$1,700,000
Key West, FL 33040
MLS# 619703
4 beds | 4 baths | 3000 sqft
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Property Description
Strong value-add multifamily fourplex investment opportunity with major capital improvements already completed. The property offers four two-bedroom residences totaling approximately 3,000 square feet, with each unit comprising approximately 750 square feet. The lower level includes two residences, while the upper level features two additional residences with approximately 960 square feet of combined balcony space. Major improvements include a new standing-seam metal roof, new impact-resistant windows and doors throughout, and completed concrete, stucco, and exterior work. The property is ready for the next owner to complete the remaining work and execute their preferred investment strategy. Once completed and delivered furnished, the property is projected to have the potential to generate more than $200,000 in annual gross rental income across all four units. Additional potential may include condominium conversion, subject to all applicable approvals and requirements. A compelling opportunity to complete, stabilize, and maximize a well-positioned Key West income-producing asset.
Details
Maps
Contract Information
Current Price: $1,700,000
Listing Date: 2026-05-01
Listing Board: Key West Association
Monthly Rent: $1,700,000
Location, Tax & Legal
Street #: 1224
Street Name: 2nd
Street Suffix: Street
Key/Island: Key West
State/Province: FL
Zip Code: 33040
County: Monroe
Subdivision: Sunshine Sub Plat 3 (3.0)
Area: 03 - Key West
General Property Description
Realtor.COM Type: Multi-family
Style: Multi-Units
Waterfront: No
Pool: No
Year Built: 1950
Lot Size: 70 X 100
Lot SqFt: 7000
Acres: 0.16
Living Apx SqFt: 3000
SqFt Source: Property Data Card
Total Bedrooms: 4
Full Baths: 4
Total Baths: 4
Rentals Allowed: With Restrictions
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
Building Style
Above Flood: Unknown
Status Change Info
Status: Active
Property Features
Fee Includes: None
Tax Exemptions: None
Waterfront: None
Waterview: No Waterview
Dockage: None
Building Style: Other Bldg Style
Utilities: Buyer to Verify
Appliances: Oven
Construction: Combo Construction
Roof: Metal Roof
Pets: Pets Allowed
Land Size: Less Than 1/4 Acre
Listing Office: Ocean Sotheby's International Realty
Last Updated: September - 25 - 2026
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