Two-Story Office Building with
For Sale
$899,000
L-3152 Northside Dr, Key West, FL 33040
Well-maintained two-story CBS office building with four privately rented suites, private half baths, and included parking.
Property Size2,045 SF
Price / SF$439.61
Days on Market318
Property Features for L-3152 Northside Dr
General Information
Standard status
Active
Size
2,045 SF
Additional Details
Cap Rate
6.8%
Office Units
4
Taxes and HOA fees
Annual Taxes
$4,726
Building Details
Year Renovated
2019
Stories
2
Construction
CBS
Tenancy
Multi
Listing Agency:
Vested Palm Real Estate and Home Services
Listed By:
Bernice Schafer · License #3442282
(305) 509-0469
Source:
Exprealty
Added: Oct 23, 2025
Changed: Aug 31
Last Checked: Sep 4 at 12:39PM
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 Vested Palm Real Estate and Home Services
Investment Insights
Based on property information with market context.
This well-maintained two-story CBS office building includes four tenant-occupied office suites, each with a private half bath and approximately 364 square feet per suite. The first-floor suites are individually metered and each includes separate HVAC, while the upstairs suites share electricity and central AC. Renovations completed in 2019 include luxury commercial vinyl flooring, upgraded bathrooms, and a kitchenette addition in one of the second-floor suites.
Recent building improvements include impact-resistant windows, Hardie board siding, and a new roof. The property includes parking and is positioned in the professional hub of Offices at Northside, with convenient central access and visibility.
For governance, the HOA is $1,626 per month and covers exterior insurance and maintenance. Seller-provided leasing details indicate two long-term leases, one downstairs unit is month-to-month, and one upstairs suite is scheduled to be available for rent on 6/1/2025 with the tenant leaving earlier for a qualified replacement. Please contact the listing agent for P&L reports and further lease information.
Recent building improvements include impact-resistant windows, Hardie board siding, and a new roof. The property includes parking and is positioned in the professional hub of Offices at Northside, with convenient central access and visibility.
For governance, the HOA is $1,626 per month and covers exterior insurance and maintenance. Seller-provided leasing details indicate two long-term leases, one downstairs unit is month-to-month, and one upstairs suite is scheduled to be available for rent on 6/1/2025 with the tenant leaving earlier for a qualified replacement. Please contact the listing agent for P&L reports and further lease information.
Key Highlights
- Two‑story CBS office building with 4 tenant‑occupied office suites, each with a private half bath.
- Total net leasable area of 2,045 sq. ft.; each suite is about 364 sq. ft.
- First‑floor suites have individual meters and separate HVAC systems; upstairs suites share electricity and central AC.
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
4.29%
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 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$822.6K
$719.8K – $959.7K
NOI $57,581 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
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 - Well-maintained two-story CBS office building with four privately rented suites, private half baths, and included parking.
Where is this office units located?
The property is located at L-3152 Northside Dr Key West, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Two‑story CBS office building with 4 tenant‑occupied office suites, each with a private half bath.; Total net leasable area of 2,045 sq. ft.; each suite is about 364 sq. ft.; First‑floor suites have individual meters and separate HVAC systems; upstairs suites share electricity and central AC.
