
$46.7K $23.93/SF
− OpEx
−$14.0K −$7.18/SF
NOI
$32.7K $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%
$653,340
Cap Rate 7%
$466,671
Cap Rate 9%
$362,967
Alternative Uses
Best Use
Multifamily LT 5
$466.7K
$408.3K – $544.5K
NOI $32,667 @ 7.0% cap · market cap 3.11%
Second Best
Apartment 5plus
$432.3K
$378.2K – $504.3K
NOI $30,259 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$784.4K
$686.3K – $915.1K
NOI $54,906 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
530
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
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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?
Duplex - Two updated residences share a landscaped lot with separate access, parking, storage, and no HOA.
Where is this duplex located?
The property is located at 162 Jo-Jean Way Key Largo, FL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Duplex configuration with a 1,600‑square‑foot main home and separate 1‑bedroom/1‑bath cottage; Main residence renovated in 2021; rear cottage fully renovated in 2022; 0.23‑acre lot measuring roughly 165 * 60 ft
