End-Unit Storefront Commercial
For Sale
$579,000
1206 White Street, Key West, FL 33040
COMMERCIAL - Key West, FL
Property Size1,389 SF
Price / SF$416.85
Days on Market47
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: Aug 12
Last Checked: Aug 16 at 9:06AM
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 commercial condominium comprises 1,389 square feet in an end-unit configuration with a half bath and a rear office area that can be leased separately. The property includes one assigned off-street parking space, central air conditioning, and hurricane-rated windows and doors. Built in 1989, the building uses CBS and combination construction materials.
Located in Old Town, the property is within the Key West market and carries HNC(1-3) - Hist Nghborhd zoning. It is also situated in the X Flood Zone. The rear office provides a separate rental component while retaining the storefront-oriented layout of the commercial condo.
Located in Old Town, the property is within the Key West market and carries HNC(1-3) - Hist Nghborhd zoning. It is also situated in the X Flood Zone. The rear office provides a separate rental component while retaining the storefront-oriented layout of the commercial condo.
Key Highlights
- 1,389‑square‑foot end‑unit commercial condominium
- Rear office area can be rented separately
- 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
3.25%
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 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$558.7K
$488.9K – $651.8K
NOI $39,110 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,433
Businesses Nearby
23k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 26%
Groceries 24%
Chevron
Shops & Services
9,727 visits/mo
0.5 miles
Dairy Queen
Dining
5,832 visits/mo
0.3 miles
IGA
Groceries
5,390 visits/mo
0.4 miles
Advance Auto Parts
Shops & Services
1,669 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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial condo with rear office space, hurricane-rated openings, assigned parking, and a half bath in Old Town.
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 $579,000.
What are key features of this property?
This property features: 1,389‑square‑foot end‑unit commercial condominium; Rear office area can be rented separately; Hurricane‑rated windows and doors
