About 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.
Features of 1224 2nd Street
| MLS® # | 619703 |
|---|---|
| Price | $1,700,000 |
| Bedrooms | 4 |
| Bathrooms | 4.00 |
| Full Baths | 4 |
| Square Footage | 3,000 |
| Land Size | 6,970 |
| Year Built | 1950 |
| Type | Residential |
| Sub-Type | Multi-Units |
| Style | Other Bldg Style |
| Status | Active |
Community Information
| Address | 1224 2nd Street |
|---|---|
| Area | 03 - Key West |
| Subdivision | Sunshine Sub Plat 3 (3.0) |
| City | Key West |
| County | Monroe |
| State | FL |
| Zip Code | 33040 |
Amenities
| Utilities | Buyer to Verify |
|---|---|
| View | No Waterview |
| Is Waterfront | No |
| Waterfront | None |
| Has Pool | No |
Interior
| Appliances | Oven |
|---|---|
| Fireplace | No |
| Has Basement | No |
Exterior
| Lot Description | Less Than 1/4 Acre |
|---|---|
| Roof | Metal Roof |
| Construction | Combo Construction |
Additional Information
| Date Listed | May 1st, 2026 |
|---|---|
| Days on Market | 56 |
| Zoning | MDR-1 - Medium Desnity Residential |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Agent | Jenna Stauffer |
|---|---|
| Office | Ocean Sotheby's International Realty |