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    Key West Multifamily Investment Opportunity Title is generated by Realmo AI

    909 Grinnell Street, Key West, FL 33040

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    For Sale
    $1,899,000

    MULTI_FAMILY - Key West, FL

    Property size:
    2,790 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $680/SF
    Added:
    Jul 23, 2025
    Days on Market:
    304
    Last Refresh:
    May 22 at 6:06 pm

    Property Features for 909 Grinnell Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    HDR - High Density Reside
    Bedrooms
    7
    Bathrooms
    6
    Rooms
    Bedroom 6, Bathroom 4, Bedroom 2, Bathroom 6, Bedroom 5, Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 7, Bedroom 1, Bathroom 5, Bathroom 2, Bedroom 3
    Standard status
    Active
    APN
    00020870-000000
    Size
    2,790 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    KW PT LOT 6 SQR 3 TR 6 OR271-249/50 OR387-305 OR616-188 OR943-963/64 OR943-2119/21 OR954-1883 OR955-2017/20 OR955-2021
    Tax Annual Amount
    14215

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1976
    Floors in Building
    2
    Number of units
    7
    Building materials
    CBS

    We can help!

    Listing Contact
    Walt Lee

    Listing agent Walt Lee License #3159689

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

    Listing date Jul 23, 2025

    MLS# 615914

    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

    • Seven market‑rate units in Old Town Key West.
    • Prime Old Town location near Truman Ave.
    • Priced at less than $272K per unit.
    • Currently configured as a mix of 2‑bedroom, 1‑bedroom, and studio units.
    • Located in the X‑Flood Zone.
    • Potential tax benefits for real estate investors (accelerated depreciation).

    Overview

    This property offers a rare opportunity to acquire seven units in the X-Flood Zone in Old Town Key West. The property is currently configured as six units but is recognized by the city as seven. It includes one 2-bedroom unit, three 1-bedroom units, and two studio units, all with separate exterior entrances. Renovations are in progress. The property is situated in a prime Old Town location, approximately half a block from the cemetery and half a block off Truman Ave. Its convenient location provides close proximity to various Old Town attractions, including the world-famous Duval Street. The property, with a total size of 2790 square feet on a lot of 0.07 acres, is zoned HDR - High Density Reside. It is suitable for employee housing or as an income-producing multi-unit property. The property is currently being used as one 2-bedroom unit, three 1-bedroom units, and two studio units.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Pharmacy Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.793612
    Latitude
    24.555456

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    FAQs

    What type of property is this?
    Apartment building - Seven-unit multifamily property in Key West's Old Town.
    Where is this apartment building located?
    The property is located at 909 Grinnell Street Key West, FL.
    What is the asking price?
    The asking price for this property is $1,899,000.
    What are key features of this property?
    This property features: Seven market‑rate units in Old Town Key West.; Prime Old Town location near Truman Ave.; Priced at less than $272K per unit.
    (305) 879-7355
    We can help!
    Listing Contact
    Walt Lee
    Real Estate License ID: 3159689
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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.

    More about this property
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