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    Renovated Office Building in Key West Title is generated by Realmo AI

    3140 Northside Drive, Key West, FL 33040

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    For Sale
    $1,200,000

    COMMERCIAL - Key West, FL

    Property size:
    2,045 SF
    Price / SF:
    $586/SF
    Added:
    Oct 15, 2025
    Days on Market:
    220
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 3140 Northside Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    RO - Residential/Office
    Bathrooms
    1
    Rooms
    Bathroom 2, Bathroom 1
    Appliances
    No Appliances
    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

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1991
    Floors in Building
    2
    Number of units
    4
    Building materials
    CBS
    Roof type
    Metal

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    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 Oct 15, 2025

    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.

    HighLights

    • Income‑producing property with excellent rental potential
    • Fully renovated office building with modern upgrades
    • Located in a busy area of Key West, surrounded by professional services
    • New metal roofing and impact‑resistant windows and doors
    • Ground floor configured as an immaculate medical practice
    • Net leasable area of 2,045 SF with multiple units

    Overview

    This fully renovated two-story office building is located on Northside Drive in Key West. The property offers an income-producing opportunity with versatile spaces. The ground floor features a medical practice, complete with a bathroom and kitchenette. The second floor includes a spacious office suite, a bathroom, and two additional units. The net leasable area is 2,045 square feet. Recent updates include a new metal roof and impact-resistant windows and doors. The property is positioned in a busy area of town, surrounded by numerous Key West professional services, and offers ample parking.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Key West Institute ... Physician Dr. Scott J. ... Physician Destination Wellness Spa Spa & Massage Center Henry B. Allen, ... Tax Preparation

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Lower Keys Animal Clinic — 1456 Kennedy Dr, Key West, FL 33040

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.766617
    Latitude
    24.566871

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    FAQs

    What type of property is this?
    Medical Office Space - Income-producing, renovated two-story office building in Key West, Florida.
    Where is this medical office space 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: Income‑producing property with excellent rental potential; **Fully renovated office building with modern upgrades**; Located in a busy area of Key West, surrounded by professional services
    (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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