Three-Unit Multifamily
For Sale
$1,295,000
Pending
81160 Old Highway Upper Matecumbe Key, Islamorada, FL 33036
MULTI_FAMILY - Upper Matecumbe Key Islamorada, FL
Property Size2,684 SF
Lot Size0.18 Acres
Days on Market46
Property Features for 81160 Old Highway Upper Matecumbe Key
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SC - Sub Urban Commercial
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 6, Bedroom 4, Bathroom 1, Bedroom 5
Pets allowed
Yes
Appliances
Washer, Refrigerator, Range
Subdivision
Misc Upper Matacumbe (82.0)
View
Water
Standard status
Pending
APN
00095680-000000
Size
2,684 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
32 63 37 ISLAND OF UPPER MATECUMBE PB1-41 PT LOT 4 (PB2-114) G22-414 G51-151 OR711-651 OR745-258 OR754-1375 OR764-702 OR
Tax Annual Amount
10175
Legal Description
32 63 37 ISLAND OF UPPER MATECUMBE PB1-41 PT LOT 4 (PB2-114) G22-414 G51-151 OR711-651 OR745-258 OR754-1375 OR764-702 OR
Utilities
Utilities
Cable Available
Heating system
Central
Cooling system
Ductless, Central Air
Building Details
Year built
1958
Floors in Building
2
Flooring type
Tile, Combo
Building materials
CBS, Frame, Combo Construction
Roof type
Metal
Listing Agency:
Cypress Realty, Inc.
(239) 275-3321
Listed By:
Shane Murray Wilson · License #585039
(239) 851-3861
Added: Jun 30
Changed: Aug 8
Last Checked: Aug 14 at 5:06AM
MLS# 620458
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.
Investment Insights
Based on property information with market context.
This three-unit multifamily property consists of a triplex with three separate units. The total layout provides 6 bedrooms and 3 baths across the units, with two of the units noted as remodeled.
The property is located in downtown Islamorada, with the listing noting walking proximity to shopping, boutiques, bars, and restaurants, as well as World Wide Sportsman/Bass Pro Shops and Florida Keys Brewery. The public remarks also indicate easy local access for street-legal golf carts.
Utilities are configured with two separate electric meters and one water meter. The property is currently fully rented on annual leases, providing in-place residential income.
The property is located in downtown Islamorada, with the listing noting walking proximity to shopping, boutiques, bars, and restaurants, as well as World Wide Sportsman/Bass Pro Shops and Florida Keys Brewery. The public remarks also indicate easy local access for street-legal golf carts.
Utilities are configured with two separate electric meters and one water meter. The property is currently fully rented on annual leases, providing in-place residential income.
Key Highlights
- 3‑plex in the heart of downtown Islamorada, currently fully rented on annual leases
- Total of 6 bedrooms and 3 baths across three separate units
- Two units are remodeled
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,963
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$899,260
$899.3K
Cap Rate 7%
$642,329
$642.3K
Cap Rate 9%
$499,589
$499.6K
Market Conditions
NOI Build-Up for 2,684 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.6K $25.56/SF
− Vacancy
−$4.4K −$1.63/SF
EGI
$64.2K $23.93/SF
− OpEx
−$19.3K −$7.18/SF
NOI
$45.0K $16.75/SF
Area
Monroe County, FL
Vacancy
6.37%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$899,260
Cap Rate 7%
$642,329
Cap Rate 9%
$499,589
Alternative Uses
Best Use
Multifamily LT 5
$642.3K
$562.0K – $749.4K
NOI $44,963 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$595.0K
$520.6K – $694.2K
NOI $41,649 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$1.08M
$944.7K – $1.26M
NOI $75,573 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
58
Businesses Nearby
Explore this area
Business Placement
Demographics for 33036, FL
3,541
Population
3,651
Households
1
Avg Household Size
56
Median Age
40%
College-Educated
97%
High-School Grad
5.8 sq mi
ZIP Area
611
Density / Sq Mi
$88,214
Median Household Income
$46,735
Median Earnings
$1,846
Median Rent
$995,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex with three separate units, including two remodeled units, and separate electric meters with one shared water meter.
Where is this triplex located?
The property is located at 81160 Old Highway Upper Matecumbe Key Islamorada, FL.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 3‑plex in the heart of downtown Islamorada, currently fully rented on annual leases; Total of 6 bedrooms and 3 baths across three separate units; Two units are remodeled
