Key West Duplex with 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 Market177
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 2, Bathroom 2, Bathroom 1, Bedroom 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: Sep 13
Last Checked: Oct 2 at 7:06AM
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 contains 1464 square feet on a 0.14-acre parcel in Key West. Built in 1958, the property features CBS construction, a metal roof, off-street parking, two bedrooms, and two bathrooms. The main house is positioned for full renovation, while an existing City of Key West build-back letter supports the property's documented redevelopment rights.
The home is located on Eagle Avenue in an established residential neighborhood, with schools, shopping, beaches, and Old Town nearby. The adjacent vacant, buildable lot at 3705 Eagle Avenue may be combined with this property for a larger development project, subject to applicable requirements.
The home is located on Eagle Avenue in an established residential neighborhood, with schools, shopping, beaches, and Old Town nearby. The adjacent vacant, buildable lot at 3705 Eagle Avenue may be combined with this property for a larger development project, subject to applicable requirements.
Key Highlights
- Legal duplex with 1464 square feet on a 0.14‑acre parcel
- City of Key West build‑back letter is in place
- CBS construction with a metal roof
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - CBS construction, a metal roof, and off-street parking serve this residential property near schools, shopping, beaches, and Old Town.
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 1464 square feet on a 0.14‑acre parcel; City of Key West build‑back letter is in place; CBS construction with a metal roof
