Key West Duplex Redevelopment
For Sale
$825,000
3711 Eagle Avenue, Key West, FL 33040
Residential, Key West, FL
Property Size1,464 SF
Lot Size0.14 Acres
Price / SF$563.52
Days on Market141
Property Features for 3711 Eagle Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
SF - Single Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1
Parking features
Off Street
Appliances
No Appliances
Subdivision
New Town - Unrecord (3.0)
View
Water
Standard status
Active
APN
00053690-000000
Size
1,464 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KW FWDN SUB PLAT 1 PB1-155 LOT 10 SQR 13 G28-141 OR700-596 OR700-597 OR1268-872 RES NO 93-332 OR1425-889 OR1812-1410 OR2
Tax Annual Amount
7581
Legal Description
KW FWDN SUB PLAT 1 PB1-155 LOT 10 SQR 13 G28-141 OR700-596 OR700-597 OR1268-872 RES NO 93-332 OR1425-889 OR1812-1410 OR2
Building Details
Year built
1958
Number of units
2
Building materials
CBS
Roof type
Metal
Listing Agency:
Truman & Co. (KW)
(305) 292-2244
Listed By:
Terri Spottswood · License #161619
(305) 587-3407
Added: Apr 9
Changed: Aug 19
Last Checked: Aug 27 at 3:06PM
MLS# 619418
Copyright © 2026 Key West 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.
Investment Insights
Based on property information with market context.
This legal duplex presents a prime redevelopment opportunity in the upper section of Eagle Avenue, situated in a well-established residential neighborhood in Key West. The property is located on one of the most desirable blocks and offers potential for investors, builders, or end users. The main house, with 1464 square feet of space on a lot of 0.14 acres, is ready for a full renovation, providing a blank canvas for customization or redevelopment. A City of Key West build-back letter is in place, preserving redevelopment rights. The property can be combined with the adjacent vacant, buildable lot at 3705 Eagle Avenue for a larger project, creating an opportunity for expansion or future development. The property is zoned SF - Single Family. Located near schools, shopping, and beaches, and minutes from Old Town, this property offers a chance to invest, renovate, or rebuild in a premier Key West location. Owner financing is available.
Key Highlights
- Legal duplex with CBS construction and metal roof, built in 1958
- Two‑bedroom layout with 2 bathrooms
- Off‑street parking
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
$24,525
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
2.97%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
815
Businesses Nearby
Explore this area
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
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 - Legal duplex in prime location with redevelopment potential and owner financing.
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 CBS construction and metal roof, built in 1958; Two‑bedroom layout with 2 bathrooms; Off‑street parking
