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    New Mixed-Use Development in Key West Title is generated by Realmo AI

    3201 Flagler Avenue, Key West, FL 33040

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    For Sale
    $749,000

    COMMERCIAL - Key West, FL

    Property size:
    1,491 SF
    Lot size:
    0.71 Acres
    Price / SF:
    $502/SF
    Added:
    Feb 16, 2026
    Days on Market:
    95
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 3201 Flagler Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Property condition
    Under Construction
    Zoning
    RO - Residential/Office
    Bathrooms
    1
    Rooms
    Bathroom 1
    Parking features
    Off Street
    Appliances
    No Appliances
    Standard status
    Active
    APN
    00052870000307
    Size
    1,491 SF
    Lot size
    0.71 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Flagler Center Iii, A Condominium Units 507 & 508 & 7.1428% Common Elements Or1421-2021 (Re 52870-000308 Combined With T
    Tax Annual Amount
    2392

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    2026
    Floors in Building
    2
    Number of units
    14
    Building materials
    CBS, Concrete, Frame

    We can help!

    Listing Contact
    Irina Pytlik

    Listing agent Irina Pytlik License #3441724

    Listing office Keys Top Realty LLC 3706 N Roosevelt Blvd Suite 207, Key West, FL

    Listing date Feb 16, 2026

    MLS# 618665

    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

    • Prime location in sought‑after Key West commercial corridor offering excellent visibility and foot traffic.
    • New construction, completion anticipated by the end of 2026, in a mixed‑use development. Benefit from built‑in foot traffic from 14 residential units.
    • Flexible space: two combined units (1,491 +/- sq. ft.) with two separate parcel IDs, allowing them to be split.
    • Delivered as a white box, allowing for customized build‑out to suit specific business needs.
    • Strong investment potential due to Key West's limited commercial inventory and rental demand.
    • Ample off‑street parking and ADA‑compliant access.

    Overview

    Flagler Center III is a new mixed-use development currently under construction, with groundbreaking already completed and anticipated completion by the end of 2026. Located in Key West, Florida, this commercial space offers 1,491 square feet. The project will feature 14 residential and 14 commercial units. The subject unit includes two separate parcel IDs, allowing it to be split into two individual units. The property offers ample parking and ADA-compliant access. Delivered as a white box, the space allows buyers to design and build out the interior to suit their specific business needs. Ideal for professional services, medical offices, or retail use, this property benefits from strong rental demand driven by Key West's limited commercial inventory. The location provides excellent visibility, consistent foot traffic, and outstanding exposure. The property is situated on a lot of 0.71 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Munoz Melissa DC Alternative Medicine Practice Elks Lodge Volunteer Organization Curry & Sons Printing Event Planning Vidal Wedding Planner/Photographer Event Planning Iglesia De Cristo ... Church

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.764149
    Latitude
    24.56219

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    FAQs

    What type of property is this?
    Mixed-use property - Commercial space in new mixed-use development, completion end of 2026.
    Where is this mixed-use property located?
    The property is located at 3201 Flagler Avenue Key West, FL.
    What is the asking price?
    The asking price for this property is $749,000.
    What are key features of this property?
    This property features: Prime location in sought‑after Key West commercial corridor offering excellent visibility and foot traffic.; New construction, completion anticipated by the end of 2026, in a mixed‑use development. Benefit from built‑in foot traffic from 14 residential units.; Flexible space: two combined units (1,491 +/- sq. ft.) with two separate parcel IDs, allowing them to be split.
    (305) 987-7775
    We can help!
    Listing Contact
    Irina Pytlik
    Real Estate License ID: 3441724
    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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