Two-Story Office Building with Covered
106240 Overseas Hwy Key Largo, FL 33037
106240 Overseas Hwy, Key Largo, FL, 33037
$1,925,000
Pending
For Sale
$1,925,000
Pending
Two-story office building with newly installed metal roof, leased ground floor space, and additional second-story area available.
Property Size3,936 SF
Lot Size0.50 Acres
Days on Market56
Property Features for 106240 Overseas Hwy
General Information
- Standard status
- Pending
- Size
- 3,936 SF
- Lot size
- 0.50 Acres
Listing agency
Cornell Commercial Real Estate, Inc.
(305) 731-0060
Listed by
Bud Cornell
(305) 731-0060
Source
Exprealty
Added: May 27 Updated: Jul 21 at 3:19AM Checked: Jul 21 at 3:19AM
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 Cornell Commercial Real Estate, Inc.
Investment Insights
Based on property information with market context.
This two-story, yellow office building sits on just under a half an acre of commercial property. The building includes 3,936 square feet under air conditioning and 900 square feet of covered porch/parking. The ground floor is split into two suites: the north side (1,300 square feet) is currently leased to the Visitor's Center, and the south side (1,200 square feet) is open. The second story offers an additional 1,400 square feet and is available for lease.
New metal roof was installed in 2024. The back two lots are fenced and currently used as a storage area. The property is available for purchase and/or lease, and an assumable SBA 504 loan is available in the amount of approximately $1,642,000 with a 25-year amortization schedule.
New metal roof was installed in 2024. The back two lots are fenced and currently used as a storage area. The property is available for purchase and/or lease, and an assumable SBA 504 loan is available in the amount of approximately $1,642,000 with a 25-year amortization schedule.
Key Highlights
- Just under 0.5‑acre commercial property with a two‑story yellow office building and covered porch/parking (900 SF).
- Total 3,936 SF under A/C; ground floor has 1,300 SF leased to the Visitor's Center (north side) and 1,200 SF (south side).
- Second story offers 1,400 SF available for lease at $51.00/SF (base price plus percentage for taxes, insurance, and maintenance).
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $118.1k | $30.00 |
| − Vacancy | −$19.1k | −$4.86 |
| EGI | $99.0k | $25.14 |
| − OpEx | −$24.7k | −$6.29 |
| NOI | $74.2k | $18.86 |
3,936 SF · lease $30.00/SF/yr · vacancy 16.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.06M
$927.7K – $1.24M
NOI $74,213 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.39M – $1.85M
NOI $110,825 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Pontoons of Key Largo
(Bike/Boat/Book/etc) Store
SMT.Repair
Industrial Manufacturer
Keys Information & Reservation
Travel Agency
Byte Federal Bitcoin ...
Atm
Key West Historic ...
Hotel & Motel
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Two-story office building with newly installed metal roof, leased ground floor space, and additional second-story area available.
Where is this office building located?
The property is located at 106240 Overseas Hwy Key Largo, FL.
What is the asking price?
The asking price for this property is $1,925,000.
What are key features of this property?
This property features: Just under 0.5‑acre commercial property with a two‑story yellow office building and covered porch/parking (900 SF).; Total 3,936 SF under A/C; ground floor has 1,300 SF leased to the Visitor's Center (north side) and 1,200 SF (south side).; Second story offers 1,400 SF available for lease at $51.00/SF (base price plus percentage for taxes, insurance, and maintenance).
