$1,580,000
UNDER CONTRACT $220K PRICE DROP

928 Truman Ave Unit 101 Key West, FL 33040

Old Town Neighborhood

Estimated payment $9,113/month

Total Views 8,540
8 Beds
5 Baths
1,830 Sq Ft
$863 Price per Sq Ft

About This Home

Old Town Multi-Use PropertyLocated 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 IncomeNet Income: $112,461.46 (includes management fees)7.12% Cap Rate at $1.58MLocated in an X Flood ZoneThis 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.

Listing Agent

Allison Findlay

Brenda Donnelly Real Estate LLC License #3441470 Listed on: 01/08/2025

Map

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$9,426

Year Built

1959

Lot Details

0

Listing Details

  • Property Type: Residential
  • Style: Multi-Units
  • First Right of Refusal: No
  • Mandatory HOA: No
  • Contingent: Contingent/Show
  • Fee Includes: None
  • Key Island: Key West
  • K W Neighborhood: Old Town-S of Truman
  • Limited Representation: No
  • Marathon Neighborhood: N/A
  • Mile Marker: 1.00
  • Min Rental Days: 28.00
  • M L S Identifier: 20060123165453488875000000
  • Pets: Pets Allowed
  • Property Group I D: 19990816212109142258000000
  • Side: Median
  • State Province: FL
  • Taxes: 9425.68
  • Year Built: 1959
  • Alternate Key Number: 1031852
  • Building Style: Other Bldg Style
  • Cooling Heating: Central Air, Ductless, Ceiling Fans(s), Wall/Window Unit(s)
  • Lot Sq Ft: 3800.00
  • Porch Balcony: Open Porch/Balcony, Deck, Patio
  • License Info: Non Trans Rntl Lic
  • License Info Number Of City License: 5
  • License Info Number Of County License: 5
  • Tax Exemptions: None
  • Building Style Above Flood: Yes
  • Building Style Stories: 2 Stories
  • Estimated Living Sq Ft: 1830.00
  • Sewer Hook Up: Yes
  • Statistical Purposes Only: No
  • Special Features: UnderContract
  • Property Sub Type: MultiFamily
  • Stories: 2

Interior Features

  • Total Bathrooms: 5.00
  • Full Bathrooms: 5
  • Appliances: More Appliances, Oven, Refrigerator
  • Floor: Parquet, Concrete, Other, Terrazzo
  • Specialty Rooms: Workshop
  • Windows/Doors: Double Hung Windows, Impact Rstnce Window, Aluminum Windows
  • Total Bedrooms: 8
  • Sq Ft Remarks: Buyer to verify

Exterior Features

  • Dockage: None
  • Waterfront: None
  • Waterfront: No
  • Construction: CBS, Combo Construction, Stucco, Concrete
  • Exterior Features: Shed, Storage
  • Roof: Metal Roof, Combo Roof, Concrete Roof
  • Waterview: No Waterview
  • Pool: No

Utilities

  • Security: Other
  • Utilities: Buyer to Verify, Elect Separate Meter

Lot Info

  • Deed Restrictions: Unknown
  • Flood Zone: 0.2 PCT ANNUAL CHANC
  • Parcel Number: 00031070-000000
  • Lot Size: Buyer to verify
  • Land Size: Less Than 1/4 Acre
  • Acres: 0.09

Rental Info

  • Rentals Allowed: Yes
  • Furnished: Unfurnished

Tax Info

  • Tax Year: 2023

Range of Values:

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Average Value
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Tax History

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
2024 $9,426 $1,055,809 $886,160 $169,649
2023 $9,426 $1,051,037 $886,160 $164,877
2022 $7,792 $673,373 $503,500 $169,873
2021 $8,936 $776,242 $463,220 $313,022
2020 $8,912 $779,031 $463,220 $315,811
2019 $8,606 $903,169 $584,060 $319,109
2018 $8,332 $898,241 $578,550 $319,691
2017 $7,063 $591,082 $0 $0
2016 $7,189 $572,232 $0 $0
2015 -- $551,803 $0 $0
2014 -- $542,976 $0 $0
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
08/20/2025 08/20/25 Price Changed $1,580,000 -1.3% $863 / Sq Ft
05/22/2025 05/22/25 Price Changed $1,600,000 -3.0% $874 / Sq Ft
04/08/2025 04/08/25 Price Changed $1,650,000 -2.9% $902 / Sq Ft
02/05/2025 02/05/25 Price Changed $1,700,000 -5.6% $929 / Sq Ft
01/08/2025 01/08/25 For Sale $1,800,000 -- $984 / Sq Ft
Source: Key West Association of REALTORS®

Purchase History

Date Type Sale Price Title Company
Warranty Deed $1,400,000 None Listed On Document
Quit Claim Deed -- None Listed On Document
Warranty Deed $600,000 Attorney
Warranty Deed $340,000 --
Warranty Deed $200,000 --
Source: Public Records

Source: Key West Association of REALTORS®

MLS Number: 613024

Key West Association of REALTORS®

APN: 00031070-000000

Florida Monroe County Key West 33040 Old Town

928 Truman Ave Unit 101, Key West, FL

Under Contract

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Key West Association of REALTORS® IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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Allison Findlay
Listing Agent
Allison Findlay
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Brenda Donnelly Real Estate LLC
(305) 395-0615