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$1,700,000
Key West, FL 33040
MLS# 621893
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
Listing Board: Key West Association
Current Price: $1,700,000
Listing Date: 2026-11-02
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 #: 00051450000000
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 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.
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: November - 02 - 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.