Turnkey Ground-Floor Office
For Sale
$415,000
812 Fleming Street #2, Key West, FL 33040
Renovated, ground-floor office condo with natural light, private access, and ADA-compliant half bath.
Property Size665 SF
Price / SF$624.06
Days on Market52
Property Features for 812 Fleming Street #2
General Information
Standard status
Active
Size
665 SF
Zoning
HRO - Historic Residential/Office
Additional Details
Clear Height
12 ft
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 Keys Connection (KW)
(305) 304-0084
Listed By:
Curtis A Skomp, CCIM · License #263500131
(305) 304-0084
Source:
Laerrealty
Added: Jul 7
Changed: Aug 8
Last Checked: Aug 26 at 5:48AM
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 Keys Connection (KW)
Investment Insights
Based on property information with market context.
This boutique ground-floor office condo is located at Seafoam Condominiums and is offered turnkey. The unit is one of two commercial spaces in the building and totals 665 square feet of renovated interior space. Large pane windows provide natural light, and entry is through hand-made mahogany French doors from the sidewalk, with an additional interior side door that allows private access. Inside, the office features 12-foot ceilings and a practical layout with a front seating area and reception window, an administrator office, and a private office in the rear. The unit includes an ADA-compliant half bath and updates throughout, including new Brazilian cherry wood floors and keystone flooring in the bathroom, upgraded electrical and lighting, fresh paint, central A/C, and a wireless security system.
The Seafoam building is designed for condo owners and guests, with a coded entrance and atrium-style hallways. Amenities include a large in-ground concrete pool reserved for condo owners and guests. The building is described as being up to date with SIRS and milestone inspections and noted as never having flooded, with the property referenced as in X flood zone.
For professionals seeking a small office to own, this move-in-ready condo offers a compact, privacy-minded setup with dedicated spaces for reception and individual work. Building access is controlled, and in-building features such as coded entry and private unit access support a secure day-to-day work environment.
The Seafoam building is designed for condo owners and guests, with a coded entrance and atrium-style hallways. Amenities include a large in-ground concrete pool reserved for condo owners and guests. The building is described as being up to date with SIRS and milestone inspections and noted as never having flooded, with the property referenced as in X flood zone.
For professionals seeking a small office to own, this move-in-ready condo offers a compact, privacy-minded setup with dedicated spaces for reception and individual work. Building access is controlled, and in-building features such as coded entry and private unit access support a secure day-to-day work environment.
Key Highlights
- Renovated 665 SF ground‑floor office condo in Seafoam Condominiums, built in 1933
- 12' ceilings plus large pane windows for natural light
- Private access includes interior side door; entry off the sidewalk with hand‑made mahogany French doors
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
12 ft
Clear height
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 natural light, private access, and ADA-compliant half bath.
Where is this office units 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 $415,000.
What are key features of this property?
This property features: Renovated 665 SF ground‑floor office condo in Seafoam Condominiums, built in 1933; 12' ceilings plus large pane windows for natural light; Private access includes interior side door; entry off the sidewalk with hand‑made mahogany French doors
