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    2710 Roosevelt Blvd Key West, FL 33040

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Burger Den / Restaurant
    • The Meltdown / Delivery Restaurant
    • Denny's / Breakfast Restaurant / Diner

    Property Details for 2710 Roosevelt Blvd

    Property type
    Commercial real estate

    Description

    This exceptional 6,000-square-foot restaurant and bar space is available for lease in Key West, Florida. Located at 2710 N Roosevelt Blvd, in the Overseas Market, this Class A property boasts a highly visible endcap location within a thriving retail center. The property features a 20-year lease with approximately 14 years remaining, commencing February 2017. The asking price is $799,000. The space includes all furniture, fixtures, and equipment (FF&E), is licensed for over 200 seats, and includes an SRX/COP liquor license and a large full-service bar. Enjoy both comfortable indoor air-conditioned dining and outdoor patio seating. Ample parking is available for patrons. The property is zoned CG - General Commercial, allowing for a variety of retail uses beyond restaurant and bar operations. The Overseas Market recently underwent significant improvements, and current tenants include Winn Dixie, Ross, CVS, Five Guys, Domino's, Advanced Auto, US Post Office, and Jersey Mike's. Landlord approval is required for any lease assignment. The current Denny's franchise is optional, subject to Denny's application and approval. This presents a unique opportunity for a national restaurant chain or other high-volume retail business seeking a prime location in a bustling Key West commercial center. The base rent is $16,131.36.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.7729
    Latitude
    24.5649

    Comparable in this City

    • Value Estimation by Request
      2,684 SF

      928 Truman Ave 101 Ky

      Individual retail properties • 2,684 SF
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    • Value Estimation by Request

      2950 Overseas Hwy

      Land
      2950 Overseas Hwy, Key West, FL 33040
      View Details
    • Value Estimation by Request
      167,411 SF

      2814 Roosevelt Blvd

      COMMERCIAL (GENERAL) • 167,411 SF
      2814 Roosevelt Blvd, Key West, FL 33040-4066
      View Details
    • Value Estimation
      $270,000
      0.17 Acres

      307 Overseas Hwy

      COMMERCIAL (GENERAL) • 0.17 Acres
      307 Overseas Hwy, Key West, FL 33040
      View Details
    • Value Estimation
      $380,000
      5,009 SF

      1211 Overseas Hwy

      COMMERCIAL (GENERAL) • 5,009 SF
      1211 Overseas Hwy, Key West, FL 33040-5646
      View Details
    • Value Estimation
      $310,000
      0.27 Acres

      Key

      COMMERCIAL (GENERAL) • 0.27 Acres
      Key, West, FL 33040
      View Details

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    2710 Roosevelt Blvd
    Key West, FL 33040
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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