Two-Story Office
For Sale
Under Contract
$999,999
88101 Old Highway, Plantation Key, FL 33036
Commercial Sale, Plantation Key, FL
Property Size2,244 SF
Lot Size0.14 Acres
Price / SF$445.63
Days on Market361
Property Features for 88101 Old Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HC - Highway Commercial
Bathrooms
1
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Appliances
Refrigerator
Subdivision
Plant Beach (87.5)
View
Water
Directions
US 1 MM 88
Standard status
Active Under Contract
APN
00412770-000000
Size
2,244 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BK 1 LT 12 PLANTATION BEACH PB2-76 PLANTATION KEY OR615-184 OR615-683 OR833-1242 OR836-383 OR1073-1949 OR1126-1986 OR143
Tax Annual Amount
6826
Legal Description
BK 1 LT 12 PLANTATION BEACH PB2-76 PLANTATION KEY OR615-184 OR615-683 OR833-1242 OR836-383 OR1073-1949 OR1126-1986 OR143
Utilities
Cooling system
Central Air
Building Details
Year built
1991
Floors in Building
2
Flooring type
Carpet, Wood, Tile
Roof type
Metal
Listing Agency:
RE/MAX All Keys Real Estate
(305) 451-0060
Listed By:
Curtis Skomp · License #3350136
(305) 304-0084
Added: Sep 17, 2025
Changed: Sep 12
Last Checked: Sep 12 at 4:06PM
MLS# 616512
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 2,244-square-foot office property occupies a 0.14-acre parcel and was built in 1991. The two-story layout includes seven private offices and two conference rooms, with a reception area, shared kitchenette, private kitchenette, two half baths, and locked storage. The upper level contains five individual offices, while the ground floor provides an owner's suite with a private office, meeting room, and executive-style conference room. Tile, wood, and carpet flooring, central air, and a metal roof are in place.
The property has 50 feet of frontage along the Overseas Highway and is zoned HC - Highway Commercial for mixed-use highway commercial activity. Parking includes four spaces at the front and nine spaces behind the building, with rear access from Old Highway. Its Plantation Key setting provides access to downtown Islamorada, Tavernier, local restaurants, shopping, the courthouse, and Founder's Park.
The property has 50 feet of frontage along the Overseas Highway and is zoned HC - Highway Commercial for mixed-use highway commercial activity. Parking includes four spaces at the front and nine spaces behind the building, with rear access from Old Highway. Its Plantation Key setting provides access to downtown Islamorada, Tavernier, local restaurants, shopping, the courthouse, and Founder's Park.
Key Highlights
- 2,244 SF office building on a 0.14‑acre parcel
- Seven private offices and two conference rooms
- 50 feet of frontage along the Overseas Highway
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
$42,311
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
4.23%
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%
$846,220
$846.2K
Cap Rate 7%
$604,443
$604.4K
Cap Rate 9%
$470,122
$470.1K
Market Conditions
NOI Build-Up for 2,244 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
$67.3K $30.00/SF
− Vacancy
−$10.9K −$4.86/SF
EGI
$56.4K $25.14/SF
− OpEx
−$14.1K −$6.29/SF
NOI
$42.3K $18.86/SF
Area
Monroe County, FL
Vacancy
16.20%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$846,220
Cap Rate 7%
$604,443
Cap Rate 9%
$470,122
Alternative Uses
Best Use
Office B
$604.4K
$528.9K – $705.2K
NOI $42,311 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$902.6K
$789.8K – $1.05M
NOI $63,184 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
203
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Mixed-use highway commercial zoning accommodates owner occupancy alongside office leasing potential.
Where is this office building located?
The property is located at 88101 Old Highway Plantation Key, FL.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: 2,244 SF office building on a 0.14‑acre parcel; Seven private offices and two conference rooms; 50 feet of frontage along the Overseas Highway
