Self-Storage Facility with
For Sale
$3,500,000
323 Overseas Highway, Key West, FL 33040
Newer self-storage facility with climate-controlled units, gated lot, elevator, and approved external stackable containers.
Property Size6,912 SF
Lot Size0.52 Acres
Price / SF$506.37
Days on Market61
Property Features for 323 Overseas Highway
General Information
Standard status
Active
Size
6,912 SF
Lot size
0.52 Acres
Zoning
SC - Sub Urban Commercial District
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Additional Details
Business Included
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$10,747
Building Details
Year Built
2020
Buildings
1
Stories
3
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
Listed By:
Team Gardner/Langley · License #KWA.2032
(305) 902-2447
Source:
Laerrealty
Added: Jul 6
Changed: Aug 8
Last Checked: Sep 4 at 2:41AM
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 HomeServices Knight & Gardner Realty
Investment Insights
Based on property information with market context.
Self-storage facility built in 2020 featuring approximately 90 climate-controlled interior storage units in a mix of locker-style spaces and traditional units with roll-up doors. The elevated three-story building totals approximately 6,912 SF and is supported by a poured concrete foundation and concrete/steel frame, with impact-resistant windows and doors. Improvements include security systems, a fire sprinkler system, an elevator lift, two staircases, and on-site office space with a restroom. The fully gated lot is approximately 22,500 SF and is approved for 11 external stackable containers, with the site also suited for open parking for trailers, RVs, or additional storage.
The property is located directly on US Highway 1 near Mile Marker 10, just outside the City of Key West, providing exposure to passing traffic.
For operations and tenant access, the facility offers both interior storage and additional container capacity, supported by the building’s elevator and stair access, plus office space for day-to-day management.
The property is located directly on US Highway 1 near Mile Marker 10, just outside the City of Key West, providing exposure to passing traffic.
For operations and tenant access, the facility offers both interior storage and additional container capacity, supported by the building’s elevator and stair access, plus office space for day-to-day management.
Key Highlights
- Self‑storage facility built in 2020 with approx. 6,912 SF elevated three‑story building on US Highway 1 near Mile Marker 10.
- About 90 climate‑controlled interior storage units, including lockers and traditional roll‑up door units, with various sizes.
- Fully gated approx. 22,500 SF lot with security systems and fire sprinkler system.
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
$112,759
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
3.22%
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%
$2,255,180
$2.3M
Cap Rate 7%
$1,610,843
$1.6M
Cap Rate 9%
$1,252,878
$1.3M
Market Conditions
NOI Build-Up for 6,912 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
$139.3K $20.16/SF
− Vacancy
−$6.7K −$0.97/SF
EGI
$132.7K $19.19/SF
− OpEx
−$19.9K −$2.88/SF
NOI
$112.8K $16.31/SF
Area
Monroe County, FL
Vacancy
4.80%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
15.00%
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%
$2,255,180
Cap Rate 7%
$1,610,843
Cap Rate 9%
$1,252,878
Alternative Uses
Best Use
Warehouse
$1.61M
$1.41M – $1.88M
NOI $112,759 @ 7.0% cap · market cap 3.22%
Second Best
Self Storage
$1.01M
$886.9K – $1.18M
NOI $70,950 @ 7.0% cap · market cap 2.03%
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,620 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Sprinkler system
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 33040, FL
35,958
Population
19,001
Households
1.9
Avg Household Size
44
Median Age
38%
College-Educated
92%
High-School Grad
17.7 sq mi
ZIP Area
2,032
Density / Sq Mi
$79,038
Median Household Income
$42,458
Median Earnings
$2,079
Median Rent
$766,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - Newer self-storage facility with climate-controlled units, gated lot, elevator, and approved external stackable containers.
Where is this self storage facility located?
The property is located at 323 Overseas Highway Key West, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Self‑storage facility built in 2020 with approx. 6,912 SF elevated three‑story building on US Highway 1 near Mile Marker 10.; About 90 climate‑controlled interior storage units, including lockers and traditional roll‑up door units, with various sizes.; Fully gated approx. 22,500 SF lot with security systems and fire sprinkler system.
