Fully Leased Office Condo with Three
For Sale
$599,000
3718 N Roosevelt Boulevard, Key West, FL 33040
Fully leased office condo configured with three private offices, a large conference room, and shared lobby and kitchen space.
Property Size1,133 SF
Days on Market52
Property Features for 3718 N Roosevelt Boulevard
General Information
Standard status
Active
Size
1,133 SF
Zoning
CG - General Commercial
Occupancy
100%
Additional Details
Cap Rate
8%
Office Units
3
Taxes and HOA fees
Annual Taxes
$2,678
Building Details
Building Size
1,133 SF
Year Built
1983
Tenancy
Single
Listing Agency:
RE/MAX Keys Connection (KW)
(305) 363-9665
Listed By:
Bobby W Coe IV · License #3428120
(305) 363-9665
Source:
Laerrealty
Added: Jul 7
Changed: Aug 8
Last Checked: Aug 26 at 5:47AM
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 RE/MAX Keys Connection (KW)
Investment Insights
Based on property information with market context.
This for-sale office condo is fully leased and set up for professional day-to-day use. The interior layout includes three private offices in addition to a large conference room, with a lobby and kitchen area to support client and staff meetings. The unit is in a professionally managed building, and the ownership group is described as Florida-licensed real estate brokers.
The property is located at 3718 N Roosevelt Boulevard in Key West, FL 33040. Public remarks note signage on North Roosevelt Boulevard and an ocean view associated with the offering. The building also has a mix of owners and tenants.
For investors or owner-occupants seeking a straightforward, tenant-occupied office configuration, this unit offers a ready-to-operate interior plan with multiple rooms for separate workspaces and group discussions. The current lease status is a key attribute, and the seller notes that appointments are required to view the unit, so coordination with the listing agent is necessary before touring.
The property is located at 3718 N Roosevelt Boulevard in Key West, FL 33040. Public remarks note signage on North Roosevelt Boulevard and an ocean view associated with the offering. The building also has a mix of owners and tenants.
For investors or owner-occupants seeking a straightforward, tenant-occupied office configuration, this unit offers a ready-to-operate interior plan with multiple rooms for separate workspaces and group discussions. The current lease status is a key attribute, and the seller notes that appointments are required to view the unit, so coordination with the listing agent is necessary before touring.
Key Highlights
- Year built 1983
- Fully leased office condo with shared lobby and kitchen space
- Interior includes 3 private offices and a large conference room
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
$21,363
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
3.57%
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%
$427,260
$427.3K
Cap Rate 7%
$305,186
$305.2K
Cap Rate 9%
$237,367
$237.4K
Market Conditions
NOI Build-Up for 1,133 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
$34.0K $30.00/SF
− Vacancy
−$5.5K −$4.86/SF
EGI
$28.5K $25.14/SF
− OpEx
−$7.1K −$6.29/SF
NOI
$21.4K $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%
$427,260
Cap Rate 7%
$305,186
Cap Rate 9%
$237,367
Alternative Uses
Best Use
Office B
$305.2K
$267.0K – $356.1K
NOI $21,363 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$455.7K
$398.8K – $531.7K
NOI $31,902 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
939
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
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Frequently Asked Questions
What type of property is this?
Office units - Fully leased office condo configured with three private offices, a large conference room, and shared lobby and kitchen space.
Where is this office units located?
The property is located at 3718 N Roosevelt Boulevard Key West, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Year built 1983; Fully leased office condo with shared lobby and kitchen space; Interior includes 3 private offices and a large conference room
