Furnished Fractional
New
For Sale
$279,000
104000 Overseas Highway, Key Largo, FL 33037
MULTI_FAMILY - Other - Key Largo, FL
Property Size2,300 SF
Price / SF$121.30
Days on Market3
Property Features for 104000 Overseas Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Laundry Room, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 2, Bathroom 2
Parking
20
Parking features
Open, Guest, Assigned
Window features
Blinds
Patio and Porch features
Porch, Deck
Pets allowed
Breed Restrictions, Yes
Interior features
Bedroom Layout - Stacked, Elevator, Entrance Foyer, Kitchen Island, Storage, Walk-In Closet(s)
Exterior features
Balcony, Barbecue, Private Rooftop Terrace
Accessibility
Accessible Elevator Installed
Appliances
Tankless Water Heater, Electric Water Heater, Range, Electric Cooktop, Cooktop, Dishwasher, Disposal, Dryer, Electric Range, Ice Maker, Microwave, Oven, Refrigerator, Washer, Water Heater
Subdivision
Fisherman's Cove
View
Water
Elementary school
Key Largo
Middle school
Key Largo
High school
Coral Shores
Standard status
Active
APN
9096702
Size
2,300 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
THE RESIDENCE CLUB AT FISHERMAN'S COVE CONDOMINIUM UNDIVIDED 1/8 INT UNIT 6, Club Share 6
HOA Fee
$3,000 Quarterly
Legal Description
THE RESIDENCE CLUB AT FISHERMAN'S COVE CONDOMINIUM UNDIVIDED 1/8 INT UNIT 6, Club Share 6
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air, Ceiling Fan(s)
Water source
Public
Water front features
Ocean Access, Seawall
Water front
1
Amenities
resort-style pool
tiki style cabanas
owner's deck
Smart TVs
WIFI
fully stocked kitchens
boats
balconies
Building Details
Year built
2008
Floors in Building
3
Flooring type
Tile
Building materials
Block, CBS, Concrete Block - With Stucco, Stucco
Roof type
Aluminum, Built-Up
Architectural style
Other
Additional Structures
Storage, Cabana
Listing Agency:
RE/MAX Preferred · RE/MAX International
(954) 396-5900
Listed By:
Christopher P Williams · License #3191684
(954) 830-2242
Added: Aug 10
Changed: Aug 12
Last Checked: Aug 12 at 12:06PM
MLS# B26062495
Copyright © 2026 BeachesMLS. 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 short-term rental property comprises 6 private, fully furnished residences above Jimmy Johnson's Big Chill in Key Largo. Each residence offers 3 bedrooms, 3 bathrooms, approximately 2,300 square feet, designer finishes, a fully stocked kitchen, Smart TVs, WIFI, storage, tile flooring, and a 450-square-foot balcony. Elevator access, assigned and guest parking, public water, and public sewer support the property. Central air conditioning, electric heating, and in-unit laundry add to the operating features.
The property provides ocean access through a seawall and includes views of Blackwater Sound and the resort-style pool. Shared amenities include a pool, tiki-style cabanas, an owner's deck, and a private rooftop terrace. Two boats are available for use: a 26' Sea Fox and a 24' Contender. Most owners use the residences 5–7 weeks per year. The building was constructed in 2008 and is located at 104000 Overseas Highway, Key Largo, Florida 33037.
The property provides ocean access through a seawall and includes views of Blackwater Sound and the resort-style pool. Shared amenities include a pool, tiki-style cabanas, an owner's deck, and a private rooftop terrace. Two boats are available for use: a 26' Sea Fox and a 24' Contender. Most owners use the residences 5–7 weeks per year. The building was constructed in 2008 and is located at 104000 Overseas Highway, Key Largo, Florida 33037.
Key Highlights
- 6 private, fully furnished residences, each with 3 bedrooms and 3 bathrooms
- Approximately 2,300 +/- square feet per residence with a 450 sq ft balcony
- Two boats available for use: 26' Sea Fox and 24' Contender
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
$7,866
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
2.82%
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%
$157,320
$157.3K
Cap Rate 7%
$112,371
$112.4K
Cap Rate 9%
$87,400
$87.4K
Market Conditions
NOI Build-Up for 2,300 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
$41.4K $18.00/SF
− Vacancy
−$24.8K −$10.80/SF
EGI
$16.6K $7.20/SF
− OpEx
−$8.7K −$3.78/SF
NOI
$7.9K $3.42/SF
Area
Monroe County, FL
Vacancy
60.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$157,320
Cap Rate 7%
$112,371
Cap Rate 9%
$87,400
Alternative Uses
Best Use
Apartment 5plus
$509.9K
$446.1K – $594.9K
NOI $35,691 @ 7.0% cap · market cap 12.79%
Second Best
Hotel Hospitality
$112.4K
$98.3K – $131.1K
NOI $7,866 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$925.2K
$809.5K – $1.08M
NOI $64,761 @ 7.0% cap · market cap 23.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
175
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Fully furnished vacation residences feature private balconies, stocked kitchens, waterfront access, and shared recreational amenities.
Where is this short term rental property located?
The property is located at 104000 Overseas Highway Key Largo, FL.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: 6 private, fully furnished residences, each with 3 bedrooms and 3 bathrooms; Approximately 2,300 +/- square feet per residence with a 450 sq ft balcony; Two boats available for use: 26' Sea Fox and 24' Contender
