Old Town Office Condo For
For Sale
Contact for pricing
812 FLEMING ST, Key West, FL 33040
Turnkey 665 SF commercial condo in Old Town.
Property Size665 SF
Price / SF$624.06
Days on Market94
Property Features for 812 FLEMING ST
General Information
Standard status
Active
Size
665 SF
Class
A
Property subtype
Retail, Office, Mixed Use
Zoning
HRO - Historic Residential/Office
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1933
Stories
3
Tenancy
Single
Listing Agency:
RE/MAX All Keys Real Estate
(305) 296-1400
Listed By:
Curtis A. Skomp, CCIM · License #FL 263500131
Source:
Crexi
Added: May 26
Changed: Aug 23
Last Checked: Aug 26 at 5:21PM
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 All Keys Real Estate
Investment Insights
Based on property information with market context.
This boutique commercial, ground floor office condo is available for sale in Old Town at Seafoam Condominiums. As one of only two commercial units in the building, this 665 square foot office is move-in ready and suited for professionals seeking to own their office space. The property benefits from its location, offering convenient access to Old Town amenities by foot or bicycle. The exterior features large pane windows that provide natural light. Access from the sidewalk is provided by handmade mahogany French doors, with an additional interior side door for private access. The interior features 12-foot ceilings and a layout that includes a front seating area with a receptionist window, an administrator's office, and a private office in the rear. A half bath is ADA compliant. The unit has been renovated with Brazilian cherry wood floors, keystone flooring in the bathroom, upgraded electric and lighting, fresh paint, central AC, and a wireless security system. The Seafoam building includes a coded entrance, atrium hallways, and an in-ground concrete pool for condo owners and guests. The HOA fee includes insurances and reserves, liability, wind, and flood insurance. The building is up to date with SIRS and milestone inspections.
Key Highlights
- Turnkey, renovated 665 sq ft commercial condo perfect for professionals seeking ownership in Old Town.
- Prime Old Town location: walk or bike to everything.
- Unique features: mahogany French doors, 12' ceilings, Brazilian cherry wood floors, and ample natural light.
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
$12,539
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
3.02%
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%
$250,780
$250.8K
Cap Rate 7%
$179,129
$179.1K
Cap Rate 9%
$139,322
$139.3K
Market Conditions
NOI Build-Up for 665 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
$20.0K $30.00/SF
− Vacancy
−$3.2K −$4.86/SF
EGI
$16.7K $25.14/SF
− OpEx
−$4.2K −$6.29/SF
NOI
$12.5K $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%
$250,780
Cap Rate 7%
$179,129
Cap Rate 9%
$139,322
Alternative Uses
Best Use
Office B
$179.1K
$156.7K – $209.0K
NOI $12,539 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$267.5K
$234.1K – $312.1K
NOI $18,724 @ 7.0% cap · market cap 4.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,512
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 - Turnkey 665 SF commercial condo in Old Town.
Where is this office units located?
The property is located at 812 FLEMING ST Key West, FL.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Turnkey, renovated 665 sq ft commercial condo perfect for professionals seeking ownership in Old Town.; Prime Old Town location: walk or bike to everything.; Unique features: mahogany French doors, 12' ceilings, Brazilian cherry wood floors, and ample natural light.
