Renovated Duplex with Commercial
2001 Flagler Avenue Key West, FL 33040
For Sale
$1,050,000
Renovated duplex with two two-bedroom units plus an adjoining commercial-zoned lot for potential food truck use.
Property Size2,400 SF
Lot Size0.12 Acres
Price / SF$437.50
Days on Market30
Property Features for 2001 Flagler Avenue
General Information
- Standard status
- Active
- Size
- 2,400 SF
- Lot size
- 0.12 Acres
- Property subtype
- Multi-Family
Listing Agency:
Keller Williams Key West Compass Realty
(305) 304-4269
Listed By:
The Watkins Group
(305) 304-4269
Source:
Xome
Added: Jun 26
Changed: Jul 23
Last Checked: Jul 25 at 2:51AM
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 Keller Williams Key West Compass Realty
Investment Insights
Based on property information with market context.
This for-sale package combines a duplex and an adjoining commercial-zoned lot at 2001 Flagler Avenue, Key West, FL 33040. The duplex includes 1,342 square feet of living space on a 2,841 square foot lot and offers two separate two-bedroom units. The units have been recently renovated and are ready for new tenants. Current annual rental income is listed as $74,400.
Adjoining the duplex is a 2,244 square foot commercial-zoned lot. The property remarks indicate the site would be suitable for one or more food vendor trucks, with excellent visibility and heavy traffic.
Offered together, this configuration provides on-site residential income potential alongside an adjacent commercial-zoned use site.
Adjoining the duplex is a 2,244 square foot commercial-zoned lot. The property remarks indicate the site would be suitable for one or more food vendor trucks, with excellent visibility and heavy traffic.
Offered together, this configuration provides on-site residential income potential alongside an adjacent commercial-zoned use site.
Key Highlights
- Duplex with two 2‑bedroom units totaling 1,342 sq ft on a 2,841 sq ft lot
- Current annual rental income of $74,400 from the two units
- Units recently renovated and ready for new tenants
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 | $61.3k | $25.56 |
| − Vacancy | −$3.9k | −$1.63 |
| EGI | $57.4k | $23.93 |
| − OpEx | −$17.2k | −$7.18 |
| NOI | $40.2k | $16.75 |
2,400 SF · lease $25.56/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$574.4K
$502.6K – $670.1K
NOI $40,205 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$532.0K
$465.5K – $620.7K
NOI $37,242 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$965.4K
$844.7K – $1.13M
NOI $67,576 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Renovated duplex with two two-bedroom units plus an adjoining commercial-zoned lot for potential food truck use.
Where is this duplex located?
The property is located at 2001 Flagler Avenue Key West, 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: Duplex with two 2‑bedroom units totaling 1,342 sq ft on a 2,841 sq ft lot; Current annual rental income of $74,400 from the two units; Units recently renovated and ready for new tenants
