Income-Generating Triplex with Three
For Sale
$1,500,000
1821 Harris Avenue, Key West, FL 33040
Three 3-bedroom, 2-bath units are currently leased on long-term terms, including a single-level front unit.
Property Size3,687 SF
Price / SF$406.83
Days on Market137
Property Features for 1821 Harris Avenue
General Information
Standard status
Active
Size
3,687 SF
Property subtype
Residential Income
Zoning
MDR-1 - Medium Desnity Residential
Taxes and HOA fees
Annual Taxes
$10,461
Amenities
Central Air, Wall/Window Unit(s), Ceiling Fan(s)
Washer, Microwave, Oven, Range, Refrigerator, Dishwasher, Dryer
Off Street
Multi-Units
Building Details
Building Size
3,687 SF
Year Built
1948
Listing Agency:
eXp Realty LLC KW Branch
Listed By:
Monika Rydzak
(305) 395-0250
Source:
Evrealestate
Added: Apr 23
Changed: Sep 3
Last Checked: Sep 6 at 6:25AM
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 eXp Realty LLC KW Branch
Investment Insights
Based on property information with market context.
This income-producing triplex includes three separate units, each offering 3 bedrooms and 2 bathrooms. The front unit is designed as a single-level layout, providing an easier flow for day-to-day living. The two rear units feature two-story plans, with living, kitchen, and entertaining space on the main level and bedrooms and bathrooms located upstairs.
Situated in Key West, the property is described as being minutes from the coastline and a quick ride to downtown Key West.
All three units are currently rented on long-term leases, supporting ongoing income. The building’s configuration balances functional main-level gathering space with upstairs bedrooms and bathrooms in the rear units.
Situated in Key West, the property is described as being minutes from the coastline and a quick ride to downtown Key West.
All three units are currently rented on long-term leases, supporting ongoing income. The building’s configuration balances functional main-level gathering space with upstairs bedrooms and bathrooms in the rear units.
Key Highlights
- Income‑producing triplex in Key West with 3 units currently leased on long‑term terms
- All three units are 3 bedrooms and 2 bathrooms (front unit single‑level; rear units two‑story)
- Monthly rents total $6,500, $4,500, and $3,400 for $172,800 annual income on long‑term leases
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
$61,766
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
4.12%
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%
$1,235,320
$1.2M
Cap Rate 7%
$882,371
$882.4K
Cap Rate 9%
$686,289
$686.3K
Market Conditions
NOI Build-Up for 3,687 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
$94.2K $25.56/SF
− Vacancy
−$6.0K −$1.63/SF
EGI
$88.2K $23.93/SF
− OpEx
−$26.5K −$7.18/SF
NOI
$61.8K $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%
$1,235,320
Cap Rate 7%
$882,371
Cap Rate 9%
$686,289
Alternative Uses
Best Use
Multifamily LT 5
$882.4K
$772.1K – $1.03M
NOI $61,766 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$817.3K
$715.2K – $953.6K
NOI $57,214 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,814 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,639
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 3-bedroom, 2-bath units are currently leased on long-term terms, including a single-level front unit.
Where is this triplex located?
The property is located at 1821 Harris Avenue Key West, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Income‑producing triplex in Key West with 3 units currently leased on long‑term terms; All three units are 3 bedrooms and 2 bathrooms (front unit single‑level; rear units two‑story); Monthly rents total $6,500, $4,500, and $3,400 for $172,800 annual income on long‑term leases
