Old Town Office Condo For
For Sale
$399,000
812 Fleming Street #2, Key West, FL 33040
Turnkey 665 SF commercial condo in Old Town.
Property Size665 SF
Price / SF$600
Days on Market147
Property Features for 812 Fleming Street #2
General Information
Standard status
Active
Size
665 SF
Zoning
HRO - Historic Residential/Office
Taxes and HOA fees
Annual Taxes
$2,100
Building Details
Building Size
665 SF
Year Built
1933
Buildings
1
Stories
1
Listing Agency:
RE/MAX All Keys Real Estate
Listed By:
Curtis A Skomp, CCIM · License #3350136
(305) 304-0084
Source:
Laerrealty
Added: May 27
Changed: Oct 19
Last Checked: Oct 19 at 3:51AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$12,539
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
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
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 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 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$267.5K
$234.1K – $312.1K
NOI $18,724 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Turnkey 665 SF commercial condo in Old Town.
Where is this office unit located?
The property is located at 812 Fleming Street #2 Key West, FL.
What is the asking price?
The asking price for this property is $399,000.
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.
