928 Truman Avenue 101, Key West, FL 33040

$1,500,000

Property Type: Residential Bedrooms: 8 Baths: 5 Square Footage: 1,830 Lot Size (sq. ft.): 3,800 Status: Closed

Current Price: $1,500,000 List Date: 1/08/2025 Last Modified: 12/23/2025

Description

Old Town Multi-Use Property Located on Truman Avenue, this versatile property offers both reliable income and future potential. Currently comprised of five legal long-term rental apartments, it's an excellent option for investors seeking steady cash flow or employee housing. Unit 101, a CBS structure, also offers potential for commercial conversion (buyer to verify), while the remaining apartments continue generating income. Property Highlights: 8 Bedrooms / 5 Bathrooms $11,650 Monthly Rental Income Net Income: $112,461.46 (includes management fees) 7.12% Cap Rate at $1.58M Located in an X Flood Zone This is currently the lowest-priced multi-unit property in Old Town with 5 legal units in an X flood zone, making it a standout opportunity. Blend dependable rental income with strong investment returns.

More Information MLS# 613024

Contract Information

Listing Board: Key West Association Current Price: $1,500,000 Listing Date: 2025-01-08 Sold Price: $1,500,000

Location, Tax & Legal

KW Neighborhood: Old Town-S of Truman Unit #: 101 City: KEY WEST Mile Marker: 1 Marathon Neighborhood: N/A Side: Median Flood Zone: 0.2 PCT ANNUAL CHANC Alternate Key #: 1031852 Parcel #: 00031070-000000 Zoning: HNC(1-3) - Hist Nghborhd Comml 1 - 3 Coastal Med Deed Restrictions: Unknown Legal: KW G G WATSON SUB I-209 PT LOTS 2 & 3 SQR 2 TR 13 H2-372 OR972-544 OR964-2437 OR981-86 OR992-356 OR992-357/58 OR1056-127 Taxes: 9425.68 Tax Year: 2023 Pub Sewer HkUp: Yes Street #: 928 Street Name: Truman Street Suffix: Avenue Key/Island: Key West State/Province: FL Zip Code: 33040 County: Monroe Subdivision: GG Watson Sub (1.0) Area: 02 - Key West

General Property Description

Realtor.COM Type: Multi-family Waterfront: No Control Depth: 0 Lot Size: Buyer to verify Lot SqFt: 3800 Pool: No Lot Sqft Source: Property Data Card Total Units: 0 Acres: 0.09 SqFt Source: Property Data Card Rentals Allowed: Yes Min Rental Days: 28 Style: Multi-Units Year Built: 1959 Living Apx SqFt: 1830 Total Bedrooms: 8 Full Baths: 5 Total Baths: 5

Remarks & Misc

Remarks – Consumer: Old Town Multi-Use Property Located on Truman Avenue, this versatile property offers both reliable income and future potential. Currently comprised of five legal long-term rental apartments, it's an excellent option for investors seeking steady cash flow or employee housing. Unit 101, a CBS structure, also offers potential for commercial conversion (buyer to verify), while the remaining apartments continue generating income. Property Highlights: 8 Bedrooms / 5 Bathrooms $11,650 Monthly Rental Income Net Income: $112,461.46 (includes management fees) 7.12% Cap Rate at $1.58M Located in an X Flood Zone This is currently the lowest-priced multi-unit property in Old Town with 5 legal units in an X flood zone, making it a standout opportunity. Blend dependable rental income with strong investment returns.

Association Info

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

License Info

# of City License: 5 # of County License: 5 Non Trans Rntl Lic: 1

Fee Includes

None: 1

Dockage

None: 1

Tax Exemptions

None: 1

Appliances

More Appliances: 1 Oven: 1 Refrigerator: 1

Pets

Pets Allowed: 1

Cooling

Ceiling Fans(s): 1 Central Air: 1 Ductless: 1 Wall/Window Unit(s): 1

Waterfront

None: 1

Waterview

No Waterview: 1

Floor

Concrete: 1 Parquet: 1 Terrazzo: 1 Other: 1

Specialty Rooms

Workshop: 1

Building Style

Above Flood: Yes Stories: 2 Stories Other Bldg Style: 1

Windows/Doors

Aluminum Windows: 1 Double Hung Windows: 1 Impact Rstnce Window: 1

Security

Other: 1

Construction

CBS: 1 Combo Construction: 1 Concrete: 1 Stucco: 1

Land Size

Less Than 1/4 Acre: 1

Furnished

Unfurnished: 1

Terms

Cash: 1 Conventional: 1

Utilities

Buyer to Verify: 1 Elect Separate Meter: 1

Porch/Balcony

Deck: 1 Open Porch/Balcony: 1 Patio: 1

Exterior Features

Shed: 1 Storage: 1

Roof

Combo Roof: 1 Concrete Roof: 1 Metal Roof: 1

Status Change Info

Sold Date: 2025-12-23 Sold Price: $1,500,000 Status: Closed

Property Features

Fee Includes: None Tax Exemptions: None License Info: Non Trans Rntl Lic Waterfront: None Waterview: No Waterview Dockage: None Building Style: Other Bldg Style Furnished: Unfurnished Cooling: Ceiling Fans(s); Central Air; Ductless; Wall/Window Unit(s) Utilities: Buyer to Verify; Elect Separate Meter Specialty Rooms: Workshop Appliances: More Appliances; Oven; Refrigerator Exterior Features: Shed; Storage Construction: CBS; Combo Construction; Concrete; Stucco Floor: Concrete; Parquet; Terrazzo; Other Roof: Combo Roof; Concrete Roof; Metal Roof Pets: Pets Allowed Security: Other Land Size: Less Than 1/4 Acre Terms: Cash; Conventional

Documents

Survey ›

Listing Office: Preferred Properties (KW)

Last Updated: December - 23 - 2025

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.

Search powered by FBS Products