1224 2nd Street, Key West, FL 33040

About this home

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.

Property details

Property Type

Multi-Units

Year Built

1950

Lot Size

7,000 sq ft

Annual Taxes

$10,120/yr

Subdivision

Sunshine Sub Plat 3 (3.0)

Days on Market

151

Listed

May 1, 2026

MLS #

619703

Location