Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    21865 Spain Blvd Cudjoe Key, FL 33042

    Sponsored
    For Sale
    $300,000

    Vacant Land - Cudjoe Key, FL

    Lot size:
    2.30 Acres
    Days on Market:
    7
    Last Refresh:
    Mar 4 at 2:06 pm

    Property Features for 21865 Spain Blvd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    SR - Sub Urban Residential District
    APN
    00115510-004500
    Lot size
    2.30 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Patti Nickless
    Patti Nickless

    Coldwell Banker Schmitt Lower Keys (KW) (305) 872-3050

    Listing agent Patti Nickless (305) 872-3050 License #531649

    Listing date Feb 26, 2026

    MLS# 618821 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

    Cudjoe Key Vacant Land

    This property consists of 2.3 acres of vacant land located in Cudjoe Key, Florida. The land, situated in Cudjoe Acres, features native vegetation and a natural pond that attracts wading birds. Existing structures include sheds, covered structures, cisterns, and a chicken coop. Parcel V fronts on a road and has two gates on the east side, while Parcel W is accessed from Spain Blvd; the two parcels are connected by a private drive. The property is zoned SR - Sub Urban Residential District. Prospective buyers are advised to conduct their own due diligence to determine future use. A survey is available in the Documents Tab. The property is also offered as a package with Parcel X, located at 21855 Spain Blvd, which includes a 3-bedroom, 2-bathroom pool home, for a total of 3.3 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Kitchen & Bath Showroom Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Cudjoe Key
    County
    Monroe
    State
    Florida
    Longitude
    -81.492086
    Latitude
    24.67923

    Nearby Similar for Sale

    • $300,000

      Cudjoe Key Buildable RV Lot

      Buildable RV lot in Venture Out community, near Key West.
      701 Spanish Main Dr, Cudjoe Key, FL 33042
      View Details
    • New
      $975,000

      Cudjoe Key Commercial Building

      Commercial building with business and residential income potential.
      22814 Overseas Hwy, Cudjoe Key, FL 33042
      View Details
    • $1,395,000
      1,250 SF

      Cudjoe Key Commercial Redevelopment Site

      High-yield, 3+ acre Overseas Hwy property.
      21423 Overseas Hwy, Cudjoe Key, FL 33042
      View Details

    FAQs

    What type of property is this?
    Land - 2.3 acres of land with native vegetation and structures.
    Where is this land located?
    The property is located at 21865 Spain Blvd Cudjoe Key, FL.
    What is the asking price?
    The asking price for this property is $300,000.
    What are key features of this property?
    This property features: - 2.3 acres of land in Cudjoe Acres; - Includes native vegetation and a natural pond; - Features sheds, covered structures, and a chicken coop
    (305) 304-6949
    Request Owner's contact information
    21865 Spain Blvd Cudjoe Key, FL 33042
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    21865 Spain Blvd
    Cudjoe Key, FL 33042
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    21865 Spain Blvd Cudjoe Key, FL 33042
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Patti Nickless
    Patti Nickless
    Real Estate License ID: 531649
    (305) 304-6949 (305) 872-3050
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!