Mixed-Use Corner
For Sale
$4,200,000
218 Whitehead Street, Key West, FL 33040
Six retail suites and a three-bedroom apartment combine commercial and residential occupancy in one property.
Property Size7,755 SF
Price / SF$541.59
Days on Market93
Property Features for 218 Whitehead Street
General Information
Standard status
Active
Size
7,755 SF
Property subtype
Commercial
Site & Location
Corner Location
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Building Details
Year Built
1942
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
Listed By:
Team Gardner/Langley · License #kwa.2032
(305) 294-5155
Source:
Buythekeys
Added: Jul 16
Changed: Oct 7
Last Checked: Oct 16 at 6:17AM
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
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Investment Insights
Based on property information with market context.
Built in 1942, this mixed-use property contains approximately 7,755 square feet arranged as six commercial storefronts and a three-bedroom, two-bath apartment. Separate utility meters support the distinct commercial and residential components, while established tenants occupy the property.
The building occupies the corner of Whitehead Street and Front Street at 218 Whitehead Street in Key West. Its setting is in the Historic Seaport and Cruise Ship District, adjacent to the Mel Fisher Maritime Museum and across from the Audubon House. The property is also positioned along a heavily visited tourist corridor and includes both commercial and residential revenue streams.
The building occupies the corner of Whitehead Street and Front Street at 218 Whitehead Street in Key West. Its setting is in the Historic Seaport and Cruise Ship District, adjacent to the Mel Fisher Maritime Museum and across from the Audubon House. The property is also positioned along a heavily visited tourist corridor and includes both commercial and residential revenue streams.
Key Highlights
- Approximately 7,755 square feet of mixed‑use space
- Six established commercial storefronts
- Three‑bedroom, two‑bath residential apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$120,339
Cap Rate
2.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,406,780
$2.4M
Cap Rate 7%
$1,719,129
$1.7M
Cap Rate 9%
$1,337,100
$1.3M
Market Conditions
NOI Build-Up for 7,755 SF
Gross rent
$234.5K $30.24/SF
− Vacancy
−$15.7K −$2.03/SF
EGI
$218.8K $28.21/SF
− OpEx
−$98.5K −$12.70/SF
NOI
$120.3K $15.52/SF
Area
Monroe County, FL
Vacancy
6.70%
Lease Rate
$30.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,406,780
Cap Rate 7%
$1,719,129
Cap Rate 9%
$1,337,100
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.50M – $2.01M
NOI $120,339 @ 7.0% cap · market cap 2.87%
Second Best
Mixed Use
$1.53M
$1.34M – $1.78M
NOI $107,019 @ 7.0% cap · market cap 2.55%
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,356 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,899
Businesses Nearby
97k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Hotels & Casinos 21%
Groceries 19%
Apparel 13%
La Concha Key West
Hotels & Casinos
20,542 visits/mo
0.2 miles
Wendy's
Dining
19,101 visits/mo
0.2 miles
Fausto's Food Palace
Groceries
10,002 visits/mo
0.3 miles
River Street Sweets
Groceries
8,601 visits/mo
0.2 miles
The Cafe
Dining
8,463 visits/mo
0.3 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Six retail suites and a three-bedroom apartment combine commercial and residential occupancy in one property.
Where is this mixed-use property located?
The property is located at 218 Whitehead Street Key West, FL.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Approximately 7,755 square feet of mixed‑use space; Six established commercial storefronts; Three‑bedroom, two‑bath residential apartment
