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1409 Truman Ave 1,932 SF Specialty Building Offered at $1,813,300 CAD at a 12.17% Cap Rate in Key West, FL 33040
INVESTMENT HIGHLIGHTS
- Across from Bayview park and amenities
- Centrally located in Key West.
- 15min. walk, 6 min. bike ride, 4 min. car ride to Duval St.
EXECUTIVE SUMMARY
This home offers a unique opportunity for flexible living or investment! Currently configured as a single-family residence, it has been approved by the City of Key West to be reverted back to a Multi-family, allowing for up to 4 units. Easily convert the home back to two studios with bath, 1 bedroom 1 bath and a 2 bedroom 1 bath. Welcome to 1409 Truman Avenue, a stunning Key West Eyebrow home that combines historical charm with modern amenities. The spacious layout and design make it easy to transition back to a multi-family configuration of a duplex, triplex or 4 units.. Each potential unit could offer comfortable living spaces, with the square footage allowing for a range of layouts to suit tenants' needs. Based on comparable rentals in the area and the square footage of this property, each unit could command an estimated monthly rent of $3k to 6k monthly, each unit (seasonal variables) providing a lucrative investment opportunity. With the strong rental demand in Key West, this property is perfectly positioned to maximize its potential. Whether you're looking to generate income, create a multi-generational living space, or invest in the vibrant Key West market, this property is a rare find. Contact us for more details and to schedule a showing! Average rents for the area 28 day min. Studio - $2,500 1 bd 1bath $3,500. These are average rents. Potential gross from all rents. $11,000 monthly. Buyer and or buyer agent responsible for own due diligence to verify potential rental income. Contact information to verify reverting back to a multifamily approved per the city KW. Jordan Mannix-Lachner Planner II (305) 809-3884 I jordan.lachner@cityofkeywest-fl.gov
PROPERTY FACTS
| Price | $1,813,300 CAD | Building Class | C |
| Price Per SF | $938.56 CAD | Lot Size | 0.07 AC |
| Sale Type | Investment | Building Size | 1,932 SF |
| Cap Rate | 12.17% | No. Stories | 2 |
| Sale Condition | Redevelopment Project | Year Built/Renovated | 1943/2016 |
| Property Type | Specialty | Parking Ratio | 1.04/1,000 SF |
| Property Subtype | Residential Income | ||
| Zoning | SFR - Single Family Residential | ||
| Price | $1,813,300 CAD |
| Price Per SF | $938.56 CAD |
| Sale Type | Investment |
| Cap Rate | 12.17% |
| Sale Condition | Redevelopment Project |
| Property Type | Specialty |
| Property Subtype | Residential Income |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 1,932 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1943/2016 |
| Parking Ratio | 1.04/1,000 SF |
| Zoning | SFR - Single Family Residential |
AMENITIES
- Air Conditioning
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Walk Score®
Very Walkable (81)
Bike Score®
Biker's Paradise (99)
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1409 Truman Ave
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