1224 2nd Street, Key West, FL 33040

Key West
Local realty services provided by:Better Homes and Gardens Real Estate Destinations
1224 2nd Street,Key West, FL 33040
$1,700,000
  • 4 Beds
  • 4 Baths
  • 3,000 sq. ft.
  • Multi-family
  • Active
Listed by: jenna stauffer
Office: ocean sotheby's international realty
MLS#:619703
Source:FL_FKBOR

Price summary

  • Price:$1,700,000
  • Price per sq. ft.:$566.67

About this home

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.

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Home facts

  • Year built:1950
  • Listing ID #:619703
  • Added:59 day(s) ago
  • Updated:June 29, 2026 at 02:59 PM

Rooms and interior

  • Bedrooms:4
  • Total bathrooms:4
  • Living area:3,000 sq. ft.

Structure and exterior

  • Year built:1950
  • Building area:3,000 sq. ft.
  • Lot area:0.16 Acres
  • Construction Materials:Combo Construction

Finances and disclosures

  • Price:$1,700,000
  • Price per sq. ft.:$566.67
  • Tax amount:$10,119

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