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1224 2nd St, Key West, FL - 33040

$ 1,700,000

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.

Additional Details

  • MLS ID
    619703
  • Listing Agent
    Jenna Stauffer
  • Listing Date
    2026-07-01
  • Days on Site
    2 months ago
  • Built In
    1950
  • Architecture
    Other

Location

1224 2nd St
1224 2nd St