Updated Retail
For Sale
Under Contract
$439,000
1012 Truman Avenue, Key West, FL 33040
Commercial Sale, Key West, FL
Property Size718 SF
Lot Size3,490.99 Acres
Price / SF$611.42
Days on Market89
Property Features for 1012 Truman Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HNC(1-3) - Hist Nghborhd
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Appliances
No Appliances, Washer, Dryer
Subdivision
Old Town - Unrecord (1.0)
View
Water
Standard status
Active Under Contract
APN
00031231000600
Size
718 SF
Lot size
3,490.99 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Unit 6 Mariposa Condominium Of Key West Or2286-1526/83 Or2315-1641 Or2578-989/90 Or2634-68/69 Or2909-1326/27 Or2915-2139
Tax Annual Amount
3583
HOA Fee
$516 Monthly
Legal Description
Unit 6 Mariposa Condominium Of Key West Or2286-1526/83 Or2315-1641 Or2578-989/90 Or2634-68/69 Or2909-1326/27 Or2915-2139
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1923
Flooring type
Laminate, Tile
Building materials
Frame
Roof type
Metal
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
(305) 294-5155
Listed By:
Damian Vantriglia · License #3412425
(305) 741-9411
Added: Jun 8
Changed: Aug 19
Last Checked: Sep 4 at 1:06AM
MLS# 620196
Copyright © 2026 Key West Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 718-square-foot commercial condominium provides a compact retail setting with a bathroom, laminate and tile flooring, central air, electric heat, and a metal roof. Recent property improvements include new flooring, updated interior paint, and a renovated bath. Frame construction dates to 1923.
The property is located at 1012 Truman Avenue in Key West’s Old Town area, within the established commercial corridor along Truman Avenue. Its setting includes surrounding shops, restaurants, and historic attractions, with pedestrian and vehicle activity noted in the area. HNC(1-3) - Hist Nghborhd zoning is identified for the property, and the layout is described as suitable for retail, professional office, salon, or gallery use. The stated cap rate is 8%.
The property is located at 1012 Truman Avenue in Key West’s Old Town area, within the established commercial corridor along Truman Avenue. Its setting includes surrounding shops, restaurants, and historic attractions, with pedestrian and vehicle activity noted in the area. HNC(1-3) - Hist Nghborhd zoning is identified for the property, and the layout is described as suitable for retail, professional office, salon, or gallery use. The stated cap rate is 8%.
Key Highlights
- 718 SF commercial condominium at 1012 Truman Avenue
- 8% cap rate
- Recent flooring, interior paint, and bathroom improvements
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,538
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$270,760
$270.8K
Cap Rate 7%
$193,400
$193.4K
Cap Rate 9%
$150,422
$150.4K
Market Conditions
NOI Build-Up for 718 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.5K $30.00/SF
− Vacancy
−$3.5K −$4.86/SF
EGI
$18.1K $25.14/SF
− OpEx
−$4.5K −$6.29/SF
NOI
$13.5K $18.86/SF
Area
Monroe County, FL
Vacancy
16.20%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$270,760
Cap Rate 7%
$193,400
Cap Rate 9%
$150,422
Alternative Uses
Best Use
Office B
$193.4K
$169.2K – $225.6K
NOI $13,538 @ 7.0% cap · market cap 3.08%
Second Best
Retail
$139.1K
$121.7K – $162.3K
NOI $9,738 @ 7.0% cap · market cap 2.22%
Theoretical Best
Office A
$288.8K
$252.7K – $337.0K
NOI $20,217 @ 7.0% cap · market cap 4.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,256
Businesses Nearby
Explore this area
Business Placement
Demographics for 33040, FL
35,958
Population
19,001
Households
1.9
Avg Household Size
44
Median Age
38%
College-Educated
92%
High-School Grad
17.7 sq mi
ZIP Area
2,032
Density / Sq Mi
$79,038
Median Household Income
$42,458
Median Earnings
$2,079
Median Rent
$766,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Compact commercial condominium with refreshed interiors, a renovated bath, and retail, office, salon, or gallery use potential.
Where is this retail space located?
The property is located at 1012 Truman Avenue Key West, FL.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 718 SF commercial condominium at 1012 Truman Avenue; 8% cap rate; Recent flooring, interior paint, and bathroom improvements
