Duval Street Retail
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For Sale
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423 Duval Street Unit B, Key West, FL 33040
Street-facing display windows serve approximately 2,500 square feet of retail space in Key West.
Property Size5,940 SF
Price / SF$2.96
Days on Market2
Property Features for 423 Duval Street Unit B
General Information
Standard status
Active
Size
5,940 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$20,785
Building Details
Building Size
5,940 SF
Year Built
1953
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
Listed By:
Team Gardner/Langley · License #KWA.2032
(305) 902-2447
Source:
Islandwelcomerealestate
Added: Oct 26
Last Checked: Oct 26 at 3:44PM
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
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Investment Insights
Based on property information with market context.
Unit B at 423 Duval Street is a retail space with prominent display windows and approximately 2,500 square feet. The building dates to 1953 and contains four commercial units, which may be combined into a single retail space of approximately 6,300 square feet.
The property is across Duval Street from La Concha Hotel and near businesses including Starbucks, Salt Life, Sandal Factory, Artisans, River Street Sweets, and Peter Lik Gallery. Mattheessens and Quiet Storm are next door; the San Carlos Institute, Casa Cuba, and Key West Film Society are nearby.
The property is across Duval Street from La Concha Hotel and near businesses including Starbucks, Salt Life, Sandal Factory, Artisans, River Street Sweets, and Peter Lik Gallery. Mattheessens and Quiet Storm are next door; the San Carlos Institute, Casa Cuba, and Key West Film Society are nearby.
Key Highlights
- Approximately 2,500 square feet of retail space in Unit B
- Display windows face Duval Street
- Four commercial units may be combined for approximately 6,300 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,562
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,611,240
$1.6M
Cap Rate 7%
$1,150,886
$1.2M
Cap Rate 9%
$895,133
$895.1K
Market Conditions
NOI Build-Up for 5,940 SF
Gross rent
$128.3K $21.60/SF
− Vacancy
−$13.2K −$2.22/SF
EGI
$115.1K $19.38/SF
− OpEx
−$34.5K −$5.81/SF
NOI
$80.6K $13.56/SF
Area
Monroe County, FL
Vacancy
10.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,611,240
Cap Rate 7%
$1,150,886
Cap Rate 9%
$895,133
Alternative Uses
Best Use
Retail
$1.15M
$1.01M – $1.34M
NOI $80,562 @ 7.0% cap · market cap 457.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,251 @ 7.0% cap · market cap 950.29%
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
Location Intelligence
Trade Area within ½ mile
3,333
Businesses Nearby
117k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 34%
Hotels & Casinos 18%
Apparel 17%
Groceries 16%
La Concha Key West
Hotels & Casinos
20,542 visits/mo
0.1 miles
Wendy's
Dining
19,101 visits/mo
0.1 miles
Circle K
Shops & Services
13,410 visits/mo
0.4 miles
Fausto's Food Palace
Groceries
10,002 visits/mo
0.1 miles
River Street Sweets
Groceries
8,601 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Retail space - Street-facing display windows serve approximately 2,500 square feet of retail space in Key West.
Where is this retail space located?
The property is located at 423 Duval Street Unit B Key West, FL.
What are key features of this property?
This property features: Approximately 2,500 square feet of retail space in Unit B; Display windows face Duval Street; Four commercial units may be combined for approximately 6,300 square feet
