Charming Multi-Residence
For Sale
$1,050,000
162 Jo-Jean Way, Key Largo, FL 33070
MULTI_FAMILY - Key Largo, FL
Property Size1,950 SF
Lot Size0.23 Acres
Price / SF$538.46
Days on Market197
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
Bathroom 3, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 1, 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
Ductless, Central Air
Building Details
Year built
1949
Floors in Building
1
Number of units
2
Flooring type
Wood, Combo, Vinyl
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: Jul 24
Last Checked: Aug 22 at 3:06PM
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 multi-residence property, located in historic Tavernier, features a main home of approximately 1600 sq ft, renovated in 2021. The main house includes three bedrooms, two baths, and an open floor plan encompassing the living room, kitchen, and dining area. Wood flooring and abundant windows contribute to the 'conch cottage' character, complemented by a screened-in patio. The 2021 renovation included new electrical and modern AC. A separate one-bedroom, one-bath cottage, fully renovated in 2022 with new electrical and HVAC, is situated privately at the rear of the property and includes its own laundry, driveway, and parking. The property lot measures roughly 165 * 60 ft and features landscaping with accent lighting, two storage sheds, and ample room for boat or trailer parking. A newer metal roof installed in 2018 and an above-flood elevation certificate enhance the property's resilience. The property is within walking distance of shops and dining in Tavernier, with a public boat ramp nearby providing access to the bay. The property is located on a 10,000 sq ft lot (0.23 acres). The zoning is R1 - Residential Single F. The property offers space, flexibility and charm in one of the Upper Keys' most desirable neighborhoods.
Key Highlights
- Multi‑residence property on a 10,000 SF lot in historic Tavernier (approx. 165 × 60 ft) with main home plus a separate 1BD/1BA cottage
- Main home is approx. 1,600 SF with 3 bedrooms and 2 baths; renovated in 2021 with new electrical and modern AC
- Rear cottage is a fully renovated 1 bedroom/1 bath home (renovated in 2022) with new electrical, HVAC, and its own laundry, driveway, and parking
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
$32,667
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
3.11%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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
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 - Renovated multi-residence property with lush landscaping in Tavernier.
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: Multi‑residence property on a 10,000 SF lot in historic Tavernier (approx. 165 × 60 ft) with main home plus a separate 1BD/1BA cottage; Main home is approx. 1,600 SF with 3 bedrooms and 2 baths; renovated in 2021 with new electrical and modern AC; Rear cottage is a fully renovated 1 bedroom/1 bath home (renovated in 2022) with new electrical, HVAC, and its own laundry, driveway, and parking
