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
Current Price: $1,500,000
Listing Date: 2025-01-08
Listing Board: Key West Association
Sold Price: $1,500,000
Location Tax Legal
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
Style: Multi-Units
Waterfront: No
Pool: No
Year Built: 1959
Lot Size: Buyer to verify
Lot SqFt: 3800
Lot Sqft Source: Property Data Card
Acres: 0.09
Living Apx SqFt: 1830
SqFt Source: Property Data Card
Total Bedrooms: 8
Full Baths: 5
Total Baths: 5
Rentals Allowed: Yes
Min Rental Days: 28
Status Change Info
Sold Date: 2025-12-23
Sold Price: $1,500,000
Status: Closed
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
License Info
# of City License: 5
# of County License: 5
Building Style
Above Flood: Yes
Stories: 2 Stories
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.
