Duplex with Build-Back
For Sale
$825,000
3711 Eagle Avenue, Key West, FL 33040
The duplex includes a main residence requiring full renovation and a City of Key West build-back letter.
Property Size1,464 SF
Price / SF$563.52
Days on Market206
Property Features for 3711 Eagle Avenue
General Information
Standard status
Active
Size
1,464 SF
Property subtype
Duplex
Property Condition
Severity
Major Repairs Needed
Evidence
ready for a full renovation
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,580
Building Details
Building Size
1,464 SF
Year Built
1958
Listing Agency:
Truman & Co. (KW)
Listed By:
Terri Spottswood · License #161619
(305) 587-3407
Source:
Keystoprealty
Added: Apr 9
Changed: Oct 27
Last Checked: Oct 27 at 4:12AM
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 Truman & Co. (KW)
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Investment Insights
Based on property information with market context.
This legal duplex, built in 1958, includes a main residence that requires a full renovation. A City of Key West build-back letter is in place and preserves redevelopment rights for the property.
The property is on Eagle Avenue in Key West, near schools, shopping, and beaches, with Old Town a short drive away. The adjacent vacant, buildable parcel at 3705 Eagle Avenue may be combined with this property for a larger project.
The property is on Eagle Avenue in Key West, near schools, shopping, and beaches, with Old Town a short drive away. The adjacent vacant, buildable parcel at 3705 Eagle Avenue may be combined with this property for a larger project.
Key Highlights
- Legal duplex with a main residence requiring full renovation
- City of Key West build‑back letter preserves redevelopment rights
- Built in 1958
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,525
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$490,500
$490.5K
Cap Rate 7%
$350,357
$350.4K
Cap Rate 9%
$272,500
$272.5K
Market Conditions
NOI Build-Up for 1,464 SF
Gross rent
$37.4K $25.56/SF
− Vacancy
−$2.4K −$1.63/SF
EGI
$35.0K $23.93/SF
− OpEx
−$10.5K −$7.18/SF
NOI
$24.5K $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 Rate 5%
$490,500
Cap Rate 7%
$350,357
Cap Rate 9%
$272,500
Alternative Uses
Best Use
Multifamily LT 5
$350.4K
$306.6K – $408.8K
NOI $24,525 @ 7.0% cap · market cap 2.97%
Second Best
Apartment 5plus
$324.5K
$284.0K – $378.6K
NOI $22,718 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$588.9K
$515.3K – $687.0K
NOI $41,222 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
815
Businesses Nearby
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Business Placement
Demographics for 33040, FL
35,958
Population
19,001
Households
1.9
Avg Household Size
44
Median Age
38%
College-Educated
92%
High-School Grad
17.7 sq mi
ZIP Area
2,032
Density / Sq Mi
$79,038
Median Household Income
$42,458
Median Earnings
$2,079
Median Rent
$766,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The duplex includes a main residence requiring full renovation and a City of Key West build-back letter.
Where is this duplex located?
The property is located at 3711 Eagle Avenue Key West, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Legal duplex with a main residence requiring full renovation; City of Key West build‑back letter preserves redevelopment rights; Built in 1958
