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

    338 Sound Drive Key Largo, FL 33037

    View on Map
    Claim this Listing
    For Sale
    $275,000

    Vacant Land - Key Largo, FL

    Added:
    Apr 3, 2026
    Days on Market:
    16
    Last Refresh:
    Apr 18 at 6:06 pm

    Property Features for 338 Sound Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    ISM - Improved Sub Masonry
    Standard status
    Active
    APN
    00468400000000

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1367.61

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jaclyn Kelley, Broker

    Listing agent Jaclyn Kelley, Broker License #3157271

    Listing office Better Homes and Gardens Real Estate Destinations 99353 Overseas Hwy. Suite 9, Key Largo, FL

    Listing date Apr 3, 2026

    MLS# 618747 Listing URL

    Copyright © 2026 Florida Keys Board 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.

    Overview

    Cleared Land in Key Largo

    This cleared lot is located in a prime location and backs up to Florida State-owned land. It is situated in the South Creek Village subdivision, which offers a homeowners park with 72-hour dockage and a boat ramp for a low annual fee. The property is in ROGO with 38 points. Building plans are available for a 3-story masonry home complete with a cargo lift, solar panels, and ocean views from the 3rd floor. These approved building plans can be obtained from the listing agents, or they can be revised to suit individual preferences prior to building. A water meter is already installed, representing a $7,000 value. An environmental easement is in place.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Key Largo
    County
    Monroe
    State
    Florida
    Longitude
    -80.404895
    Latitude
    25.129859

    Nearby Similar for Sale

    • $14,800,000

      Key Largo Inn Investment Opportunity

      Turnkey inn with restaurant, bar, and development potential.
      99202 Overseas Highway, Key Largo, FL 33037
      View Details
    • $2,995,000

      Prime US-1 Mixed-Use Opportunity

      Mixed-use commercial building with highway frontage in Tavernier!
      92295 Old State Road, Key Largo, FL 33070
      View Details
    • $300,000

      Key Largo Vacant RV Lot

      Vacant RV lot in Key Largo Kampground & Marina.
      101551 Overseas Highway, Key Largo, FL 33037
      View Details
    • $750,000
      2,197 SF

      Key Largo Multifamily Investment Opportunity

      Multifamily property with vacant lot near Tavernier park.
      185 Dove Lake Drive, Key Largo, FL 33070
      View Details
    • $3,000

      Highway Frontage Commercial Building

      Commercial building with highway frontage and upstairs space for lease.
      106600 Overseas Highway, Key Largo, FL 33037
      View Details
    • $4,900,000

      Iconic Waterfront Restaurant and Bar

      Legendary waterfront restaurant/bar with long-term lease in Key Largo, FL.
      58000 Card Sound Road, Key Largo, FL 33037
      View Details
    • $9,500,000

      Oceanfront Estates with Development Potential

      Oceanfront estates with vacation rental income and development opportunities.
      95351 Overseas Highway, Key Largo, FL 33037
      View Details
    • $2,199,000

      Key Largo Restaurant with Drive-Through

      Profitable franchise with real estate and drive-through in Key Largo.
      92661 Overseas Highway, Key Largo, FL 33037
      View Details
    • $799,000
      1,496 SF

      Updated Duplex Near Harry Harris

      Legal duplex near oceanfront park, updated with modern amenities.
      102 Harry Harris Drive, Key Largo, FL 33070
      View Details
    • $2,345,000
      1,716 SF

      Oceanfront Multifamily with Rental Potential

      Oceanfront multifamily property with deepwater dockage and nightly rental approval.
      127 Seaside Avenue, Key Largo, FL 33037
      View Details
    • $2,965,000

      Key Largo Retail Investment Opportunity

      2,400 SF building with adjacent lot in Key Largo.
      102970 Overseas Highway, Key Largo, FL 33037
      View Details
    • $5,457

      Key Largo Commercial Space Available

      5,457 sqft commercial space in Key Largo for lease.
      99451 Overseas Highway, Key Largo, FL 33037
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Cleared lot with water meter in South Creek Village.
    Where is this residential land & home lot located?
    The property is located at 338 Sound Drive Key Largo, FL.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Cleared lot in ROGO with 38 points, ready for building; Backs up to Florida State owned land, offering privacy; Access to South Creek Village homeowners park with 72‑hour dockage and boat ramp
    (305) 923-1042
    We can help!
    Listing Contact
    Jaclyn Kelley, Broker
    Real Estate License ID: 3157271
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!