8 Beds
4 Baths
2,780 SqFt
8 Beds
4 Baths
2,780 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Units
Listing Status Active
Purchase Type For Sale
Square Footage 2,780 sqft
Price per Sqft $422
Subdivision R & R Subdivision (48.5)
MLS Listing ID 618043
Bedrooms 8
Full Baths 4
HOA Y/N No
Year Built 1973
Annual Tax Amount $7,699
Tax Year 2025
Lot Size 6,002 Sqft
Acres 0.14
Property Sub-Type Multi-Units
Land Area 2780
Property Description
Each apartment is separately metered for electricity, allowing tenants to manage their own usage--an added benefit for ownership efficiency. The property also offers ample on-site parking, a valuable amenity in the Keys, along with a shared laundry facility located at the rear of the property, enhancing convenience for residents.
The property is currently operating at an approximate 5.87% cap rate, with clear room for growth. Rents are presently below market, creating a realistic path for increased returns, with projections indicating the potential to achieve a 7.4%+ cap rate over time as adjustments are made in accordance with applicable guidelines.
Long term, this deed-restricted affordable housing property may be particularly attractive for local employers seeking workforce housing solutions and investors focused on sustainable, community-oriented assets. Ownership may support employee retention while maintaining consistent demand in a high-need market.
This offering represents a rare blend of steady income, upside potential, and long-term stability in one of the most sought-after areas of the Florida Keys.
Location
State FL
County Monroe
Area 13 - 7 Mile Bridge To Sombrero Bch Rd E & W
Zoning RH - Residential High
Direction Ocean Side, turn on 22nd Street. Apartment building is 3/4 of the way down the street on the left hand side.
Interior
Interior Features Utility Room
Cooling Central Air, Ceiling Fans(s)
Furnishings Unfurnished
Window Features Single Hung Windows,Shutters
Appliance Microwave, Oven, Range, Refrigerator
Exterior
Parking Features Open, Off Street
Utilities Available Electric Separate Meter, FKAA, Water Separate Meter
Waterfront Description None
Roof Type Combo Roof
Garage No
Others
HOA Fee Include None
Tax ID 00102830-000100
Pets Allowed Yes