Three-Unit Mixed-Use
For Sale
$1,475,000
1200-1206 White Street, Key West, FL 33040
Commercial Sale, Key West, FL
Property Size3,380 SF
Price / SF$436.39
Days on Market93
Property Features for 1200-1206 White Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HNC(1-3) - Hist Nghborhd
Bathrooms
2
Half bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1
Parking features
Off Street, Assigned
Appliances
No Appliances
Subdivision
Gwynn Sub (1.0)
View
Water
Directions
Corner of White St. & Catherine St.
Standard status
Active
APN
00033011-000101
Size
3,380 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
See MCPA
Tax Annual Amount
20169
Legal Description
See MCPA
Utilities
Cooling system
Central Air
Building Details
Year built
1989
Floors in Building
1
Number of units
3
Flooring type
Concrete, Tile, Wood
Building materials
CBS, Stucco, Combo Construction
Roof type
Other
Listing Agency:
Truman & Co. (KW)
(305) 292-2244
Listed By:
The Spottswood Team
(305) 432-4848
Added: Jul 2
Changed: Oct 1
Last Checked: Oct 2 at 6:06AM
MLS# 620495
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.
This offering includes three commercial condominium units totaling 3,380 square feet at 1200, 1202, and 1206 White Street. The building was constructed in 1989 and features CBS, stucco, and combination construction, with wood, tile, and concrete flooring, central air, assigned parking, and off-street parking. The property is located in the X Flood Zone.
Units at 1200 and 1202 White Street are occupied by established tenants and businesses. The 1206 White Street unit is vacant and available for owner occupancy or leasing. Permitted uses identified for the property include professional offices, retail sales and services, specialty shops, and restaurants. The units may also be purchased individually.
Units at 1200 and 1202 White Street are occupied by established tenants and businesses. The 1206 White Street unit is vacant and available for owner occupancy or leasing. Permitted uses identified for the property include professional offices, retail sales and services, specialty shops, and restaurants. The units may also be purchased individually.
Key Highlights
- Three commercial condominium units totaling 3,380 SF
- Addresses include 1200, 1202, and 1206 White Street
- 1206 White St. is vacant for owner occupancy or leasing
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
$46,644
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
3.16%
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%
$932,880
$932.9K
Cap Rate 7%
$666,343
$666.3K
Cap Rate 9%
$518,267
$518.3K
Market Conditions
NOI Build-Up for 3,380 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
$81.1K $24.00/SF
− Vacancy
−$6.5K −$1.92/SF
EGI
$74.6K $22.08/SF
− OpEx
−$28.0K −$8.28/SF
NOI
$46.6K $13.80/SF
Area
Monroe County, FL
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$932,880
Cap Rate 7%
$666,343
Cap Rate 9%
$518,267
Alternative Uses
Best Use
Mixed Use
$666.3K
$583.1K – $777.4K
NOI $46,644 @ 7.0% cap · market cap 3.16%
Second Best
Retail
$654.9K
$573.0K – $764.0K
NOI $45,842 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,170 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,345
Businesses Nearby
32k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 35%
Shops & Services 30%
Dining 18%
Groceries 17%
Chevron
Shops & Services
9,727 visits/mo
0.2 miles
The Reach Key West, Curio Collection by Hilton
Hotels & Casinos
8,622 visits/mo
0.5 miles
Dairy Queen
Dining
5,832 visits/mo
0.1 miles
IGA
Groceries
5,390 visits/mo
0.1 miles
Best Western Hibiscus Motel
Hotels & Casinos
2,843 visits/mo
0.5 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial condominium offering with established occupants, one vacant unit, and flexible office, retail, service, and restaurant use potential.
Where is this mixed-use property located?
The property is located at 1200-1206 White Street Key West, FL.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Three commercial condominium units totaling 3,380 SF; Addresses include 1200, 1202, and 1206 White Street; 1206 White St. is vacant for owner occupancy or leasing
