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    The Largest CRE Database in the US with Over 1 Million Listings

    21423 Overseas Hwy Summerland Key, FL 33042

    Sponsored
    For Sale
    $1,399,000

    Office Buildings,Retail,Professional Service,Boat Sales/Service,Shop/Strip Center

    Property size:
    1,250 SF
    Lot size:
    0.87 Acres
    Days on Market:
    7
    Last Refresh:
    Feb 5 at 12:06 pm

    Property Features for 21423 Overseas Hwy

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    SC - Sub Urban Commercial District
    Rooms
    Bathroom 1
    Bathrooms
    1
    APN
    00175330-000000
    Parking features
    Guest
    Appliances
    None
    Size
    1,250 SF
    Lot size
    0.87 Acres

    Utilities

    Water front features
    Waterfront
    Water front
    1

    Building Details

    Year built
    1980
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Other
    Architectural style
    Other

    We can help!

    Listing Contact
    Curtis A Skomp, CCIM

    Internet Realty/Florida Keys Inc (KW) (305) 745-9088

    Listing agent Curtis A Skomp, CCIM (305) 296-1400 License #586474

    Listing date Jan 30, 2026

    MLS# 618275 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Overseas Highway Commercial Real Estate

    This commercial real estate is located in the Lower Keys and offers excellent visibility and easy access from Overseas Highway. Situated on a corner location at Mile Marker 21 and Blimp Rd, the property comprises a total of three parcels, including submerged bay bottom, totaling over 3 acres. The useable uplands portion accounts for approximately 37,748 square feet, or 0.87 acres, with about 200 feet of highway frontage and a depth of 190 feet. The waterfront property offers limited shallow water access suitable for kayaks and canoes. An existing 1,250 square foot CBS building is on-site, which may be enlarged or demolished for redevelopment. The property benefits from favorable SC- Suburban Commercial Zoning, allowing for various commercial uses. Potential uses include a local contractor's office, a retail convenience store, or marine/boat/trailer/RV and auto storage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    T Ryan Contracting ... Roofing Company

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Big Box & Wholesale Store Hair Salon Nail Salon Gym & Fitness Center Hotel & Motel Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Summerland Key
    County
    Monroe
    State
    Florida
    Longitude
    -81.499026
    Latitude
    24.667861

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    FAQs

    What type of property is this?
    Specialty property - Prime commercial real estate with excellent visibility and easy highway access.
    Where is this specialty property located?
    The property is located at 21423 Overseas Hwy Summerland Key, FL.
    What is the asking price?
    The asking price for this property is $1,399,000.
    What are key features of this property?
    This property features: - Prime Lower Keys commercial real estate with excellent visibility and easy access from Overseas Highway.; - Favorable SC- Suburban Commercial Zoning allows for many commercial uses.; - Corner location at MM 21 and Blimp Rd with high traffic.
    (305) 296-1400
    Request Owner's contact information
    21423 Overseas Hwy Summerland Key, FL 33042
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    Summerland Key, FL 33042
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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
    21423 Overseas Hwy Summerland Key, FL 33042
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    We can help!
    Listing Contact
    Curtis A Skomp, CCIM
    Real Estate License ID: 586474
    (305) 296-1400
    Learn more
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