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    461 & 471 3rd Street Key Colony Beach, FL 33051

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    For Sale
    $1,848,000

    Multi-family - Key Colony, FL

    Type:Multi Family
    Property size:
    2,528 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $731/SF
    Added:
    Apr 28, 2026
    Days on Market:
    5
    Last Refresh:
    May 2 at 7:06 pm

    Property Features for 461 & 471 3rd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Zoning
    R-2A - Key Colony Two Family
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    RV
    Interior features
    Drapes/Blinds Incl, Smoke Alarms, Window Treatments, Storage
    Exterior features
    Fencing, Privacy Wall/Fence
    Fencing
    Fenced, Privacy
    Appliances
    Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
    Standard status
    Active
    APN
    00072850-000000
    Size
    2,528 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    6941.18

    Utilities

    Cooling system
    Ceiling Fan(s)
    Water front features
    Canal Front, Waterfront
    Water front
    1

    Building Details

    Year built
    1997
    Number of units
    2
    Flooring type
    Tile
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    David N. Grego
    David N. Grego

    Listing agent David N. Grego License #3107004

    Listing office Island Breeze Realty, LLC 12220 Overseas Highway, Marathon, FL

    Listing date Apr 28, 2026

    MLS# 615206 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.

    Overview

    Waterfront Duplex: Turnkey Income Property

    This fully furnished, turnkey waterfront duplex offers income potential and flexibility. The property, generating approximately $100,000 per year in rental income, has been a vacation rental for over 10 years. Constructed above flood level, the duplex features two 3-bedroom, 2-bathroom units, each with private entrances and parking. The property includes 60 feet of deep-water dockage on a wide canal, providing immediate ocean access. Two private waterfront outdoor living spaces are enhanced by tropical landscaping and privacy fencing. The property offers versatility as a rental property, multi-family residence, or a combination of both. Located in Key Colony, Florida, the property is situated approximately 1/4 mile from the Cabana Club and near beaches, dining, and shopping. The lot size is 0.16 acres and the property size is 2528 square feet. The zoning is R-2A - Key Colony Two Family.
    Property Profile Insight Report 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 - Turnkey waterfront duplex generating approximately $100K annually in rental income.
    Where is this duplex located?
    The property is located at 461 & 471 3rd Street Key Colony Beach, FL.
    What is the asking price?
    The asking price for this property is $1,848,000.
    What are key features of this property?
    This property features: Turnkey waterfront duplex generating approximately $100K/year in rental income.; 60 ft. of deep‑water dockage with immediate ocean access.; Two spacious 3BD/2BA units with private entrances and parking.
    (305) 481-1296
    We can help!
    Listing Contact
    David N. Grego
    David N. Grego
    Real Estate License ID: 3107004
    Learn More
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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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    461 & 471 3rd Street, Key Colony, FL 33051

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