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  • 1224 2nd Street, Key West, FL 33040 (MLS# 619703)

1224 2nd Street, Key West, FL 33040

$1,700,000
Property Type: Residential Bedrooms: 4 Baths: 4 Square Footage: 3,000 Lot Size (sq. ft.): 7,000 Status: Active
Current Price: $1,700,000 List Date: 5/01/2026 Last Modified: 5/01/2026

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.

More Information MLS# 619703

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.

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