Irish Pub with Live-Work
For Sale
$2,999,999
1900 Flagler Avenue, Key West, FL 33040
Bar and restaurant with a second-floor apartment, office, licensed seating, and dedicated parking.
Property Size5,061 SF
Lot Size0.33 Acres
Price / SF$592.77
Days on Market707
Property Features for 1900 Flagler Avenue
General Information
Standard status
Active
Size
5,061 SF
Total Parking Spaces
24
Lot size
0.33 Acres
Property subtype
Commercial/Industrial
Additional Details
Business Included
Yes
Seating Capacity
150
Taxes and HOA fees
Annual Taxes
$12,996
Building Details
Year Built
1958
Buildings
1
Abandoned
No
Listing Agency:
ERA Right Choice Realty
(570) 687-3271
Listed By:
Mark Vancosky · License #258023771
(570) 687-3271
Source:
Exitrealty
Added: Sep 24, 2024
Changed: Aug 30
Last Checked: Aug 31 at 5:42PM
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 ERA Right Choice Realty
Investment Insights
Based on property information with market context.
This bar and restaurant property includes a functioning restaurant and bar operation within a 5,061-square-foot building constructed in 1958. The site covers 14,306 square feet and provides 150 licensed seats qualifying for an SRX Liquor License, along with an Entertainment License. A second-floor four-bedroom residential apartment and office add a live-work component to the property.
Positioned at the corner of Bertha, First, and Flagler Streets in Key West, the property is minutes from the beach. The site includes 24 dedicated parking spaces and combines the operating business with the underlying real estate.
Positioned at the corner of Bertha, First, and Flagler Streets in Key West, the property is minutes from the beach. The site includes 24 dedicated parking spaces and combines the operating business with the underlying real estate.
Key Highlights
- 5,061‑square‑foot building on a 14,306‑square‑foot lot
- 150 licensed seats qualifying for an SRX Liquor License
- Entertainment License included
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
$95,425
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
3.18%
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%
$1,908,500
$1.9M
Cap Rate 7%
$1,363,214
$1.4M
Cap Rate 9%
$1,060,278
$1.1M
Market Conditions
NOI Build-Up for 5,061 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
$151.8K $30.00/SF
− Vacancy
−$24.6K −$4.86/SF
EGI
$127.2K $25.14/SF
− OpEx
−$31.8K −$6.29/SF
NOI
$95.4K $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%
$1,908,500
Cap Rate 7%
$1,363,214
Cap Rate 9%
$1,060,278
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,425 @ 7.0% cap · market cap 3.18%
Second Best
Specialty Retail
$1.12M
$978.7K – $1.30M
NOI $78,299 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,502 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,411
Businesses Nearby
Well-served
Demand for This Use
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
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?
Bar & Pub - Bar and restaurant with a second-floor apartment, office, licensed seating, and dedicated parking.
Where is this bar & pub located?
The property is located at 1900 Flagler Avenue Key West, FL.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: 5,061‑square‑foot building on a 14,306‑square‑foot lot; 150 licensed seats qualifying for an SRX Liquor License; Entertainment License included
