Renovated Two-Story Office
For Sale
$1,200,000
3140 Northside Drive, Key West, FL 33040
Commercial Sale, Key West, FL
Property Size2,045 SF
Price / SF$586.80
Days on Market357
Property Features for 3140 Northside Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RO - Residential/Office
Bathrooms
1
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Appliances
No Appliances
Subdivision
Offices At Northside (3.0)
View
Water
Standard status
Active
APN
00065780-000206
Size
2,045 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
UNIT F OFFICES AT NORTHSIDE, A CONDO OR1128-796/97 OR1580-1656/57 OR2639-1391/92
Tax Annual Amount
4739
HOA Fee
$1,348 Monthly
Legal Description
UNIT F OFFICES AT NORTHSIDE, A CONDO OR1128-796/97 OR1580-1656/57 OR2639-1391/92
Utilities
Cooling system
Central Air
Building Details
Year built
1991
Floors in Building
2
Number of units
4
Building materials
CBS
Roof type
Metal
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
(305) 294-5155
Listed By:
Team Gardner/Langley · License #KWA.2032
(305) 902-2447
Added: Oct 15, 2025
Changed: Oct 1
Last Checked: Oct 6 at 4:06PM
MLS# 616880
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.
Investment Insights
Based on property information with market context.
This two-story office building contains 2,045 SF of net leasable area and was built in 1991. The ground level is configured as a medical practice with a bathroom and kitchenette. Upstairs, the layout includes an office suite, a bathroom, and two additional units. Construction is CBS, with central air throughout the property.
Recent improvements include a metal roof and impact-resistant windows and doors. The property is zoned RO - Residential/Office and is located on Northside Drive in Key West. The surrounding area includes numerous professional services, and the site provides plenty of parking.
Recent improvements include a metal roof and impact-resistant windows and doors. The property is zoned RO - Residential/Office and is located on Northside Drive in Key West. The surrounding area includes numerous professional services, and the site provides plenty of parking.
Key Highlights
- 2,045 SF of net leasable office area
- Two‑story building with medical and office configurations
- Ground‑floor medical practice with bathroom and kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,558
Cap Rate
3.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$771,160
$771.2K
Cap Rate 7%
$550,829
$550.8K
Cap Rate 9%
$428,422
$428.4K
Market Conditions
NOI Build-Up for 2,045 SF
Gross rent
$61.4K $30.00/SF
− Vacancy
−$9.9K −$4.86/SF
EGI
$51.4K $25.14/SF
− OpEx
−$12.9K −$6.29/SF
NOI
$38.6K $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%
$771,160
Cap Rate 7%
$550,829
Cap Rate 9%
$428,422
Alternative Uses
Best Use
Office B
$550.8K
$482.0K – $642.6K
NOI $38,558 @ 7.0% cap · market cap 3.21%
Second Best
Healthcare Medical
$396.7K
$347.1K – $462.8K
NOI $27,767 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$822.6K
$719.8K – $959.7K
NOI $57,581 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,345
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible professional property with medical and office configurations, durable exterior upgrades, and central air conditioning.
Where is this office building located?
The property is located at 3140 Northside Drive Key West, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2,045 SF of net leasable office area; Two‑story building with medical and office configurations; Ground‑floor medical practice with bathroom and kitchenette
