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    812 Fleming St Key West, FL 33040

    Sponsored
    For Sale
    $499,000

    Office Buildings,Other Services,Retail,Professional Service - Key West, FL

    Property size:
    665 SF
    Days on Market:
    31
    Last Refresh:
    Feb 11 at 10:06 pm

    Property Features for 812 Fleming St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    HRO - Historic Residential/Office
    Rooms
    Bathroom 1, Bedroom 1
    Bedrooms
    1
    Bathrooms
    1
    APN
    00008320-000104
    Interior features
    Smoke Alarms, Window Treatments, Entrance Foyer
    Appliances
    None
    Size
    665 SF

    Taxes and HOA fees

    Expense value
    587
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Monthly

    Building Details

    Year built
    1933
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Wood
    Building materials
    Frame
    Roof type
    Other
    Architectural style
    Other

    We can help!

    Listing Contact
    Curtis A Skomp
    Curtis A Skomp

    Internet Realty/Florida Keys Inc (KW) (305) 745-9088

    Listing agent Curtis A Skomp, CCIM (305) 296-1400 License #586474

    Listing date Jan 12, 2026

    MLS# 614786 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Turnkey Commercial Condo in Old Town

    A 665 square foot boutique commercial, ground floor office condominium is available for sale in Old Town at Seafoam Condominiums. One of only two commercial units in the building, this turnkey office is suited for professionals seeking a small office to own. The property is in a location that allows walking or biking to nearby Old Town amenities. The exterior features large pane windows for natural light. Entry from the sidewalk is provided by handmade mahogany French doors, with an additional interior side door for private access. The interior has 12-foot ceilings and a layout that includes a front seating area with a receptionist window, an administrator's office, and a private office in the rear. A half bath is ADA compliant. Renovations include new Brazilian cherry wood floors and keystone flooring in the bathroom, upgraded electric and lighting, and fresh paint. Central AC and a wireless security system are installed. The Seafoam building has a coded entrance, atrium hallways, and a large in-ground concrete pool for condo owners and guests. The HOA fee includes liability, wind, and flood insurance. The building is in an X flood zone and has never flooded. The building is up to date with SIRS and milestone inspections.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Old Town Oasis ... Spa & Massage Center

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Pharmacy Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.798717
    Latitude
    24.558348

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    FAQs

    What type of property is this?
    Office space - Renovated 665 SF office condo in Key West's Old Town.
    Where is this office space located?
    The property is located at 812 Fleming St Key West, FL.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: - Turnkey, renovated 665 sq ft commercial condo - ready to move in.; - Prime Old Town location - walk or bike to everything.; - Rare opportunity - one of only two commercial units in the Seafoam Condominiums.
    (305) 296-1400
    Request Owner's contact information
    812 Fleming St Key West, FL 33040
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    Key West, FL 33040
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    812 Fleming St Key West, FL 33040
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    We can help!
    Listing Contact
    Curtis A Skomp
    Curtis A Skomp
    Real Estate License ID: 586474
    (305) 296-1400
    Learn more
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