Building Details

Building Size 2,045 SF

Year Built 1991

Buildings 1

Stories 2

Tenancy Multi

Listing Agency: Berkshire Hathaway HomeServices Knight & Gardner Realty

Listed By: Team Gardner/Langley · License #KWA.2032 Show Phone

Source: Bascomgrooms

Added: Oct 15, 2025 Changed: Oct 27 Last Checked: Oct 26 at 2:46PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This two-story office building 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, another bathroom, and two additional units. The building was constructed in 1991 and has undergone renovation, including installation of a metal roof and impact-resistant windows and doors.

At 3140 Northside Drive F in Key West, the property is situated among professional services. Parking is available on site.

Key Highlights

• 2,045 SF of net leasable area
• Ground‑floor medical practice space with a bathroom and kitchenette
• Upper level includes an office suite, bathroom, and two additional units

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

Is this asking price fair?

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 (±1% cap)

NOI $38,558 @ 7.0% cap · market cap 3.21%

Second Best

Healthcare Medical

$396.7K

$347.1K – $462.8K (±1% cap)

NOI $27,767 @ 7.0% cap · market cap 2.31%

Theoretical Best

Office A

$822.6K

$719.8K – $959.7K (±1% cap)

NOI $57,581 @ 7.0% cap · market cap 4.80%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

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

Suggested Use

Top Pick Auto Repair Shop Building Supply Auto Parts Store Real Estate Agency Big Box & Wholesale Store Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - A medical practice occupies the ground floor, with a separate office suite and two additional units upstairs.

Where is this office building located?

The property is located at 3140 Northside Drive 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 area; Ground‑floor medical practice space with a bathroom and kitchenette; Upper level includes an office suite, bathroom, and two additional units