Ground-Floor Office
For Sale
$415,000
812 Fleming Street, Key West, FL 33040
COMMERCIAL - Key West, FL
Property Size665 SF
Price / SF$624.06
Days on Market490
Property Features for 812 Fleming Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HRO - Historic Residentia
Bedrooms
1
Bathrooms
1
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Appliances
No Appliances
Subdivision
Seafoam (2.0)
View
Water
Directions
800 Block of one way Fleming St.
Standard status
Active
APN
00008320-000104
Size
665 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
UNIT 2 SEAFOAM CONDOMINIUM A CONDO STORE OR1284-2063/65 OR1514-783/84 OR2348-1699/1700 OR2522-867C
Tax Annual Amount
2100
HOA Fee
$1,286 Monthly
Legal Description
UNIT 2 SEAFOAM CONDOMINIUM A CONDO STORE OR1284-2063/65 OR1514-783/84 OR2348-1699/1700 OR2522-867C
Utilities
Cooling system
Central Air
Amenities
coded entrance
atrium hallways
in-ground concrete pool
Building Details
Year built
1933
Floors in Building
1
Number of units
1
Flooring type
Wood
Building materials
Frame
Roof type
Other
Listing Agency:
RE/MAX Keys Connection (KW)
(305) 296-1400
Listed By:
Curtis A Skomp, CCIM · License #263500131
(305) 745-9088
Added: Apr 25, 2025
Changed: Aug 4
Last Checked: Aug 27 at 5:06PM
MLS# 614786
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.
Investment Insights
Based on property information with market context.
Boutique ground-floor office condo in Old Town at Seafoam Condominiums, with only one of two commercial units in the building. The 665 SF office has been totally renovated and is ready for a new owner-occupant, featuring exterior hand made mahogany French doors and an interior side door for private access.
Inside, the space offers 12' ceilings with a front seating area and receptionist window, an administrators office, and a private office in the rear. The half bath is ADA compliant. Renovations include new Brazilian cherry wood floors and keystone flooring in the bathroom, along with upgraded electric and lighting, fresh paint, central AC, and a wireless security system.
Seafoam provides a coded entrance, atrium hallways, and a large in-ground concrete pool exclusively for condo owners and guests. The building has never flooded and is in X flood zone, and it is up to date with SIRS and milestone inspections. The property is frame construction with year built 1933.
Inside, the space offers 12' ceilings with a front seating area and receptionist window, an administrators office, and a private office in the rear. The half bath is ADA compliant. Renovations include new Brazilian cherry wood floors and keystone flooring in the bathroom, along with upgraded electric and lighting, fresh paint, central AC, and a wireless security system.
Seafoam provides a coded entrance, atrium hallways, and a large in-ground concrete pool exclusively for condo owners and guests. The building has never flooded and is in X flood zone, and it is up to date with SIRS and milestone inspections. The property is frame construction with year built 1933.
Key Highlights
- 665 SF ground‑floor office condo at Seafoam Condominiums
- Only one of two commercial units in the building
- Hand made mahogany French doors plus interior side door for private access
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
Lease Details
1
Office units
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 - Renovated ground-floor office condo with central AC, ADA-compliant half bath, and coded access in Seafoam Condominiums.
Where is this office units located?
The property is located at 812 Fleming Street 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: 665 SF ground‑floor office condo at Seafoam Condominiums; Only one of two commercial units in the building; Hand made mahogany French doors plus interior side door for private access
