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Property profile & analytics
OFF-MARKET
Estimated value
$1,610,000
Industrial properties
1900 Flagler Ave Key West, FL 33040-3640
Entity Owned
4-yr Hold
Property ID
US18-3813340
Property summary
AI-generated overview
This exceptional Key West investment opportunity presents a thriving Irish bar and restaurant, complete with a substantial building, ideally situated at the corner of Bertha, First, and Flagler Streets. Boasting 7,000 square feet of net rentable space within a 5,061-7,000 square foot building constructed in 1958, this Class A property sits on a 0.33-acre lot and offers 24 dedicated parking spaces – a significant advantage in this high-traffic area. Currently operating at 100% occupancy, the business includes 150 licensed seats, qualifying for an SRX Liquor License and an Entertainment License. The property's zoning is CL-Limited Commercial. Adding to its appeal is a unique live-work component: a second-floor, four-bedroom residential apartment with an additional office space. This turnkey operation is a short walk from the beach and benefits from municipal city water and sewer services. The asking price is $2,999,999, and the property is available for a 1031 exchange. This is a rare chance to acquire a well-established business with significant upside potential in a highly desirable Key West location. The property consists of two units and is privately owned.
Property profile
Verified
Property type
Industrial properties
Use group
MIXED USE (COMMERCIAL/INDUSTRIAL)
Year built
1958
Total area
5,061 SF
Lot
0.33 ac (14,308 SF)
APN
00063470-000000
UPID
US18-3813340
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Sally O'Brien's Irish Pub Bar & Pub Nightclub
-
Brady's Pub Key West Bar & Pub Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.59M
CAP Approach
CAP
$1.08M
Comparable Approach
Comparable
$1.52M
Blend (final)
Blend
$1.61M
Owner & transaction history
Erne Buildings INC · 4 yrs held
Erne Buildings INC
since 2022
Last sale
$1.7M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$2.6M
+3.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Key West submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Key West submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
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T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,545,000
ML approach
$1,590,000
CAP Approach
CAP Return
Estimation
6%
$1,165,000
6.5%
$1,075,000
7%
$1,000,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,465,000
Current use
OFFICE BUILDING
$2,555,000
Change: +4% · Conversion: Easy
Blend value · Realmo final
$1.61M
Range $1.45M – $1.77M · ±10% · vs last sale $1.70M (Feb 8 2022)
Last sale anchor
$1.70M
Feb 8 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$318 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$13,222
Tax year 2023
Assessed value
$1,398,640
Assessed 2023
Previous assessed
$863,351
+62.0% YoY
Effective rate
0.95%
On assessed value
Assessed land
$746,773
Assessed improvement
$651,867
Land market value
$746,773
Improvement market value
$651,867
Total market value
$1,398,640
Applied tax rate
10.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
MIXED USE (COMMERCIAL/INDUSTRIAL)
Status
Off-Market
Year built
1958
Heating
FORCED AIR
Cooling
YES
Buildings
2
Stories
2
Units
1
Bathrooms
3
Total area
5,061 SF
Lot
0.33 ac (14,308 SF)
APN
00063470-000000
UPID
US18-3813340
Jurisdiction
MONROE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.5M
OFFICE BUILDING
Est. value
$2.6M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1958
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
2
Units
1
Bathrooms
3
Lot
0.33 ac
Current owner
From public records · entity-resolved
Erne Buildings INC
Entity
Mailing address
1900 FLAGLER AVE, KEY WEST, FL 33040-3640
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 8, 2022
$1,700,000
Erne Buildings INC
Geary Management Company INC
Warranty Deed
$1,190,000 · Gulf Atlantic Bank
Aug 13, 2015
$1,000,000
Geary Management Co INC
Dion Rental Properties LLC
Warranty Deed
$741,000 · Branch Bk&tr
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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