White Box Commercial
For Sale
$749,000
3201 Flagler Avenue #STE 507, Key West, FL 33040
Under-construction suite with white-box delivery, ADA access, ample parking, and flexibility to split into two units.
Property Size1,491 SF
Price / SF$502.35
Days on Market47
Property Features for 3201 Flagler Avenue #STE 507
General Information
Standard status
Active
Size
1,491 SF
Zoning
RO - Residential/Office
Units
Multifamily Units
14
Office Units
14
Taxes and HOA fees
Annual Taxes
$2,392
Building Details
Building Size
1,491 SF
Year Built
2026
Stories
2
Listing Agency:
Keys Top Realty LLC
(305) 987-7775
Listed By:
Irina Pytlik · License #3441724
(305) 987-7775
Source:
Laerrealty
Added: Jul 7
Changed: Aug 15
Last Checked: Aug 22 at 3:50AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keys Top Realty LLC
Investment Insights
Based on property information with market context.
Flagler Center III offers a for-sale commercial suite within a new mixed-use development currently under construction. The space totals 1,491± square feet and is delivered as a white box, giving the buyer control over the interior buildout to fit their business needs. The suite is comprised of two combined units, with two separate parcel IDs included, allowing the space to be split into two individual units if desired.
Scheduled for completion by the end of 2026, Flagler Center III will include 14 residential units and 14 commercial units, with select commercial units combined. The project provides ample parking and ADA-compliant access. The subject suite is located at 3201 Flagler Avenue in Key West, Florida, #STE 507.
Designed to accommodate a range of commercial uses, this suite is positioned for professional services, medical office, or retail users that want a blank-slate environment. The option to configure the interior as a single larger space or divide it into two units adds practical flexibility for owner-occupants and multi-tenant strategies. White-box delivery and ADA access support a straightforward fit-out process and accessible customer or patient entry.
Scheduled for completion by the end of 2026, Flagler Center III will include 14 residential units and 14 commercial units, with select commercial units combined. The project provides ample parking and ADA-compliant access. The subject suite is located at 3201 Flagler Avenue in Key West, Florida, #STE 507.
Designed to accommodate a range of commercial uses, this suite is positioned for professional services, medical office, or retail users that want a blank-slate environment. The option to configure the interior as a single larger space or divide it into two units adds practical flexibility for owner-occupants and multi-tenant strategies. White-box delivery and ADA access support a straightforward fit-out process and accessible customer or patient entry.
Key Highlights
- Under‑construction commercial suite at Flagler Center III, with anticipated completion by end of 2026
- 1,491 ± SF commercial space made up of two combined units, with the option to split into two individual units (two separate parcel IDs)
- White‑box delivery allows you to design and build out the interior to fit your business needs
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
$28,113
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
3.75%
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%
$562,260
$562.3K
Cap Rate 7%
$401,614
$401.6K
Cap Rate 9%
$312,367
$312.4K
Market Conditions
NOI Build-Up for 1,491 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
$44.7K $30.00/SF
− Vacancy
−$7.2K −$4.86/SF
EGI
$37.5K $25.14/SF
− OpEx
−$9.4K −$6.29/SF
NOI
$28.1K $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%
$562,260
Cap Rate 7%
$401,614
Cap Rate 9%
$312,367
Alternative Uses
Best Use
Office B
$401.6K
$351.4K – $468.6K
NOI $28,113 @ 7.0% cap · market cap 3.75%
Second Best
Mixed Use
$293.9K
$257.2K – $342.9K
NOI $20,576 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$599.7K
$524.8K – $699.7K
NOI $41,982 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Office units
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,212
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 - Under-construction suite with white-box delivery, ADA access, ample parking, and flexibility to split into two units.
Where is this mixed-use property located?
The property is located at 3201 Flagler Avenue #STE 507 Key West, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Under‑construction commercial suite at Flagler Center III, with anticipated completion by end of 2026; 1,491 ± SF commercial space made up of two combined units, with the option to split into two individual units (two separate parcel IDs); White‑box delivery allows you to design and build out the interior to fit your business needs
