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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
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.
