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    Prime Corner Commercial Property, Key West Title is generated by Realmo AI

    1000 Truman Avenue, Key West, FL 33040

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    Claim this Listing
    For Sale
    Under Contract
    $2,699,000

    COMMERCIAL - Key West, FL

    Property size:
    2,396 SF
    Lot size:
    0.27 Acres
    Price / SF:
    $1,126/SF
    Added:
    Dec 5, 2025
    Days on Market:
    168
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 1000 Truman Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    HNC(1-3) - Hist Nghborhd
    Bathrooms
    1
    Rooms
    Bathroom 2, Bathroom 1
    Parking features
    Off Street
    Appliances
    No Appliances
    Standard status
    Active Under Contract
    APN
    00031260-000000
    Size
    2,396 SF
    Lot size
    0.27 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    KW G G WATSON SUB I-209 ALL OF LOT 4 & PT LOT 5 SQR 3 TR 13 G16-2 OR290-371/73 OR750-364 OR1349-2111 OR1528-2195/96
    Tax Annual Amount
    20670

    Building Details

    Year built
    1944
    Floors in Building
    1
    Number of units
    2
    Building materials
    CBS, Frame
    Roof type
    Other

    We can help!

    Listing Contact
    Curtis A Skomp, CCIM
    Curtis A Skomp, CCIM

    Listing agent Curtis A Skomp, CCIM License #263500131

    Listing office RE/MAX Keys Connection (KW) 517 DUVAL STREET SUITE 200, Summerland Key, FL

    Listing date Dec 5, 2025

    MLS# 617611

    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.

    HighLights

    • Prime corner location on Truman Ave with high visibility.
    • HNC‑1 Zoning allows for a wide range of commercial and residential uses.
    • Two parcels totaling 104.75' on Truman Ave and 113' deep.
    • 2025 County Appraised Value over $2.7 Million.
    • Existing 2,396 sf CBS building with indoor bar, restrooms, office, storage, and potential grandfathered drive‑through.
    • Recent major repairs including new AC unit, bar, plumbing upgrades, and 2022 roof.

    Overview

    This commercial real estate offering features a prime corner location on Truman Avenue, providing excellent visibility. The HNC -1 zoning permits a variety of commercial uses, including transient residential, hotels, multi-family residential, single-family residential, business and professional offices, parking lots, and medical services. Restaurants are allowed as a conditional use. The property consists of two parcels, 1000 and 1006 Truman Ave, with a total of 104.75 feet of frontage on Truman Avenue and a depth of 113 feet. The 2025 county appraised value of the two parcels is over $2.7 million. The existing corner CBS building spans 2,396 square feet and includes an indoor bar, men's and women's restrooms, an office, storage space, and a drive-through liquor store. The existing drive-through and current bar business may be grandfathered for potential uses. Recent major repairs include a new AC unit, a new bar, all new water lines, and plumbing upgrades. The corner building received a new roof in 2022. Additionally, there is 1,588 square feet of covered outdoor bar area with an outdoor entertainment space. The property has been under the same absentee ownership since 1998 and is now available for sale without the business or liquor license. The lot size is 0.27 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dons' Place Grocery & Convenience Store Million Dollar Bar Bar & Pub

    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.

    Similar Places Nearby

    • Pressed Bloom — 626 Josephine Parker Way #101, Key West, FL 33040
    • Bespoke Floral Design LLC — 291 Front St Unit 209, Key West, FL 33040
    • Love In Bloom Florist — 134 Simonton St, Key West, FL 33040
    • Karro Events and Floral — 818 White St, Key West, FL 33040
    • Duarte Floral Design — 1203 Virginia St, Key West, FL 33040

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.793111
    Latitude
    24.554676

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    FAQs

    What type of property is this?
    Storefront property - Corner property with high visibility, multiple commercial uses allowed.
    Where is this storefront property located?
    The property is located at 1000 Truman Avenue Key West, FL.
    What is the asking price?
    The asking price for this property is $2,699,000.
    What are key features of this property?
    This property features: Prime corner location on Truman Ave with high visibility.; HNC‑1 Zoning allows for a wide range of commercial and residential uses.; Two parcels totaling 104.75' on Truman Ave and 113' deep.
    (305) 745-9088
    We can help!
    Listing Contact
    Curtis A Skomp, CCIM
    Curtis A Skomp, CCIM
    Real Estate License ID: 263500131
    Learn More
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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.

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