Fully Renovated Two-Story Medical
For Sale
$1,200,000
F-3140 Northside Dr, Key West, FL 33040
Two-story office building with renovated medical practice space, multiple units, and recent metal roofing and impact windows.
Property Size2,045 SF
Price / SF$586.80
Days on Market319
Property Features for F-3140 Northside Dr
General Information
Standard status
Active
Size
2,045 SF
Taxes and HOA fees
Annual Taxes
$4,739
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
(305) 294-5155
Listed By:
Team Gardner/Langley · License #KWA.2032
(305) 902-2447
Source:
Exprealty
Added: Oct 15, 2025
Changed: Aug 27
Last Checked: Aug 29 at 3:19PM
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 Berkshire Hathaway HomeServices Knight & Gardner Realty
Investment Insights
Based on property information with market context.
This fully renovated two-story office building includes an immaculate ground-floor medical practice with a bathroom and kitchenette. The second floor features a spacious office suite, a bathroom, and two additional units.
The property is located on Northside Drive in Key West and sits in a busy area surrounded by other professional services. Public remarks also note ample parking.
Recent updates include new metal roofing and impact-resistant windows and doors, designed to improve durability and reduce maintenance. The building is described as having net leasable area of 2,045 SF.
The property is located on Northside Drive in Key West and sits in a busy area surrounded by other professional services. Public remarks also note ample parking.
Recent updates include new metal roofing and impact-resistant windows and doors, designed to improve durability and reduce maintenance. The building is described as having net leasable area of 2,045 SF.
Key Highlights
- Fully renovated two‑story office building in Key West on Northside Drive
- Net leasable area of 2,045 SF with a medical practice on the ground floor
- Ground floor includes a bathroom and kitchenette; second floor includes an office suite, bathroom, and two additional units
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
$38,558
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
3.21%
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%
$771,160
$771.2K
Cap Rate 7%
$550,829
$550.8K
Cap Rate 9%
$428,422
$428.4K
Market Conditions
NOI Build-Up for 2,045 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
$61.4K $30.00/SF
− Vacancy
−$9.9K −$4.86/SF
EGI
$51.4K $25.14/SF
− OpEx
−$12.9K −$6.29/SF
NOI
$38.6K $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%
$771,160
Cap Rate 7%
$550,829
Cap Rate 9%
$428,422
Alternative Uses
Best Use
Office B
$550.8K
$482.0K – $642.6K
NOI $38,558 @ 7.0% cap · market cap 3.21%
Second Best
Healthcare Medical
$396.7K
$347.1K – $462.8K
NOI $27,767 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$822.6K
$719.8K – $959.7K
NOI $57,581 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,345
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 - Two-story office building with renovated medical practice space, multiple units, and recent metal roofing and impact windows.
Where is this office units located?
The property is located at F-3140 Northside Dr Key West, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Fully renovated two‑story office building in Key West on Northside Drive; Net leasable area of 2,045 SF with a medical practice on the ground floor; Ground floor includes a bathroom and kitchenette; second floor includes an office suite, bathroom, and two additional units
