Updated Medical Office
For Sale
$999,000
1200+1202 White Street, Key West, FL 33040
Commercial Sale, Key West, FL
Property Size2,061 SF
Price / SF$484.72
Days on Market52
Property Features for 1200+1202 White Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HNC(1-3) - Hist Nghborhd
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Parking features
Off Street, Assigned
Appliances
No Appliances
Subdivision
Gwynn Sub (1.0)
View
Water
Directions
Corner of White St. & Catherine St.
Standard status
Active
APN
00033011-000101
Size
2,061 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
See county records 1200+1202 White St
Tax Annual Amount
8983
HOA Fee
$1,083 Monthly
Legal Description
See county records 1200+1202 White St
Utilities
Cooling system
Central Air
Building Details
Year built
1989
Floors in Building
1
Number of units
2
Flooring type
Tile, Concrete
Building materials
CBS, Stucco, Combo Construction
Roof type
Other
Listing Agency:
Truman & Co. (KW)
(305) 292-2244
Listed By:
The Spottswood Team
(305) 432-4848
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 22 at 3:06PM
MLS# 620494
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.
This medical office property consists of two combined first-floor commercial condominium units totaling 2,061 square feet. The space was extensively updated and renovated, with hurricane-rated impact windows and doors, tile and concrete flooring, and central air conditioning. Built in 1989, the improvements use CBS and stucco construction and include a bathroom.
Located at 1200+1202 White Street in Key West, the property is within an X Flood Zone. Two assigned parking spaces convey with the units, providing one space for each unit. A tenant is currently in place, and the property is offered with condominium documentation and a survey available for review.
Located at 1200+1202 White Street in Key West, the property is within an X Flood Zone. Two assigned parking spaces convey with the units, providing one space for each unit. A tenant is currently in place, and the property is offered with condominium documentation and a survey available for review.
Key Highlights
- Two combined first‑floor medical office units totaling 2,061 square feet
- Extensively updated and renovated commercial condominium space
- Hurricane‑rated impact windows and 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
$38,860
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
3.89%
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%
$777,200
$777.2K
Cap Rate 7%
$555,143
$555.1K
Cap Rate 9%
$431,778
$431.8K
Market Conditions
NOI Build-Up for 2,061 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
$61.8K $30.00/SF
− Vacancy
−$10.0K −$4.86/SF
EGI
$51.8K $25.14/SF
− OpEx
−$13.0K −$6.29/SF
NOI
$38.9K $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%
$777,200
Cap Rate 7%
$555,143
Cap Rate 9%
$431,778
Alternative Uses
Best Use
Office B
$555.1K
$485.8K – $647.7K
NOI $38,860 @ 7.0% cap · market cap 3.89%
Second Best
Healthcare Medical
$399.8K
$349.8K – $466.4K
NOI $27,984 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$829.0K
$725.4K – $967.2K
NOI $58,031 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
2,345
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two connected first-floor commercial units feature renovated interiors, impact-rated openings, and assigned off-street parking.
Where is this medical office space located?
The property is located at 1200+1202 White Street Key West, FL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two combined first‑floor medical office units totaling 2,061 square feet; Extensively updated and renovated commercial condominium space; Hurricane‑rated impact windows and doors
