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

    87847 Overseas Hwy Plantation Key, FL 33036

    Sponsored
    For Sale
    $1,899,000

    Professional Service - Plantation Key, FL

    Days on Market:
    260
    Last Refresh:
    Feb 5 at 3:06 pm

    Property Features for 87847 Overseas Hwy

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    HC - Highway Commercial
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2
    Bedrooms
    2
    Bathrooms
    3
    APN
    00413100-000000
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Range, Refrigerator, Washer

    Utilities

    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    2015
    Floors in Building
    2
    Flooring type
    Carpet, Marble, Tile
    Building materials
    Concrete, Stucco
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Team Gardner/Langley

    Berkshire Hathaway Keys Real Estate | Knight & Gardner Realty (305) 294-5155

    Listing agent Team Gardner/Langley (305) 294-5155 License #BK612006

    Listing date May 22, 2025

    MLS# 613581 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

    Islamorada Mixed-Use Commercial Property

    This mixed-use property, constructed in 2015, is located in Islamorada and offers frontage on US-1. The 3,000 square foot building features 1,500 square feet of commercial space on the ground floor. The commercial space includes a reception area, two executive offices, a conference room, a full kitchen, and an ADA-compliant bathroom. The second floor contains a 1,500 square foot residential unit with two bedrooms, two bathrooms, a modern kitchen, and a private balcony. The property has never been permanently occupied and is in new condition. The property has HC-Highway Commercial zoning, allowing for flexible use. The property has been owner-occupied since completion and has never been leased. It offers dual access to Old Highway and includes a large, lit highway sign. It is suited for medical, legal, real estate, or executive office use and offers rental income opportunities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Plantation Key
    County
    Monroe
    State
    Florida
    Longitude
    -80.558531
    Latitude
    24.969437

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    FAQs

    What type of property is this?
    Mixed-use property - Luxury commercial property with highway frontage and residential unit.
    Where is this mixed-use property located?
    The property is located at 87847 Overseas Hwy Plantation Key, FL.
    What is the asking price?
    The asking price for this property is $1,899,000.
    What are key features of this property?
    This property features: - Prime US-1 highway frontage in Islamorada with high visibility and a large, lit highway sign.; - Mixed-use property featuring **1,500 SF of premium commercial space and a 1,500 SF luxury residential unit.**; - Built in 2015 and in brand-new condition, never permanently occupied.
    (305) 294-5155
    Request Owner's contact information
    87847 Overseas Hwy Plantation Key, FL 33036
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    Plantation Key, FL 33036
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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
    87847 Overseas Hwy Plantation Key, FL 33036
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    We can help!
    Listing Contact
    Team Gardner/Langley
    Real Estate License ID: BK612006
    (305) 294-5155
    Learn more
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