Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Updated Office Space in Key West Title is generated by Realmo AI

    524 Eaton Street, Key West, FL 33040

    View on Map
    Claim this Listing
    For Lease
    $1,250/Mo $64 SF/Yr (calc)

    COMMERCIAL - Key West, FL

    Property size:
    232 SF
    Added:
    Feb 3, 2026
    Days on Market:
    108
    Last Refresh:
    May 22 at 9:06 am

    Property Features for 524 Eaton Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Bathrooms
    1
    Rooms
    Bathroom 1, Bathroom 2
    Standard status
    Active
    APN
    1006734
    Size
    232 SF

    Building Details

    Year built
    1968

    We can help!

    Listing Contact
    Team Gardner/Langley

    Listing agent Team Gardner/Langley License #BK612006

    Listing office Berkshire Hathaway HomeServices Knight & Gardner Realty 336 Duval St., Key West, FL

    Listing date Feb 3, 2026

    MLS# 618453

    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 Old Town location.
    • Affordable small office space (232sf for $1,250/month).
    • Recently updated professional office.
    • Utilities included (Wifi, electric, and water).
    • Located within the Key West Theater building.
    • Friendly business environment catering to local small business owners.

    Overview

    Available for rent is a small office space located in Old Town Key West. The professional office space, totaling 232 square feet, is situated within a business environment that caters to local small business owners. The monthly rent is $1,250, which includes WiFi, electricity, and water. The property is located at 524 Eaton Street, Key West, FL 33040.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Florida Keys Injury ... Law Firm Keystv Marketing & Advertising Keys World Travel Travel Agency The Law Offices of Robert ... Law Firm Thomas Masat LMFT, ... Psychotherapist

    Suggested Use

    Law Firm Real Estate Agency Dental Office Spa & Massage Center Hair Salon Restaurant Nail Salon Building Supply Gym & Fitness Center Daycare 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
    -81.802584
    Latitude
    24.55729

    Nearby Similar for Lease

    • $26,276 SF/Yr
      7,007 SF

      Key West Office/Medical Space

      7,007 SF office/medical space in desirable New Town location.
      1111 12th Street, Key West, FL 33040
      View Details
    • $35,000 SF/Yr
      6,230 SF

      Prime Duval Street Commercial Building

      Two-story building on Duval Street, ideal for retail or restaurant.
      132 Duval Street, Key West, FL 33040
      View Details
    • $4,635/Mo
      1,235 SF

      Key West Office/Medical Space

      Move-in ready office or medical suite in central Key West.
      1111 12th Street, Key West, FL 33040
      View Details
    • $8,000/Mo
      1,913 SF

      High-Visibility Retail Space on Highway

      Prime commercial property on Overseas Highway with high visibility.
      5300 Overseas Highway, Key West, FL 33040
      View Details
    • $1,100/Mo
      190 SF

      Key West Office Space Available

      190 sq ft office space for rent in Key West.
      3706 N Roosevelt Boulevard, Key West, FL 33040
      View Details
    • $6,000/Mo
      1,491 SF

      New Retail Space in Key West

      New retail space for lease in a mixed-use development.
      3201 Flagler Avenue, Key West, FL 33040
      View Details
    • $1,400/Mo
      160 SF

      Updated Office Space in Key West

      Small, updated office space in Old Town Key West.
      524 Eaton Street, Key West, FL 33040
      View Details
    • $5,828/Mo
      657 SF

      Key West Retail Space For Rent

      Retail space in high-traffic Key West location.
      431 Front Street, Key West, FL 33040
      View Details
    • $4,750/Mo
      1,496 SF

      Key West Retail/Office Opportunity

      Mixed-use building in Old Town Key West, near Duval Street.
      607 Fleming Street, Key West, FL 33040
      View Details
    • $18,052/Mo
      1,733 SF

      Duval Street Retail Opportunity

      Prime retail space on Duval Street in Key West.
      400 Duval Street, Key West, FL 33040
      View Details
    • $3,250/Mo
      2,265 SF

      Key West Commercial Space

      2265 sq ft storage/garage space available for lease.
      111 Overseas Highway, Key West, FL 33040
      View Details
    • $41,000 SF/Yr
      5,500 SF

      Prime Retail Space on Duval

      High-visibility retail space in Key West's premier location.
      100 Duval Street, Key West, FL 33040
      View Details

    FAQs

    What type of property is this?
    Office units - Small, updated office space in Old Town Key West.
    Where is this office units located?
    The property is located at 524 Eaton Street Key West, FL.
    What is the lease rate?
    The lease rate is $1,250 /Mo.
    What are key features of this property?
    This property features: Prime Old Town location.; Affordable small office space (232sf for $1,250/month).; Recently updated professional office.
    (305) 902-2447
    We can help!
    Listing Contact
    Team Gardner/Langley
    Real Estate License ID: BK612006
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    524 Eaton Street, Key West, FL 33040
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!