Five-Office Commercial
For Sale
$599,000
2-1421 1st St, Key West, FL 33040
Unit 2 offers a professional office layout with private rooms, a restroom, and flexible commercial use potential.
Property Size1,160 SF
Price / SF$516.38
Days on Market63
Property Features for 2-1421 1st St
General Information
Standard status
Active
Size
1,160 SF
Taxes and HOA fees
Annual Taxes
$9,579
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
(305) 294-5155
Listed By:
Team Gardner/Langley · License #KWA.2032
(305) 902-2447
Source:
Exprealty
Added: Aug 18
Changed: Oct 11
Last Checked: Oct 16 at 2:37PM
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 Berkshire Hathaway HomeServices Knight & Gardner Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Unit 2 is a 1,160 SF commercial condominium currently arranged for professional office use. The interior includes five private offices, a restroom, and a practical configuration that can accommodate professional or other commercial uses supported by the existing layout.
The property is located on First Street in Key West, within an accessible commercial corridor. Its condominium format and existing office improvements provide a defined commercial unit for an owner-user or investor.
The property is located on First Street in Key West, within an accessible commercial corridor. Its condominium format and existing office improvements provide a defined commercial unit for an owner-user or investor.
Key Highlights
- 1,160 SF commercial condominium unit
- Five private offices with a functional professional layout
- Restroom included within Unit 2
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,872
Cap Rate
3.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$437,440
$437.4K
Cap Rate 7%
$312,457
$312.5K
Cap Rate 9%
$243,022
$243.0K
Market Conditions
NOI Build-Up for 1,160 SF
Gross rent
$34.8K $30.00/SF
− Vacancy
−$5.6K −$4.86/SF
EGI
$29.2K $25.14/SF
− OpEx
−$7.3K −$6.29/SF
NOI
$21.9K $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 Rate 5%
$437,440
Cap Rate 7%
$312,457
Cap Rate 9%
$243,022
Alternative Uses
Best Use
Office B
$312.5K
$273.4K – $364.5K
NOI $21,872 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$466.6K
$408.3K – $544.4K
NOI $32,662 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
160
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
Frequently Asked Questions
What type of property is this?
Office units - Unit 2 offers a professional office layout with private rooms, a restroom, and flexible commercial use potential.
Where is this office units located?
The property is located at 2-1421 1st St Key West, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1,160 SF commercial condominium unit; Five private offices with a functional professional layout; Restroom included within Unit 2
