Renovated Two-Story Office
For Sale
$1,200,000
3140 Northside Drive Unit F, Key West, FL 33040
Updated professional property combining medical, office, and multiple-unit configurations with on-site parking.
Property Size2,045 SF
Price / SF$586.80
Days on Market326
Property Features for 3140 Northside Drive Unit F
General Information
Standard status
Active
Size
2,045 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$4,739
Amenities
Central Air
3
Comm Area.
0, 0
Building Details
Year Built
1991
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
(305) 902-2447
Listed By:
Team Gardner/Langley · License #KWA.2032
(305) 902-2447
Source:
Xome
Added: Oct 11, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:30PM
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
Investment Insights
Based on property information with market context.
This renovated two-story office property contains 2,045 SF of net leasable area. The ground level is configured for a medical practice and includes a bathroom and kitchenette. Upstairs, the layout provides an office suite, a separate bathroom, and two additional units.
Recent capital improvements include a metal roof and impact-resistant windows and doors. Central air is also included. The property is located on Northside Drive in Key West, within an area described as busy and surrounded by professional services, with plenty of parking available.
Recent capital improvements include a metal roof and impact-resistant windows and doors. Central air is also included. The property is located on Northside Drive in Key West, within an area described as busy and surrounded by professional services, with plenty of parking available.
Key Highlights
- 2,045 SF of net leasable office area
- Two‑story layout with medical, office suite, and two additional units
- Ground‑floor medical practice includes a bathroom and kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,558
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Updated professional property combining medical, office, and multiple-unit configurations with on-site parking.
Where is this office building located?
The property is located at 3140 Northside Drive Unit F 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 layout with medical, office suite, and two additional units; Ground‑floor medical practice includes a bathroom and kitchenette
