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: 7/24/2026

Overview

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 ... (Read more)

Listing Details MLS# 619703

Location, Tax & Legal

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
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

Contract Information

Listing Board: Key West Association

General Property Description

Realtor.COM Type: Multi-family
Style: Multi-Units
Waterfront: No
Pool: No
Year Built: 1950
Lot SqFt: 7000
Acres: 0.16
Living Apx SqFt: 3000
SqFt Source: Property Data Card
Total Bedrooms: 4
Full Baths: 4
Total Baths: 4
Rentals Allowed: With Restrictions
Control Depth: 0
Total Units: 0

Association Info

Mandatory Home Owners Asc: No
1st Right of Refusal: No
Association Fee $: 0

Building Style

Above Flood: Unknown
Other Bldg Style: Yes

More Information

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.

Fee Includes

None: Yes

Dockage

None: Yes

Tax Exemptions

None: Yes

Appliances

Oven: Yes

Pets

Pets Allowed: Yes

Waterfront

None: Yes

Waterview

No Waterview: Yes

Construction

Combo Construction: Yes

Land Size

Less Than 1/4 Acre: Yes

Utilities

Buyer to Verify: Yes

Roof

Metal Roof: Yes

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: July - 24 - 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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