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4 Beds
4 Baths
3,000 sqft

$1,700,000

1224 2nd Street, Key West FL, 33040

Price per sqft$566.67
Built in1950
Property size3,000 sqft
Property typeMulti-family

Overview

Active

Listed May 1, 2026

Updated 2 weeks ago

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.

$11,310/mo

Est. mortgage payment based on a $1,700,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
619703

Interior Features

Bedrooms
4
Bathrooms
4
Basement
No

Exterior Features

Lot Size
0.16 Acres

Other Property Details

Taxes
$10,120
Tax Frequency
Annually
View
Yes
Pets Allowed
Yes
MLS provider logo

Listed by Jenna Stauffer with Ocean Sotheby's International Realty
Listing Contact: 260-433-2319 

The IDX display contains information sourced from the Florida Keys Board of REALTORS® as of 9/26/2026. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

©2026 Florida Keys Board of REALTORS® all rights reserved.

Data last updated on 9/26/2026 at 3:19 AM UTC

 

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