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    Waterfront Land: Commercial, Recreation Potential Title is generated by Realmo AI

    7000 5th Street, Key West, FL 33040

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    For Sale
    $9,499,000

    COMMERCIAL - Key West, FL

    Lot size:
    77.46 Acres
    Added:
    Feb 22, 2024
    Days on Market:
    834
    Last Refresh:
    Jun 5 at 11:06 pm

    Property Features for 7000 5th Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    MU
    Vegetation
    Brush
    Standard status
    Active
    APN
    00123900000000
    Lot size
    77.46 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    35 67 25 BAY BOTTOM ADJ TO COW KEY OR429-44 OR470-742 OR566-922 OR785-676 OR2340-42 OR2948-1991
    Tax Annual Amount
    53

    Utilities

    Utilities
    Water Available
    Water source
    Public
    Water front
    1

    We can help!

    Listing Contact
    Marc Ulanowski
    Marc Ulanowski

    Listing agent Marc Ulanowski License #3251327

    Listing office Equestrian Sotheby's International Realty Inc. 12180 S Shore Blvd Ste 102, Wellington, FL

    Listing date Feb 22, 2024

    MLS# R10963178 Listing URL

    Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two expansive waterfront parcels totaling 47.03 acres offering diverse development opportunities.
    • Northern parcel features approximately 1,400 ft of pristine shoreline suitable for waterfront activities.
    • Mixed‑Use zoning on the Northern parcel allows for commercial retail, restaurants, marinas, commercial fishing docks, and recreational uses.
    • Southern parcel ideal for an equestrian estate, event venue, or therapeutic retreat with beach areas.
    • Easy access to the island via a 1/2 mile land bridge.
    • Proximity to a mega yacht marina and upscale hotels.

    Overview

    These two waterfront parcels offer an opportunity for the Florida Keys lifestyle. The plots provide views of the water and present a canvas for waterfront ventures. The northern parcel features approximately 1,400 feet of shoreline, suitable for activities like swimming, fishing, kayaking, and paddleboarding, with deep water on one side and shallow bay bottom on the other. It spans 2.03 acres of mixed-use upland and a total of 45 acres, including bay bottom. Potential uses on the northern parcel include commercial retail, restaurant uses, a floating restaurant, a small marina, and commercial recreation uses such as an amusement or sea life park. With mixed-use zoning, commercial fishing docks are permitted. The offshore island along the channel offers campsites. The southern parcel consists of 50 acres of mangrove forest, beach berms, hammocks, and trails with approximately 6 acres of upland. This property could host large events like concerts, weddings, farm-to-table or wine tastings, or therapeutic programs or retreats. It features beach areas and access to the mainland via a 1/2-mile land bridge. The property is located next to a mega yacht marina and close to two hotels. The combined lot size is 77.46 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Island Farm Food Processing Plant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.742979
    Latitude
    24.562484

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    FAQs

    What type of property is this?
    Waterfront Land - Two waterfront parcels with mixed-use zoning, offering commercial and recreational opportunities.
    Where is this waterfront land located?
    The property is located at 7000 5th Street Key West, FL.
    What is the asking price?
    The asking price for this property is $9,499,000.
    What are key features of this property?
    This property features: Two expansive waterfront parcels totaling 47.03 acres offering diverse development opportunities.; Northern parcel features approximately 1,400 ft of pristine shoreline suitable for waterfront activities.; Mixed‑Use zoning on the Northern parcel allows for commercial retail, restaurants, marinas, commercial fishing docks, and recreational uses.
    (815) 861-3559
    We can help!
    Listing Contact
    Marc Ulanowski
    Marc Ulanowski
    Real Estate License ID: 3251327
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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.

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