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4 Beds
4 Baths
3,000 sqft

$1,700,000

1224 2nd Street, Key West FL, 33040

Price per sqft$566.67
Built in1950
Property size3,000 sqft
Property typeMulti-family

Overview

Active

Listed May 1, 2026

Updated May 1

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.

$11,310/mo

Est. mortgage payment based on a $1,700,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
619703

Interior Features

Bedrooms
4
Bathrooms
4
Basement
No

Exterior Features

Lot Size
0.16 Acres

Other Property Details

Taxes
$10,120
Tax Frequency
Annually
View
Yes
MLS provider logo

Listed by Jenna Stauffer with Ocean Sotheby's International Realty
Listing Contact:  

The IDX display contains information sourced from the Florida Keys Board of REALTORS® as of 5/1/2026. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

©2026 Florida Keys Board of REALTORS® all rights reserved.

Data last updated on 5/1/2026 at 11:20 AM UTC

 

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