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    Key Colony Duplex with Dockage Title is generated by Realmo AI

    261 - 271 9th Street, Key Colony Beach, FL 33051

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    Claim this Listing
    For Sale
    $1,700,000

    MULTI_FAMILY - Key Colony, FL

    Property size:
    2,040 SF
    Lot size:
    0.19 Acres
    Price / SF:
    $833/SF
    Added:
    Nov 19, 2025
    Days on Market:
    184
    Last Refresh:
    May 22 at 6:06 pm

    Property Features for 261 - 271 9th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-2A - Key Colony Two Fam
    Bedrooms
    4
    Bathrooms
    4
    Rooms
    Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 2, Bathroom 4
    Parking features
    RV, Open
    Patio and Porch features
    Porch
    Pets allowed
    Yes
    Interior features
    Storage
    Exterior features
    Storage
    Appliances
    Washer, Dryer, Dishwasher, Refrigerator, Range, Microwave, Disposal
    Standard status
    Active
    APN
    00075530-000000
    Size
    2,040 SF
    Lot size
    0.19 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    BK 10 LT 9 KEY COLONY BEACH FIRST ADDN AMENDED PLAT PB-4-11 SHELTER KEY
    Tax Annual Amount
    12496

    Utilities

    Utilities
    Cable Available
    Cooling system
    Central Air
    Water front
    1

    Building Details

    Year built
    1972
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Tile
    Building materials
    CBS
    Roof type
    Metal
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Karen D Raspe
    Karen D Raspe

    Listing agent Karen D Raspe License #3226605

    Listing office Ocean Sotheby's International 12420 Overseas Highway, Marathon, FL

    Listing date Nov 19, 2025

    MLS# 617382 Listing URL

    Copyright © 2026 Marathon and Lower Keys Association 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.

    HighLights

    • Exceptional dockage: 75 feet total, accommodating large vessels
    • Prime boating location: enjoy quick 5‑minute access to both the Ocean and Gulf
    • Full duplex or individual purchase options available
    • Located in desirable Key Colony Beach with access to amenities
    • Ample parking for cars, trailers, and island toys, plus a covered carport and storage
    • Four bedrooms and four bathrooms with over 2,000 square feet of living space

    Overview

    Located in Key Colony Beach, this duplex offers a rare opportunity to own property in a desirable area. The property has been maintained by the same family for over 40 years. It can be purchased as a full duplex or as individual halves. Situated on a 100-foot wide canal, the location provides quick access to both the open Ocean and the open Gulf. The south side features a 42-foot dock, while the north side offers 33 feet of dockage, totaling 75 feet. The full duplex includes 4 bedrooms and 4 bathrooms with over 2,000 square feet of living space. Ample parking is available for cars and trailers, along with a covered carport and storage room on the south side. The property is located near the marina, golf course, pickleball and tennis courts, bocce ball, playgrounds, horseshoes, the Post Office, City Hall, Police Department, and Sunset Park. The lot size is 0.19 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Key Colony Beach
    County
    Monroe
    State
    Florida
    Longitude
    -81.0216
    Latitude
    24.7226

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    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex with exceptional dockage in Key Colony Beach.
    Where is this duplex located?
    The property is located at 261 - 271 9th Street Key Colony Beach, FL.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: Exceptional dockage: 75 feet total, accommodating large vessels; Prime boating location: enjoy quick 5‑minute access to both the Ocean and Gulf; Full duplex or individual purchase options available
    (305) 393-9010
    We can help!
    Listing Contact
    Karen D Raspe
    Karen D Raspe
    Real Estate License ID: 3226605
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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