High-Visibility US1 Corner Lot
For Sale
$1,250,000
103301 Overseas Highway, Key Largo, FL 33037
Income-producing office building with growth potential on a US1 corner.
Property Size2,278 SF
Lot Size0.32 Acres
Price / SF$548.73
Days on Market159
Property Features for 103301 Overseas Highway
General Information
Standard status
Active
Size
2,278 SF
Lot size
0.32 Acres
Property subtype
Industrial
Zoning
MU - Mixed Use Commercial Mixe
Building Details
Building Size
2,278 SF
Year Built
1984
Listing Agency:
Coldwell Banker Schmitt Key Largo
(305) 783-7983
Listed By:
Philip Kravitz · License #BK3376345
(305) 783-7983
Source:
Cbcworldwide
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 1:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Schmitt Key Largo
Investment Insights
Based on property information with market context.
This 2,278 sq. ft. office building with 1,620 sq. ft. of covered storage is located on a high-traffic US1 corner lot. Situated on a 13,837 sq. ft. lot in a desirable X-flood zone, the property offers exceptional visibility and exposure. The property has been rezoned to MU (Mixed Use), offering flexibility for future development and diverse tenant types. Currently occupied by established long-term tenants, this property provides consistent income with 658 sq. ft. of leasable space still available. The 1,620 sq. ft. ground floor has been thoughtfully enclosed with electric roll-down hurricane-rated impact garage doors, offering versatile use as office, storage, or showroom space. The property features ample parking and is perfect for investors, owner-operators, or business owners looking for location, flexibility, and income potential. The property is located on 0.31 acres.
Key Highlights
- High‑visibility corner lot on US1, offering exceptional exposure.
- Located in an X‑flood zone (no flood insurance required).
- Income‑producing property with established long‑term tenants and strong cash flow.
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
$42,952
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
3.44%
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%
$859,040
$859.0K
Cap Rate 7%
$613,600
$613.6K
Cap Rate 9%
$477,244
$477.2K
Market Conditions
NOI Build-Up for 2,278 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
$68.3K $30.00/SF
− Vacancy
−$11.1K −$4.86/SF
EGI
$57.3K $25.14/SF
− OpEx
−$14.3K −$6.29/SF
NOI
$43.0K $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%
$859,040
Cap Rate 7%
$613,600
Cap Rate 9%
$477,244
Alternative Uses
Best Use
Office B
$613.6K
$536.9K – $715.9K
NOI $42,952 @ 7.0% cap · market cap 3.44%
Second Best
Warehouse
$530.9K
$464.5K – $619.4K
NOI $37,162 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$916.3K
$801.8K – $1.07M
NOI $64,141 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Explore this area
Business Placement
Demographics for 33037, FL
13,875
Population
10,494
Households
1.3
Avg Household Size
53
Median Age
41%
College-Educated
95%
High-School Grad
32.9 sq mi
ZIP Area
422
Density / Sq Mi
$80,911
Median Household Income
$40,641
Median Earnings
$1,896
Median Rent
$660,700
Median Home Value
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 - Income-producing office building with growth potential on a US1 corner.
Where is this office building located?
The property is located at 103301 Overseas Highway Key Largo, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: High‑visibility corner lot on US1, offering exceptional exposure.; Located in an X‑flood zone (no flood insurance required).; Income‑producing property with established long‑term tenants and strong cash flow.
