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1224 2nd Street
Key West FL 33040 US

$1,700,000

Active Listing ID 619703
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4 bed
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4.00 Bath (4 Full)
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Lot: 0.16 Acres
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Multi Family

$1,700,000

Active Listing ID 619703
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1224 2nd Street 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.

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Property Features

  • Facts
  • Lot Size: 0.16 Acres
  • Property Type: Residential Multi Family
  • Property Sub-type: Multi Family
  • Features
  • Full Bathrooms: 4
  • Roof Type: Metal

Property

  • propertytype: Residential Multi Family
  • propertysubtype: Multi Family
  • listprice: 1700000
  • unparsedaddress: 1224 2nd Street
  • postalcity: Key West
  • stateorprovince: FL
  • country: US
  • postalcode: 33040
  • bathroomsfull: 4
  • bathroomshalf: 0
  • bathroomsonequarter: 0
  • bathroomsthreequarter: 0
  • lotsizeacres: 0.16
  • lotsizeunits: Acres
  • lotsizearea: 0.16
  • livingarea: 3000
  • livingareaunits: Square Feet
  • latitude: 24.558677
  • longitude: -81.781611
  • listagentfullname: Jenna Stauffer
  • listagentemail: jstauffer@oceansir.com
  • listagentkey: 3yd-KWARFL-20171002172959518486000000
  • listagentmlsid: 20171002172959518486000000
  • listagentpreferredphone: 2604332319
  • listagentofficephone: 3052941117
  • listofficekey: 3yd-KWARFL-20171117190843578060000000
  • listagentstatelicense: 3394848
  • listofficemlsid: 20171117190843578060000000
  • disclaimer: Copyright © 2026 Key West Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
  • sourcesystemid: KWARFL
  • yearbuilt: 1950
  • listagenturl: http://www.oceansir.com
  • countyorparish: Monroe
  • parcelnumber: 00051450-000000
  • numberofunitstotal: 0
  • fireplaceyn: False
  • transactiontype: ForSale
  • storiestotal: 0
  • parkingtotal: 0
  • roof: Metal
  • view: Water
  • waterfrontyn: False
  • architecturalstyle: Other
  • rooms: Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
  • dock: False
  • poolprivateyn: False
  • spayn: False
  • internetaddressdisplayyn: True
  • internetautomatedvaluationdisplayyn: True
  • internetconsumercommentyn: True
  • location: -81.78161, 24.558678
  • customfields: {"AdditionalInformation":{}, "AlternatePrices":[], "BrokerName":"Ocean Sotheby's International Realty", "BuilderEmail":null, "BuilderFax":null, "BuilderPhone":null, "City":null, "Country":null, "Expenses":[], "GeocodeOptions":null, "LeadRoutingEmail":"jstauffer@oceansir.com", "ListBrokerageCity":"Key West", "ListBrokerageCountry":"US", "ListBrokerageEmail":null, "ListBrokerageLogoUrl":null, "ListBrokerageName":"Ocean Sotheby's International Realty", "ListBrokeragePhone":"(305) 294-1117", "ListBrokeragePostalCode":null, "ListBrokerageStateOrProvince":"FL", "ListBrokerageUnitNumber":null, "ListBrokerageUnparsedAddress":"420 Fleming St", "ListBrokerageWebsiteUrl":"http://www.oceansir.com", "ListOfficeAddress1":"1075 Duval Street, 15C", "ListOfficeAddress2":null, "ListOfficeBrokerMlsId":"20171117204305469866000000", "ListOfficeCity":"Key West", "ListOfficeCountry":"US", "ListOfficeEmail":"russell@oceanreefclubsir.com", "ListOfficePostalCode":"33040", "ListOfficeStateOrProvince":"FL", "ListPriceCurrencyType":"USD", "ListingTitle":"Multi-family - Key West, FL", "ListingURL":"https://listings.listhub.net/pages/KWARFL/619703/?channel=rexren", "MLSModificationTimestamp":"2026-05-01T06:17:00Z", "Neighborhoods":[{"Description":null, "Name":"03 - Key West"}], "PostalCode":null, "RawPropertySubType":"Multi-family", "RawPropertyType":"Residential", "RoomCount":null, "StateOrProvince":null, "Taxes":[{"TaxAnnualAmount":10119.76, "TaxDescription":null, "TaxYear":"2025"}], "UnitNumber":null, "UnparsedAddress":null}
Listing Changed: 5/1/2026 1:04:30 PM GMT
Source Updated Date: 5/4/2026 6:54:04 PM GMT

Courtesy of: Jenna Stauffer, Ocean Sotheby's International Realty, jstauffer@oceansir.com

Copyright © 2026 Key West Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.