Waterfront Office Units with Boat
For Sale
$895,000
24931 Overseas Hwy Summerland, Summerland Key, FL 33042
Three office units with separate utility connections, waterfront access, and a private boat ramp on Overseas Highway.
Property Size1,965 SF
Lot Size0.25 Acres
Days on Market194
Property Features for 24931 Overseas Hwy Summerland
General Information
Standard status
Active
Size
1,965 SF
Lot size
0.25 Acres
Property subtype
Schools/Education
Zoning
CFSD-13
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
3
Amenities
private boat ramp
Building Details
Building Size
1,965 SF
Year Built
1975
Buildings
3
Listing Agency:
Berkshire Hathaway Knight & garder Realty
(305) 902-2447
Listed By:
Gardner Langley
(305) 902-2447
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 12:20AM
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 Berkshire Hathaway Knight & garder Realty
Investment Insights
Based on property information with market context.
This office property comprises three units across two waterfront buildings, supported by a separate utility and storage structure. The buildings measure 813 SF and 1,152 SF, while the additional utility/storage building measures 192 SF. Each of the two primary buildings has separate water, electric, and sewer connections. A private boat ramp provides direct water access, and the property occupies a 10,673 SF lot along Overseas Highway. The improvements were built in 1975 and are zoned CFSD-13.
The property is located in Summerland Key near Looe Key National Marine Sanctuary and the Big Pine Key community. Its waterfront setting, highway exposure, multiple office units, and dedicated utility connections provide a defined commercial configuration for office occupancy or leasing, subject to verification of property rights.
The property is located in Summerland Key near Looe Key National Marine Sanctuary and the Big Pine Key community. Its waterfront setting, highway exposure, multiple office units, and dedicated utility connections provide a defined commercial configuration for office occupancy or leasing, subject to verification of property rights.
Key Highlights
- Three office units across two waterfront buildings
- 813 SF and 1,152 SF primary buildings plus a 192 SF utility/storage building
- Separate water, electric, and sewer connections for each primary building
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
$37,050
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
4.14%
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%
$741,000
$741.0K
Cap Rate 7%
$529,286
$529.3K
Cap Rate 9%
$411,667
$411.7K
Market Conditions
NOI Build-Up for 1,965 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
$59.0K $30.00/SF
− Vacancy
−$9.5K −$4.86/SF
EGI
$49.4K $25.14/SF
− OpEx
−$12.4K −$6.29/SF
NOI
$37.1K $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%
$741,000
Cap Rate 7%
$529,286
Cap Rate 9%
$411,667
Alternative Uses
Best Use
Office B
$529.3K
$463.1K – $617.5K
NOI $37,050 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$790.4K
$691.6K – $922.1K
NOI $55,328 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 33042, FL
6,841
Population
4,835
Households
1.4
Avg Household Size
54
Median Age
45%
College-Educated
98%
High-School Grad
27.6 sq mi
ZIP Area
248
Density / Sq Mi
$101,625
Median Household Income
$49,747
Median Earnings
$2,252
Median Rent
$759,600
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 units - Three office units with separate utility connections, waterfront access, and a private boat ramp on Overseas Highway.
Where is this office units located?
The property is located at 24931 Overseas Hwy Summerland Summerland Key, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Three office units across two waterfront buildings; 813 SF and 1,152 SF primary buildings plus a 192 SF utility/storage building; Separate water, electric, and sewer connections for each primary building
