Updated Corner Office
For Sale
$550,000
1200 White Street, Key West, FL 33040
Commercial Sale, Key West, FL
Property Size1,169 SF
Price / SF$470.49
Days on Market94
Property Features for 1200 White Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HNC(1-3) - Hist Nghborhd
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Parking features
Assigned, Off Street
Appliances
No Appliances
Subdivision
Gwynn Sub (1.0)
View
Water
Standard status
Active
APN
00033011-000101
Size
1,169 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 1200 / 1200-1212 WHITE STREET CONDOMINIUM OR3318-133DEC
Tax Annual Amount
4923
HOA Fee
$614 Monthly
Legal Description
UNIT 1200 / 1200-1212 WHITE STREET CONDOMINIUM OR3318-133DEC
Utilities
Cooling system
Central Air
Building Details
Year built
1989
Floors in Building
1
Flooring type
Tile, Concrete
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 1
Changed: Oct 1
Last Checked: Oct 2 at 9:06AM
MLS# 620482
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 first-floor office condo on White Street provides 1,169 square feet in a corner configuration. The unit was extensively renovated and includes hurricane-rated impact windows and doors, tile and concrete flooring, central air conditioning, and one assigned off-street parking space. The property was built in 1989 and is identified as being in the X Flood Zone.
The commercial condominium is located in Key West, with an existing tenant in place. Access to the business is restricted during the current tenancy. The offering is part of a property with two other commercial condominium units also available.
The commercial condominium is located in Key West, with an existing tenant in place. Access to the business is restricted during the current tenancy. The offering is part of a property with two other commercial condominium units also available.
Key Highlights
- 1,169‑square‑foot first‑floor corner office condo
- Extensively renovated with hurricane‑rated impact windows and doors
- One assigned off‑street parking space
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
$22,041
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
4.01%
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%
$440,820
$440.8K
Cap Rate 7%
$314,871
$314.9K
Cap Rate 9%
$244,900
$244.9K
Market Conditions
NOI Build-Up for 1,169 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
$35.1K $30.00/SF
− Vacancy
−$5.7K −$4.86/SF
EGI
$29.4K $25.14/SF
− OpEx
−$7.3K −$6.29/SF
NOI
$22.0K $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%
$440,820
Cap Rate 7%
$314,871
Cap Rate 9%
$244,900
Alternative Uses
Best Use
Office B
$314.9K
$275.5K – $367.4K
NOI $22,041 @ 7.0% cap · market cap 4.01%
Second Best
Healthcare Medical
$226.7K
$198.4K – $264.5K
NOI $15,872 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$470.2K
$411.4K – $548.6K
NOI $32,915 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,345
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - First-floor commercial condo with impact-rated windows, assigned parking, and an existing tenant in place.
Where is this office units located?
The property is located at 1200 White Street Key West, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1,169‑square‑foot first‑floor corner office condo; Extensively renovated with hurricane‑rated impact windows and doors; One assigned off‑street parking space
