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    Property profile & analytics

    823 Fleming St Key West, FL 33040

    • Hotels
    • 4,166 SF
    • 0.63 lot acres
    For Sale
    View listing
    $19,550,000
    Value Estimations
    Cap Rate Potential
    3.8%
    Hotels
    Location Intelligence
    Property ID
    US18-2769406
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Hotels

    Property Details for 823 Fleming St

    Year built
    1930
    Lot size
    0.63 lot acres
    Property size
    4,166 SF
    Property type
    Hotels
    Property subtype
    Motels
    APN
    00005700-000000
    APU
    5700000000

    Description

    This exceptional 35-key boutique hotel, situated on a 0.57-acre lot at 823 Fleming St, Key West, FL 33040, presents a compelling investment opportunity. Originally constructed in 1892, this Old Town gem is ideally located adjacent to historic Fleming Street, known for its vibrant boutiques, galleries, and restaurants. Currently operating at an 88% occupancy rate (as of June 30, 2024), the property boasts a Net Operating Income (NOI) of $711,377 and a current cap rate of 3.36%. However, a pro-forma analysis projects a significantly higher NOI of $1,206,523 and a 5.70% cap rate, reflecting the substantial upside potential inherent in repositioning the property. The existing business model caters to group travelers seeking affordable lodging. A strategic renovation and shift towards a luxury boutique hotel model, coupled with leveraging the existing liquor license to implement a food and beverage program, can dramatically increase revenue per available room (RevPAR). The hotel's expansive layout and amenities offer a unique opportunity to create a truly exceptional guest experience. The property's prime location offers easy access to Duval Street, the Florida Keys National Marine Sanctuary, Fort Zachary Taylor Historic State Park, Key West International Airport, and Naval Air Station Key West. The asking price for this remarkable property is $21,150,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.7988
    Latitude
    24.5589
    CBSA code
    28580
    CBSA name
    KEY WEST-MARATHON, FL MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $62,490
    $8,827,056
    $2,262,607
    $11,089,663
    -
    $8,827,056
    $2,262,607
    $11,089,663

    Comparable in this City

    • Value Estimation
      $245,000
      0.44 Acres

      617 Frnt St

      HOTEL/MOTEL • 0.44 Acres
      617 Frnt St, Key West, FL 33040-6620
      View Details
    • Value Estimation
      $185,000
      860 SF

      5950 Peninsular Ave

      HOTEL/MOTEL • 860 SF
      5950 Peninsular Ave, Key West, FL 33040-6012
      View Details
    • Value Estimation
      $430,000
      8,690 SF

      2440 Roosevelt Blvd

      HOTEL/MOTEL • 8,690 SF
      2440 Roosevelt Blvd, Key West, FL 33040
      View Details
    • Value Estimation
      $1,755,000
      81,541 SF

      3444 Roosevelt Blvd

      HOTEL/MOTEL • 81,541 SF
      3444 Roosevelt Blvd, Key West, FL 33040-4224
      View Details
    • Value Estimation
      $215,000
      4,364 SF

      819 Simonton St

      HOTEL/MOTEL • 4,364 SF
      819 Simonton St, Key West, FL 33040-7445
      View Details
    • Value Estimation
      $480,000
      10,754 SF

      501 Southard St

      HOTEL/MOTEL • 10,754 SF
      501 Southard St, Key West, FL 33040-6835
      View Details

    Similar Nearby for Sale

    • $19,550,000

      Key West Hotel/Motel Opportunity

      Hotel/Motel located in Old Town Key West, Florida.
      823 Fleming St, Key West, FL 33040
      View Details
    • $20,350,000

      Historic Key West Inn For Sale

      38-room boutique hotel with historic charm and modern amenities.
      521 United St, Key West, FL 33040
      View Details
    • $4,750,000
      3,788 SF

      Waterfront Multi-Family Investment Opportunity

      Historic Key West property with multi-family units and commercial zoning.
      901 Eisenhower Dr, Key West, FL 33040
      View Details
    • $11,500,000

      Boutique Guesthouse in Old Town

      Historic Key West guesthouse with 15 deluxe rooms.
      412 Frances St, Key West, FL 33040
      View Details
    • $4,750,000

      Waterfront Property with Multifamily Units

      Historic Key West waterfront property with multifamily and commercial potential.
      901 Eisenhower Dr, Key West, FL 33040
      View Details
    • $1,800,000
      5,484 SF

      Key West Warehouse Investment Opportunity

      5,484 SF Warehouse, Vacant, Mixed-Use Zoning
      5511 5Th Ave, Key West, FL 33040
      View Details

    Similar Nearby for Lease

    • $170 SF/Yr
      4,103 SF

      Duval Street Retail Opportunity

      Prime Key West Retail Space Available
      121 Duval St, Key West, FL 33040
      View Details
    • $30 SF/Yr
      32,796 SF

      Rockland Key Distribution Center

      Modern Flex Warehouse Space Available
      117 Overseas Hwy, Key West, FL 33040
      View Details
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    823 Fleming St
    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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