Renovated Two-Story Office
For Sale
$1,200,000
3140 Northside Drive, Key West, FL 33040
Commercial Sale, Key West, FL
Property Size2,045 SF
Price / SF$586.80
Days on Market322
Property Features for 3140 Northside Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RO - Residential/Office
Bathrooms
1
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Appliances
No Appliances
Subdivision
Offices At Northside (3.0)
View
Water
Standard status
Active
APN
00065780-000206
Size
2,045 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
UNIT F OFFICES AT NORTHSIDE, A CONDO OR1128-796/97 OR1580-1656/57 OR2639-1391/92
Tax Annual Amount
4739
HOA Fee
$1,348 Monthly
Legal Description
UNIT F OFFICES AT NORTHSIDE, A CONDO OR1128-796/97 OR1580-1656/57 OR2639-1391/92
Utilities
Cooling system
Central Air
Building Details
Year built
1991
Floors in Building
2
Number of units
4
Building materials
CBS
Roof type
Metal
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
(305) 294-5155
Listed By:
Team Gardner/Langley · License #KWA.2032
(305) 902-2447
Added: Oct 15, 2025
Changed: Aug 19
Last Checked: Sep 1 at 4:06PM
MLS# 616880
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 two-story office building provides 2,045 SF of net leasable area within a renovated CBS structure. The ground level is configured for a medical practice and includes a bathroom and kitchenette. Upstairs, an office suite is accompanied by a bathroom and two additional units, creating a multi-space commercial layout.
Recent improvements include a metal roof and impact-resistant windows and doors. Central air serves the building, and on-site parking is available. The property is zoned RO - Residential/Office and was built in 1991. It is located on Northside Drive in Key West, near professional services and within a busy area of town.
Recent improvements include a metal roof and impact-resistant windows and doors. Central air serves the building, and on-site parking is available. The property is zoned RO - Residential/Office and was built in 1991. It is located on Northside Drive in Key West, near professional services and within a busy area of town.
Key Highlights
- 2,045 SF net leasable area in a two‑story office building
- Ground‑floor medical practice with bathroom and kitchenette
- Second floor includes an office suite, bathroom, and two additional units
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
$38,558
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
3.21%
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%
$771,160
$771.2K
Cap Rate 7%
$550,829
$550.8K
Cap Rate 9%
$428,422
$428.4K
Market Conditions
NOI Build-Up for 2,045 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
$61.4K $30.00/SF
− Vacancy
−$9.9K −$4.86/SF
EGI
$51.4K $25.14/SF
− OpEx
−$12.9K −$6.29/SF
NOI
$38.6K $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%
$771,160
Cap Rate 7%
$550,829
Cap Rate 9%
$428,422
Alternative Uses
Best Use
Office B
$550.8K
$482.0K – $642.6K
NOI $38,558 @ 7.0% cap · market cap 3.21%
Second Best
Healthcare Medical
$396.7K
$347.1K – $462.8K
NOI $27,767 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$822.6K
$719.8K – $959.7K
NOI $57,581 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,345
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
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Frequently Asked Questions
What type of property is this?
Office building - Flexible office configuration includes a medical practice, additional office units, bathrooms, and a kitchenette.
Where is this office building located?
The property is located at 3140 Northside Drive Key West, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2,045 SF net leasable area in a two‑story office building; Ground‑floor medical practice with bathroom and kitchenette; Second floor includes an office suite, bathroom, and two additional units
