Three-Unit Mixed-Use Condo
For Sale
$1,489,000
1200-1206 White Street, Key West, FL 33040
COMMERCIAL - Key West, FL
Property Size3,380 SF
Price / SF$440.53
Days on Market47
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 3, Bathroom 2, 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
Wood, Concrete, Tile
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: Aug 12
Last Checked: Aug 17 at 1:06AM
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 in a building completed in 1989. One unit at 1206 White St. is vacant and ready for owner occupancy or a new lease, while the units at 1200 and 1202 White St. have established tenants and businesses in place. The property features CBS and stucco construction, central air, wood, tile, and concrete flooring, along with assigned and off-street parking.
The property is located on White Street in Key West’s Old Town area and is identified as being in an X Flood Zone. Listed use categories include professional offices, retail sales and services, specialty shops, and restaurants. The three condominium interests may also be acquired individually.
The property is located on White Street in Key West’s Old Town area and is identified as being in an X Flood Zone. Listed use categories include professional offices, retail sales and services, specialty shops, and restaurants. The three condominium interests may also be acquired individually.
Key Highlights
- Three commercial condominium units totaling 3,380 SF
- 1206 White St. is vacant for owner occupancy or leasing
- Established tenants and businesses occupy 1200 and 1202 White St.
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
$63,730
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
4.28%
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%
$1,274,600
$1.3M
Cap Rate 7%
$910,429
$910.4K
Cap Rate 9%
$708,111
$708.1K
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
$101.4K $30.00/SF
− Vacancy
−$16.4K −$4.86/SF
EGI
$85.0K $25.14/SF
− OpEx
−$21.2K −$6.29/SF
NOI
$63.7K $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%
$1,274,600
Cap Rate 7%
$910,429
Cap Rate 9%
$708,111
Alternative Uses
Best Use
Office B
$910.4K
$796.6K – $1.06M
NOI $63,730 @ 7.0% cap · market cap 4.28%
Second Best
Mixed Use
$666.3K
$583.1K – $777.4K
NOI $46,644 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,170 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,433
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?
Mixed-use property - Three commercial condominium units combine established occupancy with one space available for immediate use or leasing.
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 $1,489,000.
What are key features of this property?
This property features: Three commercial condominium units totaling 3,380 SF; 1206 White St. is vacant for owner occupancy or leasing; Established tenants and businesses occupy 1200 and 1202 White St.
