End-Unit Storefront
For Sale
$575,000
1206 White Street, Key West, FL 33040
Commercial Sale, Key West, FL
Property Size1,389 SF
Price / SF$413.97
Days on Market94
Property Features for 1206 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
Off Street, Assigned
Appliances
No Appliances
Subdivision
Gwynn Sub (1.0)
View
Water
Standard status
Active
APN
00033011-000104
Size
1,389 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 1206 / 1200-1212 WHITE STREET CONDOMINIUM OR3318-133DEC
Tax Annual Amount
6942
HOA Fee
$729 Monthly
Legal Description
UNIT 1206 / 1200-1212 WHITE STREET CONDOMINIUM OR3318-133DEC
Utilities
Cooling system
Central Air
Building Details
Year built
1989
Floors in Building
1
Building materials
CBS, 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 8:06AM
MLS# 620484
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 1,389-square-foot commercial condominium is configured as an end unit with a half bath and a separate office area at the rear. Central air conditioning serves the space, while hurricane-rated windows and doors are part of the building improvements. Constructed in 1989, the property uses CBS and combination construction.
The storefront is located at 1206 White Street in Key West, within the Old Town area. It includes one assigned off-street parking space and is situated in the X Flood Zone. Zoning is HNC(1-3) - Hist Nghborhd. The rear office may be leased separately, providing an additional use for the existing layout.
The storefront is located at 1206 White Street in Key West, within the Old Town area. It includes one assigned off-street parking space and is situated in the X Flood Zone. Zoning is HNC(1-3) - Hist Nghborhd. The rear office may be leased separately, providing an additional use for the existing layout.
Key Highlights
- 1,389‑square‑foot commercial condominium
- End‑unit configuration with half bath and separate rear office
- Hurricane‑rated windows and doors
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
$18,839
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
3.28%
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%
$376,780
$376.8K
Cap Rate 7%
$269,129
$269.1K
Cap Rate 9%
$209,322
$209.3K
Market Conditions
NOI Build-Up for 1,389 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
$30.0K $21.60/SF
− Vacancy
−$3.1K −$2.22/SF
EGI
$26.9K $19.38/SF
− OpEx
−$8.1K −$5.81/SF
NOI
$18.8K $13.56/SF
Area
Monroe County, FL
Vacancy
10.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$376,780
Cap Rate 7%
$269,129
Cap Rate 9%
$209,322
Alternative Uses
Best Use
Retail
$269.1K
$235.5K – $314.0K
NOI $18,839 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$558.7K
$488.9K – $651.8K
NOI $39,110 @ 7.0% cap · market cap 6.80%
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
Location Intelligence
Trade Area within ½ mile
2,345
Businesses Nearby
32k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pressed Bloom — 626 Josephine Parker Way #101, Key West, FL 33040
- Duarte Floral Design — 1203 Virginia St, Key West, FL 33040
- Karro Events and Floral — 818 White St, Key West, FL 33040
- Milan Event — 909 Fleming St, Key West, FL 33040
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial condominium with central air, one assigned parking space, and hurricane-rated windows and doors.
Where is this storefront property located?
The property is located at 1206 White Street Key West, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1,389‑square‑foot commercial condominium; End‑unit configuration with half bath and separate rear office; Hurricane‑rated windows and doors
