Climate-Controlled Self-Storage
For Sale
$3,500,000
323 Overseas Highway, Key West, FL 33040
Commercial Sale, Big Coppitt, FL
Property Size6,912 SF
Lot Size0.52 Acres
Price / SF$506.37
Days on Market1698
Property Features for 323 Overseas Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
SC - Sub Urban Commercial
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Subdivision
Coppitt Sub Amd (10.0)
Standard status
Active
APN
00149430-000000
Lot size
0.52 Acres
Taxes and HOA fees
Tax Year
2021
Tax Description
BK 1 LTS 6-7 COPPITT SUB AMENDED PLAT BIG COPPITT KEY PB4-50 OR564-756/59 OR603-208 OR606-509C OR774-322/23 OR831-499 OR
Tax Annual Amount
10747
Legal Description
BK 1 LTS 6-7 COPPITT SUB AMENDED PLAT BIG COPPITT KEY PB4-50 OR564-756/59 OR603-208 OR606-509C OR774-322/23 OR831-499 OR
Utilities
Cooling system
Central Air
Building Details
Year built
2020
Floors in Building
3
Flooring type
Concrete
Building materials
Concrete, Steel Reinforced
Roof type
Concrete, Other
Listing Agency:
Berkshire Hathaway HomeServices Knight & Gardner Realty
(305) 294-5155
Listed By:
Team Gardner/Langley · License #BK612006
(305) 902-2447
Added: Dec 28, 2021
Changed: Aug 19
Last Checked: Aug 22 at 3:06PM
MLS# 598957
Copyright © 2026 Key West Association of Realtors. 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 built-in-2020 self-storage facility features an elevated three-story concrete and concrete/steel-frame building with impact-resistant windows and doors. The property includes approximately 90 climate-controlled interior storage units in multiple sizes, with both lockers and traditional units featuring roll-up doors. A fully gated lot supports additional operational flexibility, with approval for 11 external stackable containers and the ability to use the area for open storage needs.
The site is located directly on US Highway 1 near Mile Marker 10, just outside the City of Key West, with exposure to passing traffic. On-site improvements include an office space and restroom, security systems, a fire sprinkler system, an elevator lift, and two staircases.
The building totals approximately 6,912 SF and sits on an approximately 22,500 SF gated lot. The configuration supports both upper-level storage operations and a larger ground-floor office or operational space.
The site is located directly on US Highway 1 near Mile Marker 10, just outside the City of Key West, with exposure to passing traffic. On-site improvements include an office space and restroom, security systems, a fire sprinkler system, an elevator lift, and two staircases.
The building totals approximately 6,912 SF and sits on an approximately 22,500 SF gated lot. The configuration supports both upper-level storage operations and a larger ground-floor office or operational space.
Key Highlights
- High‑visibility location directly on US Highway 1 near Key West.
- Built in 2020 with approximately 90 climate‑controlled storage units.
- Approved for 11 external stackable containers or open parking for trailers/RVs.
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
Yes
Sprinkler system
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
160
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 - Built in 2020, the property offers climate-controlled units, office space, and gated yard storage with elevator and sprinkler system.
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: High‑visibility location directly on US Highway 1 near Key West.; Built in 2020 with approximately 90 climate‑controlled storage units.; Approved for 11 external stackable containers or open parking for trailers/RVs.
