Key West Office Condo For
For Sale
$329,000
1010 Kennedy Drive, Key West, FL 33040
Commercial Sale, Key West, FL
Property Size1,475 SF
Price / SF$223.05
Days on Market1694
Property Features for 1010 Kennedy Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CG - General Commercial
Bedrooms
1
Rooms
Bedroom 1
Parking features
Off Street
Appliances
No Appliances
Subdivision
New Town - Unrecord (3.0)
View
Water
Standard status
Active
APN
00065650-000303
Size
1,475 SF
Taxes and HOA fees
Tax Year
2021
Tax Description
UNIT 303 KENNEDY CENTER CONDOMINIUM OR3015-2332
Tax Annual Amount
2744
HOA Fee
$3,603 Monthly
Legal Description
UNIT 303 KENNEDY CENTER CONDOMINIUM OR3015-2332
Utilities
Cooling system
Central Air
Amenities
public restrooms
Building Details
Year built
1978
Flooring type
Carpet
Building materials
Concrete
Roof type
Concrete
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
(305) 294-5155
Listed By:
Team Gardner/Langley · License #BK612006
(305) 902-2447
Added: Jan 6, 2022
Changed: Aug 19
Last Checked: Aug 27 at 5:06PM
MLS# 599086
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.
Located in New Town, Key West, this office condo is situated on the 3rd floor of the Kennedy Center. The unit, identified as 303, offers approximately 1475 square feet of space. The layout includes 6 private offices, a large conference room, an oversized waiting room/workspace, and a kitchenette. The building provides off-street parking, elevators, and public restrooms on each floor. The monthly association dues cover water, electric, building maintenance, and building insurance. The property is zoned CG - General Commercial.
Key Highlights
- Central New Town location in the Kennedy Center.
- Approximately 1475 sq. ft. office condo with 6 private offices.
- Features a large conference room, oversized waiting room/workspace, and kitchenette.
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
$27,811
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
8.45%
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%
$556,220
$556.2K
Cap Rate 7%
$397,300
$397.3K
Cap Rate 9%
$309,011
$309.0K
Market Conditions
NOI Build-Up for 1,475 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
$44.3K $30.00/SF
− Vacancy
−$7.2K −$4.86/SF
EGI
$37.1K $25.14/SF
− OpEx
−$9.3K −$6.29/SF
NOI
$27.8K $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%
$556,220
Cap Rate 7%
$397,300
Cap Rate 9%
$309,011
Alternative Uses
Best Use
Office B
$397.3K
$347.6K – $463.5K
NOI $27,811 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$593.3K
$519.1K – $692.2K
NOI $41,531 @ 7.0% cap · market cap 12.62%
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
1,420
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 units - Centrally located office condo in Key West's New Town.
Where is this office units located?
The property is located at 1010 Kennedy Drive Key West, FL.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Central New Town location in the Kennedy Center.; Approximately 1475 sq. ft. office condo with 6 private offices.; Features a large conference room, oversized waiting room/workspace, and kitchenette.
