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Wade M. Berlin

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1224 2nd Street
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PRICED AT ONLY: $1,700,000

Address: 1224 2nd Street, KEY WEST, FL 33040

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.

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More Like This
  • MLS#: 619703 ( Multi-Family )
  • Street Address: 1224 2nd Street
  • Viewed: 1
  • Price: $1,700,000
  • Price sqft: $567
  • Waterfront: No
  • Waterfront Type: None
  • Year Built: 1950
  • Bldg sqft: 3000
  • Bedrooms: 4
  • Total Baths: 4
  • Full Baths: 4
  • Days On Market: 14

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.
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Features
Building and Construction
  • Absolute Longitude: 81.781611
  • Construction: Combo Construction
  • Roof: Metal Roof
  • Sqft Source: Property Data Card
  • Total Number Of Units: 0.00
Property Information
  • Property Group Id: 19990816212109142258000000
Eco-Communities
  • Water View: No Waterview
Utilities
  • Kw Neighborhood: New Town
  • Pets: Pets Allowed
  • Pub Sewer Hkup: Yes
  • Utilities: Buyer to Verify
Finance and Tax Information
  • Association Info Association Fee: 0.00
  • Fee Includes: None
  • Tax Year: 2025
Rental Information
  • Rentals Allowed: With Restrictions
Other Features
  • Alternate Key Num: 1052078
  • Appliances Other: YES
  • Appliances: Oven
  • Association Info 1st Right Of Refusal: No
  • Association Info Mandatory Home Owners Asc: No
  • Deed Restrictions: Unknown
  • Dockage: None
  • Flood Zone: AE
  • Legal Description: BK 1 LOT 5 SUNSHINE SUB PLAT NO 3 PB2-169 OR51-144 OR438-196 OR561-579 OR592-336 OR845-437 OR1188-247 OR1686-928 OR3167-
  • Mile Marker: 3.00
  • Parcel Num: 00051450-000000
  • Side: Bay/Gulf
  • Style: Multi-Units
  • Zoning: MDR-1 - Medium Desnity Residential
Nearby Subdivisions
Benj Alburys Subd (2.0)   Key West Realty Cos Sub (3.0)   New Town - Unrecord (3.0)   Old Town - Unlisted (1.0)   Old Town - Unrecord (1.0)   Sunshine Sub Plat 3 (3.0)  
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  2. The Real Estate Professional You Deserve
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  4. phoenixwade@gmail.com
Wade M. Berlin

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