Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Waterfront Land with Development Potential Title is generated by Realmo AI

    9 Hilton Haven Drive, Key West, FL 33040

    View on Map
    Claim this Listing
    For Sale
    Under Contract
    $6,000,000

    MULTI_FAMILY - Key West, FL

    Lot size:
    0.92 Acres
    Added:
    Apr 2, 2024
    Days on Market:
    781
    Last Refresh:
    May 22 at 11:06 pm

    Property Features for 9 Hilton Haven Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MDR-1 - Medium Desnity Re
    Bedrooms
    11
    Bathrooms
    11
    Rooms
    Bathroom 8, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 7, Bedroom 7, Bedroom 5, Bathroom 10, Bedroom 11, Bathroom 5, Bathroom 4, Bedroom 6, Bathroom 11, Bedroom 9, Bedroom 8, Bathroom 3, Bathroom 9, Bathroom 6, Bedroom 4, Bathroom 1, Bedroom 10, Bedroom 3
    Standard status
    Active Under Contract
    APN
    00001850-000100
    Lot size
    0.92 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    AMENDED PLAT OF HILTON HAVEN SEC 1 A SUBDIVISION ON THE ISLAND OF KEY WEST FLA PB2-108 PT TR 9 OR233-159 OR494-991 OR102
    Tax Annual Amount
    34942

    Utilities

    Water front
    1

    Building Details

    Year built
    1959
    Number of units
    11
    Building materials
    CBS, Concrete

    We can help!

    Listing Contact
    Andrew G Birrell

    Listing agent Andrew G Birrell License #3015633

    Listing office Berkshire Hathaway HomeServices Knight & Gardner Realty 336 Duval St., Key West, FL

    Listing date Apr 2, 2024

    MLS# 609429

    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.

    HighLights

    • Developers Dream: 4 parcels on the water.
    • 11 ROGO's (Right of Occupancy Granted)
    • 240' of water frontage
    • 10,000 sq. ft. of bay bottom
    • Opportunity to purchase in smaller pieces (see MLS #618800, 618801 or 618802)
    • CBS/Concrete Construction

    Overview

    This offering consists of four parcels of waterfront land, presenting a development opportunity. The properties include 11 ROGO's and 240 feet of water frontage, along with 10,000 square feet of bay bottom. Located on both sides of Hilton Haven Road in Key West, Florida, the land totals 0.92 acres and is zoned MDR-1 for medium-density residential use. Please note that tenants are currently on the property, and the listing agent must accompany all parties for showings. The property is also offered to be purchased in smaller pieces, see MLS #618800, 618801 or 618802.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.779269
    Latitude
    24.562643

    Nearby Similar for Sale

    • $749,000
      1,491 SF

      New Mixed-Use Development in Key West

      Commercial space in new mixed-use development, completion end of 2026.
      3201 Flagler Avenue, Key West, FL 33040
      View Details
    • $2,699,000
      2,396 SF

      Prime Corner Commercial Property, Key West

      Corner property with high visibility, multiple commercial uses allowed.
      1000 Truman Avenue, Key West, FL 33040
      View Details
    • $495,000
      4,302 SF

      Established Fitness Center in Key West

      Turn-key fitness center in the heart of Old Town Key West.
      725 Caroline Street, Key West, FL 33040
      View Details
    • $1,700,000
      3,000 SF

      Value-Add Fourplex Investment Opportunity

      Fourplex with income potential after renovations in Key West, FL.
      1224 2nd Street, Key West, FL 33040
      View Details
    • $2,699,999
      3,568 SF

      Waterfront Duplex with Bonus Suite

      Upgraded multifamily duplex with bonus suite, waterfront access, boat lift.
      6 Egret Lane, Geiger Key, FL 33040
      View Details
    • $1,250,000
      2,664 SF

      Legal Duplex on Spacious Lot

      Legal duplex with rental income potential on a 10,000 SqFt lot.
      1409 4Th Street, Key West, FL 33040
      View Details
    • $1,875,000
      2,423 SF

      Key West Duplex with Pool

      Spacious duplex with pool, ideal for various living arrangements.
      1516 17th Terrace, Key West, FL 33040
      View Details
    • $9,888,000
      2,071 SF

      Key West Ocean View Opportunity

      Undeveloped property in Historic Commercial Tourist District with ocean views.
      1430 Vernon Avenue, Key West, FL 33040
      View Details
    • $1,500,000
      1,436 SF

      Key West Commercial Opportunity

      Standalone commercial building in Old Town Key West with parking.
      604 Whitehead Street, Key West, FL 33040
      View Details
    • $825,000
      1,464 SF

      Key West Duplex Redevelopment Opportunity

      Legal duplex in prime location with redevelopment potential and owner financing.
      3711 Eagle Avenue, Key West, FL 33040
      View Details
    • $2,300,000
      3,415 SF

      Waterfront Development Opportunity in Key West

      Waterfront property with redevelopment potential and existing rental income.
      9 Hilton Haven Road, Key West, FL 33040
      View Details
    • $1,950,000

      Key West Commercial Condos

      Prime investment opportunity in Key West's Old Town.
      1200-1206 White Street, Key West, FL 33040
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Four waterfront parcels with development potential in Key West, Florida.
    Where is this waterfront land located?
    The property is located at 9 Hilton Haven Drive Key West, FL.
    What is the asking price?
    The asking price for this property is $6,000,000.
    What are key features of this property?
    This property features: Developers Dream: **4 parcels on the water.**; **11 ROGO's (Right of Occupancy Granted)**; 240' of water frontage
    (305) 923-5753
    We can help!
    Listing Contact
    Andrew G Birrell
    Real Estate License ID: 3015633
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    9 Hilton Haven Drive, Key West, FL 33040
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!