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$1,700,000
Key West, FL 33040
MLS# 619703
4 beds | 4 baths | 3000 sqft
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Property Description
Strong value-add multi-family fourplex investment opportunity with major improvements already completed. The heavy lifting has been done, including a new roof, brand-new windows, and updated concrete throughout, setting the stage for the next owner to bring the project to completion. Once finished and delivered furnished, the property has the potential to generate over $200,000 in annual income across all four units. Additional upside includes the option to condo-convert, with projected rental income of approximately $6,000/month for the lower units and $7,000/month for the upper. An ideal opportunity for an investor looking to step into a project with reduced risk, immediate upside, and strong income potential. A rare chance to step in, complete the project, and capture the upside of a fully optimized, income-producing asset.
Details
Maps
Contract Information
Listing Board: Key West Association
Current Price: $1,700,000
Listing Date: 2026-05-01
List Price: $1,700,000
Location, Tax & Legal
KW Neighborhood: New Town
City: KEY WEST
Mile Marker: 3
Marathon Neighborhood: N/A
Side: Bay/Gulf
Flood Zone: AE
Alternate Key #: 1052078
Parcel #: 00051450-000000
Zoning: MDR-1 - Medium Desnity Residential
Deed Restrictions: Unknown
Legal: BK 1 LOT 5 SUNSHINE SUB PLAT NO 3 PB2-169 OR51-144 OR438-196 OR561-579 OR592-336 OR845-437 OR1188-247 OR1686-928 OR3167-
Taxes: 10119.76
Tax Year: 2025
Pub Sewer HkUp: Yes
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
Waterfront: No
Control Depth: 0
Lot Size: 70 X 100
Lot SqFt: 7000
Pool: No
Total Units: 0
Acres: 0.16
SqFt Source: Property Data Card
Rentals Allowed: With Restrictions
Style: Multi-Units
Year Built: 1950
Living Apx SqFt: 3000
Total Bedrooms: 4
Full Baths: 4
Total Baths: 4
Remarks & Misc
Remarks – Consumer: Strong value-add multi-family fourplex investment opportunity with major improvements already completed.
The heavy lifting has been done, including a new roof, brand-new windows, and updated concrete throughout, setting the stage for the next owner to bring the project to completion.
Once finished and delivered furnished, the property has the potential to generate over $200,000 in annual income across all four units.
Additional upside includes the option to condo-convert, with projected rental income of approximately $6,000/month for the lower units and $7,000/month for the upper.
An ideal opportunity for an investor looking to step into a project with reduced risk, immediate upside, and strong income potential.
A rare chance to step in, complete the project, and capture the upside of a fully optimized, income-producing asset.
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
Association Fee $: 0
Fee Includes
None: 1
Dockage
None: 1
Tax Exemptions
None: 1
Appliances
Oven: 1
Pets
Pets Allowed: 1
Waterfront
None: 1
Waterview
No Waterview: 1
Building Style
Above Flood: Unknown
Other Bldg Style: 1
Construction
Combo Construction: 1
Land Size
Less Than 1/4 Acre: 1
Utilities
Buyer to Verify: 1
Roof
Metal Roof: 1
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: May - 01 - 2026
The data relating to real estate for sale on this web site comes in part from the Florida Keys MLS, Inc. Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commeral use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS.