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    Key West Retail Space Available Title is generated by Realmo AI

    308 Front Street, Key West, FL 33040

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    For Lease
    $8,300/Mo $79 SF/Yr (calc)

    COMMERCIAL - Key West, FL

    Property size:
    1,250 SF
    Lot size:
    0.18 Acres
    Added:
    Mar 28, 2023
    Days on Market:
    1152
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 308 Front Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    HRCC(1 - 4) - Hist Res Co
    Bathrooms
    1
    Rooms
    Bathroom 1
    Appliances
    No Appliances
    Standard status
    Active
    APN
    00000640-000000
    Size
    1,250 SF
    Lot size
    0.18 Acres

    Building Details

    Year built
    1963
    Building materials
    Combo Construction

    We can help!

    Listing Contact
    Team Gardner/Langley

    Listing agent Team Gardner/Langley License #BK612006

    Listing office Berkshire Hathaway HomeServices Knight & Gardner Realty 336 Duval St., Key West, FL

    Listing date Mar 28, 2023

    MLS# 604739

    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.

    HighLights

    • High‑traffic location directly across from Opal and Ocean Key House Hotels and near Mallory Square
    • Ground level storefront with large display windows
    • Approximately 1250 sq. ft. of retail space
    • Potential to combine with adjacent 950 sq. ft. space for a total of 2,200 sq. ft.
    • Benefits from cruise ship passenger and tourist traffic
    • Old town train & trolley station located across the street

    Overview

    This commercial space is located in the heart of the evening crowd, across from the Opal and Ocean Key House Hotels, and steps away from Mallory Square, known for Key West's Sunset Celebration. The location benefits from high foot traffic, with cruise ship passengers and tourists utilizing the old town train and trolley, which are stationed directly across the street. The ground-level storefront features large display windows and approximately 1250 square feet of retail space. An additional 950 square feet of space is available next door, which could be combined to create a total of 2,200 square feet. The property is zoned HRCC(1 - 4) - Hist Res Co and is situated on a lot of 0.18 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Surly Siren Saloon Bar & Pub Q&XchimneySweep&dryerVent Corporate Office

    Suggested Use

    Law Firm Real Estate Agency Dental Office Spa & Massage Center Hair Salon Restaurant Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Pressed Bloom — 626 Josephine Parker Way #101, Key West, FL 33040
    • Bespoke Floral Design LLC — 291 Front St Unit 209, Key West, FL 33040
    • Love In Bloom Florist — 134 Simonton St, Key West, FL 33040
    • Milan Event — 909 Fleming St, Key West, FL 33040
    • Karro Events and Floral — 818 White St, Key West, FL 33040

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.806355
    Latitude
    24.559053

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    FAQs

    What type of property is this?
    Storefront property - Prime retail space in Key West's high-traffic tourist area.
    Where is this storefront property located?
    The property is located at 308 Front Street Key West, FL.
    What is the lease rate?
    The lease rate is $8,300 /Mo.
    What are key features of this property?
    This property features: High‑traffic location directly across from Opal and Ocean Key House Hotels and near Mallory Square; Ground level storefront with **large display windows**; Approximately 1250 sq. ft. of retail space
    (305) 902-2447
    We can help!
    Listing Contact
    Team Gardner/Langley
    Real Estate License ID: BK612006
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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