Two-Unit Duplex with Covered
New
For Sale
$880,000
187 & 189 Casa Court Drive, Key Largo, FL 33070
MULTI_FAMILY - Key Largo, FL
Property Size1,804 SF
Lot Size0.17 Acres
Price / SF$487.80
Days on Market3
Property Features for 187 & 189 Casa Court Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MF - Multi-Family Attache
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 4
Parking features
RV
Pets allowed
Yes
Interior features
Storage
Exterior features
Lighting, Shed, Storage
Appliances
More Appliances, Dishwasher, Refrigerator, Range, Oven, Microwave
Subdivision
Adobe Casa (94.0)
View
Water
Directions
US1 Bay Side.
Standard status
Active
APN
00481660-000000
Size
1,804 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BK C LT 5 ADOBE CASA COURT KEY LARGO PB5-17 OR619-415 OR788-854 OR790-1844 OR791-986 OR815-2370 OR823-462 OR916-1017 OR1
Tax Annual Amount
7302
Legal Description
BK C LT 5 ADOBE CASA COURT KEY LARGO PB5-17 OR619-415 OR788-854 OR790-1844 OR791-986 OR815-2370 OR823-462 OR916-1017 OR1
Utilities
Utilities
Cable Available
Heating system
Central
Cooling system
Central Air
Amenities
covered parking
RV/boat parking
Building Details
Year built
2006
Number of units
2
Flooring type
Tile
Building materials
CBS, Concrete
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Venture Realty Group
(954) 545-5583
Listed By:
Tracey E. Petrusha · License #651549
(305) 896-1080
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 14 at 4:06AM
MLS# 620967
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.
The elevated duplex provides 1,804 square feet across two separate residences, each arranged with two bedrooms and one bathroom. Built in 2006, the property has CBS concrete construction, tile flooring, central heating and central air. Both units include kitchen appliances such as a range, oven, microwave, refrigerator, and dishwasher, while storage is provided indoors and outdoors. The metal roof and recent exterior painting add to the established physical improvements.
The 0.17-acre parcel is located in Key Largo and includes covered parking with room for an RV and boats. Exterior features include lighting and a shed, while cable is available. The outdoor area offers additional space for private use and may accommodate a pool, subject to applicable requirements. Zoning is MF - Multi-Family Attache.
The 0.17-acre parcel is located in Key Largo and includes covered parking with room for an RV and boats. Exterior features include lighting and a shed, while cable is available. The outdoor area offers additional space for private use and may accommodate a pool, subject to applicable requirements. Zoning is MF - Multi-Family Attache.
Key Highlights
- Two separate 2‑bedroom, 1‑bath units
- 1,804 square feet on a 0.17‑acre lot
- Built in 2006 with CBS concrete construction
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
$30,221
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
3.43%
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%
$604,420
$604.4K
Cap Rate 7%
$431,729
$431.7K
Cap Rate 9%
$335,789
$335.8K
Market Conditions
NOI Build-Up for 1,804 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
$46.1K $25.56/SF
− Vacancy
−$2.9K −$1.63/SF
EGI
$43.2K $23.93/SF
− OpEx
−$13.0K −$7.18/SF
NOI
$30.2K $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%
$604,420
Cap Rate 7%
$431,729
Cap Rate 9%
$335,789
Alternative Uses
Best Use
Multifamily LT 5
$431.7K
$377.8K – $503.7K
NOI $30,221 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$399.9K
$349.9K – $466.6K
NOI $27,994 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$725.6K
$634.9K – $846.6K
NOI $50,795 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
543
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
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Frequently Asked Questions
What type of property is this?
Duplex - Elevated duplex with two-bedroom units, central climate control, storage, and RV parking.
Where is this duplex located?
The property is located at 187 & 189 Casa Court Drive Key Largo, FL.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Two separate 2‑bedroom, 1‑bath units; 1,804 square feet on a 0.17‑acre lot; Built in 2006 with CBS concrete construction
