Mixed-Use White-Box
For Sale
$749,000
3201 Flagler Avenue, Key West, FL 33040
Commercial Sale, Key West, FL
Property Size1,491 SF
Lot Size0.71 Acres
Price / SF$502.35
Days on Market187
Property Features for 3201 Flagler Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
RO - Residential/Office
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Parking features
Off Street
Appliances
No Appliances
Subdivision
Flagler Center PH 3 (3)
View
Water
Standard status
Active
APN
00052870000307
Size
1,491 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Flagler Center Iii, A Condominium Units 507 & 508 & 7.1428% Common Elements Or1421-2021 (Re 52870-000308 Combined With T
Tax Annual Amount
2392
Legal Description
Flagler Center Iii, A Condominium Units 507 & 508 & 7.1428% Common Elements Or1421-2021 (Re 52870-000308 Combined With T
Utilities
Cooling system
Central Air
Building Details
Year built
2026
Floors in Building
2
Number of units
14
Building materials
CBS, Concrete, Frame
Listing Agency:
Keys Top Realty LLC
(305) 676-8400
Listed By:
Irina Pytlik · License #3441724
(305) 987-7775
Added: Feb 16
Changed: Aug 20
Last Checked: Aug 22 at 4:06PM
MLS# 618665
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.
Flagler Center III is a mixed-use development under construction at 3201 Flagler Avenue in Key West. The offering includes 1,491 +/- sq. ft. of commercial space formed by two combined units, with a white-box delivery that leaves the interior ready for buyer-directed design and build-out. The property is planned for completion by the end of 2026 and includes central air, off-street parking, ADA-compliant access, and CBS, concrete, and frame construction elements.
The development is planned with 14 residential units and 14 commercial units, creating a combined residential and commercial setting. Two separate parcel IDs provide the option to divide the offering into individual units. The space is identified for professional services, medical office, or retail use and is zoned RO - Residential/Office. The property includes a bathroom and occupies a 0.71-acre site.
The development is planned with 14 residential units and 14 commercial units, creating a combined residential and commercial setting. Two separate parcel IDs provide the option to divide the offering into individual units. The space is identified for professional services, medical office, or retail use and is zoned RO - Residential/Office. The property includes a bathroom and occupies a 0.71-acre site.
Key Highlights
- 1,491 +/- sq. ft. commercial space combining two units
- Two separate parcel IDs allow the space to be divided into individual units
- Mixed‑use project planned with 14 residential and 14 commercial 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
$28,113
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
3.75%
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%
$562,260
$562.3K
Cap Rate 7%
$401,614
$401.6K
Cap Rate 9%
$312,367
$312.4K
Market Conditions
NOI Build-Up for 1,491 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
$44.7K $30.00/SF
− Vacancy
−$7.2K −$4.86/SF
EGI
$37.5K $25.14/SF
− OpEx
−$9.4K −$6.29/SF
NOI
$28.1K $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%
$562,260
Cap Rate 7%
$401,614
Cap Rate 9%
$312,367
Alternative Uses
Best Use
Office B
$401.6K
$351.4K – $468.6K
NOI $28,113 @ 7.0% cap · market cap 3.75%
Second Best
Mixed Use
$293.9K
$257.2K – $342.9K
NOI $20,576 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$599.7K
$524.8K – $699.7K
NOI $41,982 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,212
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?
Mixed-use property - White-box commercial space allows buyers to configure the interior for professional, medical office, or retail operations.
Where is this mixed-use property located?
The property is located at 3201 Flagler Avenue Key West, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 1,491 +/- sq. ft. commercial space combining two units; Two separate parcel IDs allow the space to be divided into individual units; Mixed‑use project planned with 14 residential and 14 commercial units
