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    Key West Mixed-Use Investment Title is generated by Realmo AI

    1018 Truman Avenue, Key West, FL 33040

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    Claim this Listing
    For Sale
    Under Contract
    $1,625,000

    COMMERCIAL - Key West, FL

    Property size:
    3,846 SF
    Lot size:
    0.08 Acres
    Price / SF:
    $422/SF
    Added:
    Jan 27, 2026
    Days on Market:
    115
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 1018 Truman Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    HNC(1-3) - Hist Nghborhd
    Bedrooms
    5
    Bathrooms
    6
    Rooms
    Bedroom 4, Bathroom 1, Bathroom 5, Bathroom 7, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 6
    Standard status
    Active Under Contract
    APN
    00033260-000000
    Size
    3,846 SF
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    KW GWYNN SUB PT OF TR 13 G10-289 OR388-137/38 OR720-764 OR744-350 OR871-1205Q/C OR997-1355 OR1253-2276/77Q/C OR1507-2034
    Tax Annual Amount
    11387

    Building Details

    Year built
    1914
    Building materials
    Frame

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    Listing Contact
    Team Gardner/Langley

    Listing agent Team Gardner/Langley License #BK612006

    Listing office Berkshire Hathaway HomeServices Knight & Gardner Realty 336 Duval St., Key West, FL

    Listing date Jan 27, 2026

    MLS# 618332

    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 mixed‑use property in Key West's heart, offering diversified income from commercial and residential units.
    • Five 1‑bed, 1‑bath residential units plus two commercial units ensure high rental income.
    • Fully leased to established tenants, providing immediate and stable cash flow.
    • Excellent location with high visibility and foot traffic, minutes from Duval Street, beaches, and top attractions.
    • Classic Old Town character combined with functional updates.
    • Rare side yard and covered upper porch enhance tenant appeal.

    Overview

    This mixed-use property is located in Key West, Florida. The historic building includes two commercial units on the ground floor, offering visibility and foot traffic. Additionally, there are five 1-bed, 1-bath residential units located upstairs. The property features classic Old Town character with functional updates. It has multiple electric meters. A side yard and covered upper porch enhance tenant appeal. The property is fully leased to established tenants. It is located minutes from Duval Street, beaches, and Key West's dining and entertainment. The lot size is 0.08 acres. The property size is 3846 square feet. The zoning is HNC(1-3) - Hist Nghborhd.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical Care Services ... Production Facility Avenue, liz Stricker ... Hair Salon

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.792534
    Latitude
    24.555142

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    FAQs

    What type of property is this?
    Mixed-use property - Historic Key West building with commercial and residential units.
    Where is this mixed-use property located?
    The property is located at 1018 Truman Avenue Key West, FL.
    What is the asking price?
    The asking price for this property is $1,625,000.
    What are key features of this property?
    This property features: Prime mixed‑use property in Key West's heart, offering diversified income from commercial and residential units.; Five 1‑bed, 1‑bath residential units plus two commercial units ensure high rental income.; Fully leased to established tenants, providing immediate and stable cash flow.
    (305) 902-2447
    We can help!
    Listing Contact
    Team Gardner/Langley
    Real Estate License ID: BK612006
    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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