Key Largo Multifamily Investment
185 Dove Lake Drive Key Largo, FL 33070
185 Dove Lake Drive, Key Largo, FL, 33070
$750,000
For Sale
Under Contract
$750,000
MULTI_FAMILY - Key Largo, FL
Property Size2,197 SF
Lot Size0.28 Acres
Price / SF$341.37
Days on Market505
Property Features for 185 Dove Lake Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- MF - Multi-Family Attache
- Bedrooms
- 5
- Bathrooms
- 3
- Rooms
- Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 4
- Parking features
- Open
- Security features
- Security
- Pets allowed
- Yes
- Appliances
- Washer, Dryer, Refrigerator, Range, Oven
- Standard status
- Active Under Contract
- APN
- 00445900-000000
- Size
- 2,197 SF
- Lot size
- 0.28 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- BK 3 LOTS 11 AND 12 OCEAN PARK VILLAGE PB4-14 KEY LARGO OR488-167/68 OR495-470 OR661-641 OR709-132 OR771-933Q/C OR839-1
- Tax Annual Amount
- 6627
Building Details
- Year built
- 1974
- Flooring type
- Tile
- Building materials
- CBS, Concrete, Frame, Combo Construction
- Roof type
- Metal
Listing Agency
Berkshire Hathaway HomeServices Keys Real Estate - Islamorada
(305) 664-4444
85992 Overseas Hwy, Islamorada, FL
Listed by
Lisa Frins P.A. · License #0672871
(305) 522-1479
Added: Feb 28, 2025 Checked: Jul 18 at 9:06 am
MLS# 613968
Listing URL
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-unit property in Key Largo, FL, presents an investment opportunity with seller financing available. It features three income-producing units: two 2-bedroom, 1-bathroom units and one 1-bedroom, 1-bathroom unit located upstairs, plus a 2-bedroom, 1-bathroom unit downstairs. The downstairs unit includes access to the back and side yards, along with multiple spacious screened porches. The property includes one lot accompanied by a separate vacant lot with scenic walking paths and lush tropical foliage. Located near a county park that features boat ramps, a beach, a swim lagoon, a playground, and ball fields, the property offers recreational opportunities. The property is zoned MF - Multi-Family Attache. The property size is 2197 square feet and the lot size is 0.28 acres.
Key Highlights
- Three income‑producing units: two 2BR/1BA units and one 1BR/1BA unit
- Downstairs 2BR/1BA unit includes access to back and side yards plus multiple spacious screened porches
- Property sits on one lot with a separate vacant lot featuring scenic walking paths and lush tropical foliage
Local Financial Insights For Apartment 5plus
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 | $66.4k | $30.24 |
| − Vacancy | −$4.5k | −$2.03 |
| EGI | $62.0k | $28.21 |
| − OpEx | −$27.9k | −$12.70 |
| NOI | $34.1k | $15.52 |
2,197 SF · lease $30.24/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$487.0K
$426.2K – $568.2K
NOI $34,092 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$883.7K
$773.3K – $1.03M
NOI $61,860 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Multifamily property - Multifamily property with vacant lot near Tavernier park.
Where is this multifamily property located?
The property is located at 185 Dove Lake Drive Key Largo, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three income‑producing units: two 2BR/1BA units and one 1BR/1BA unit; Downstairs 2BR/1BA unit includes access to back and side yards plus multiple spacious screened porches; Property sits on one lot with a separate vacant lot featuring scenic walking paths and lush tropical foliage
