Office Condominium with
3420 Duck Avenue, Key West, FL 33040
For Sale
New
$450,000
Commercial Sale, Key West, FL
Property Size749 SF
Lot Size0.02 Acres
Price / SF$600.80
Days on Market2
Property Features for 3420 Duck Avenue
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Appliances
Subdivision
View
Standard status
APN
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
HOA Fee
Legal Description
Utilities
Cooling system
Building Details
Year built
Building materials
Listing Agency:
Truman & Co. (KW)
(305) 292-2244
Listed By:
Jennifer M Newman · License #3283327
(323) 600-5678
Added: Nov 6
Last Checked: Nov 7 at 1:06PM
MLS# 621976
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.
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Investment Insights
Based on property information with market context.
This 749-square-foot office condominium includes a reception and waiting area, four private rooms, a kitchenette, and a finished second-floor loft with storage. A spacious bathroom and coffee and water station are also part of the interior. The loft has access to a 3-ton central air conditioning system installed in 2025. The property is zoned CL - Limited Commercial.
Common parking is available at the front of the building, with additional spaces for the unit in a rear lot.
Common parking is available at the front of the building, with additional spaces for the unit in a rear lot.
Key Highlights
- 749‑square‑foot office condominium
- Four private rooms, plus reception and waiting areas
- Finished second‑floor loft with storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,122
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$282,440
$282.4K
Cap Rate 7%
$201,743
$201.7K
Cap Rate 9%
$156,911
$156.9K
Market Conditions
NOI Build-Up for 749 SF
Gross rent
$22.5K $30.00/SF
− Vacancy
−$3.6K −$4.86/SF
EGI
$18.8K $25.14/SF
− OpEx
−$4.7K −$6.29/SF
NOI
$14.1K $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%
$282,440
Cap Rate 7%
$201,743
Cap Rate 9%
$156,911
Alternative Uses
Best Use
Office B
$201.7K
$176.5K – $235.4K
NOI $14,122 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$301.3K
$263.6K – $351.5K
NOI $21,089 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,303
Businesses Nearby
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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
$766,400
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Key West, FL
Properties on Market for Office Units in Key West
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Four enclosed rooms, a reception area, and a kitchenette provide a flexible setting for professional services.
Where is this office unit located?
The property is located at 3420 Duck Avenue Key West, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 749‑square‑foot office condominium; Four private rooms, plus reception and waiting areas; Finished second‑floor loft with storage
