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: 6/26/2026

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

Current Price: $1,700,000 Listing Date: 2026-05-01 Listing Board: Key West Association List Price: $1,700,000

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

General Property Description

Realtor.COM Type: Multi-family Style: Multi-Units Waterfront: No Pool: No Year Built: 1950 Lot Size: 70 X 100 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

Status Change Info

Status: Active

Association Info

Mandatory Home Owners Asc: No 1st Right of Refusal: No

Building Style

Above Flood: Unknown

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: June - 26 - 2026
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