Income-Generating Triplex with Three
1821 Harris Avenue Key West, FL 33040
1821 Harris Avenue, Key West, FL, 33040
$1,650,000
For Sale
$1,650,000
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$447.52
Days on Market91
Property Features for 1821 Harris Avenue
General Information
- Standard status
- Active
- Size
- 3,687 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1948
Listing agency
eXp Realty LLC KW Branch
(305) 741-7006
Listed by
Monika Rydzak
Source
Xome
Added: Apr 22 Updated: Jul 21 at 1:37AM Checked: Jul 21 at 3:09AM
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $94.2k | $25.56 |
| − Vacancy | −$6.0k | −$1.63 |
| EGI | $88.2k | $23.93 |
| − OpEx | −$26.5k | −$7.18 |
| NOI | $61.8k | $16.75 |
3,687 SF · lease $25.56/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$882.4K
$772.1K – $1.03M
NOI $61,766 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$817.3K
$715.2K – $953.6K
NOI $57,214 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,814 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
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FAQs
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 $1,650,000.
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
