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    Waterfront Key West Investment Opportunity Title is generated by Realmo AI

    901 Eisenhower Drive, Key West, FL 33040

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    Claim this Listing
    For Sale
    $4,750,000

    COMMERCIAL - Key West, FL

    Property size:
    3,788 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $1,253/SF
    Added:
    Feb 15, 2025
    Days on Market:
    475
    Last Refresh:
    Jun 5 at 7:06 pm

    Property Features for 901 Eisenhower Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    CG - General Commercial
    Bedrooms
    6
    Bathrooms
    5
    Rooms
    Bathroom 5, Bathroom 4, Bedroom 6, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 3, Bathroom 3
    Parking features
    Guest, Off Street
    Appliances
    Refrigerator, Range, Washer, Dryer, Dishwasher
    Standard status
    Active
    APN
    00023230-000000
    Size
    3,788 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    KW BENJ ALBURYS SUBD PB1-3 PT LOT 11 & ALL LOT 12 OF TR 7 Y-586 B3-150 OR393-833/34 OR117-41/42 OR186-490/91 OR771-402/
    Tax Annual Amount
    25150

    Utilities

    Cooling system
    Window Unit(s), Wall/Window Unit(s)
    Water front
    1

    Building Details

    Year built
    1912
    Number of units
    5
    Flooring type
    Wood, Tile
    Building materials
    Frame
    Roof type
    Metal

    We can help!

    Listing Contact
    Damian Vantriglia

    Listing agent Damian Vantriglia License #3412425

    Listing office Berkshire Hathaway HomeServices Knight & Gardner Realty 336 Duval St., Key West, FL

    Listing date Feb 15, 2025

    MLS# 613721

    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.

    HighLights

    • Waterfront property in a prime location near Garrison Bight, Bayview Park, tennis courts, beaches, and other attractions.
    • Zoned General Commercial, offering diverse development possibilities such as a restaurant, hotel, or marina.
    • Large 15,609 square foot lot.
    • Full Transient Receiver Zone with 5 ROGOS.
    • Legal five‑unit multi‑family configuration with a historic main house (4 units, 5 bedrooms, 4 bathrooms) and a separate cottage (2 bedrooms, 1 bathroom).
    • Historic property built prior to 1912, held by the same family for over a century.

    Overview

    This Key West waterfront property, built prior to 1912, is situated on a 15,609 square foot lot zoned General Commercial. The property has a legal five-unit multi-family configuration, including a historic main house and a separate cottage. The main house features four units with a total of 5 bedrooms and 4 bathrooms. The cottage has 2 bedrooms and 1 bathroom. The property is located beside Garrison Bight, near Bayview Park and Tennis Courts, and a short distance from beaches and attractions. The property has a full transient receiver zone with 5 ROGOS. The property is currently tenant-occupied. The property's intended use includes a restaurant, a boutique hotel, or a marina. The property offers potential for various business uses. Buyers are advised to verify restoration and development rights. The property size is 3,788 square feet and the lot size is 0.36 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.788446
    Latitude
    24.559265

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    FAQs

    What type of property is this?
    Mixed-use property - Historic Key West property with multi-family configuration and commercial zoning.
    Where is this mixed-use property located?
    The property is located at 901 Eisenhower Drive Key West, FL.
    What is the asking price?
    The asking price for this property is $4,750,000.
    What are key features of this property?
    This property features: Waterfront property in a prime location near Garrison Bight, Bayview Park, tennis courts, beaches, and other attractions.; Zoned General Commercial, offering diverse development possibilities such as a restaurant, hotel, or marina.; Large 15,609 square foot lot.
    (305) 741-9411
    We can help!
    Listing Contact
    Damian Vantriglia
    Real Estate License ID: 3412425
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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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