1224 2nd St Key West, FL 33040
Mid Town NeighborhoodEstimated payment $10,052/month
About This Home
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.
Listing Agent
Ocean Sotheby's International Realty License #3394848 Listed on: 05/01/2026
Home Details
Home Type
- Single Family
Est. Annual Taxes
- $10,120
Year Built
- Built in 1950
Lot Details
- 7,000 Sq Ft Lot
- Lot Dimensions are 70 x 100
- Property is zoned MDR-1 - Medium Desnity Residential
Home Design
- 3,000 Sq Ft Home
- Metal Roof
Kitchen
- Oven
Bedrooms and Bathrooms
- 4 Bedrooms
- 4 Full Bathrooms
Community Details
- Sunshine Sub Plat 3 Subdivision
Listing and Financial Details
- Assessor Parcel Number 00051450-000000
Map
Home Values in the Area
Average Home Value in this Area
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $10,120 | $955,892 | $549,990 | $405,902 |
| 2024 | $9,430 | $927,282 | $521,640 | $405,642 |
| 2023 | $9,430 | $904,539 | $515,970 | $388,569 |
| 2022 | $7,989 | $830,844 | $442,260 | $388,584 |
| 2021 | $7,339 | $642,735 | $337,365 | $305,370 |
| 2020 | $7,142 | $639,916 | $334,530 | $305,386 |
| 2019 | $6,602 | $559,134 | $253,733 | $305,401 |
| 2018 | $6,927 | $593,564 | $283,500 | $310,064 |
| 2017 | $6,647 | $573,732 | $0 | $0 |
| 2016 | $6,627 | $573,265 | $0 | $0 |
| 2015 | $6,200 | $480,857 | $0 | $0 |
| 2014 | $5,808 | $397,877 | $0 | $0 |
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 05/01/2026 05/01/26 | For Sale | $1,700,000 | -- | $567 / Sq Ft |
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $1,000,000 | Oropeza Stones Cardenas Pllc | |
| Warranty Deed | -- | -- | |
| Deed | $28,000 | -- |
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $700,000 | New Conventional |
Source: Key West Association of REALTORS®
MLS Number: 619703
APN: 00051450-000000
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