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    Cleared Lot in Key Largo Title is generated by Realmo AI

    338 Sound Drive, Key Largo, FL 33037

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    Claim this Listing
    For Sale
    $275,000

    LAND - Key Largo, FL

    Lot size:
    0.12 Acres
    Added:
    Feb 20, 2026
    Days on Market:
    91
    Last Refresh:
    May 22 at 7:06 pm

    Property Features for 338 Sound Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    ISM - Improved Sub Masonr
    Security features
    Security
    Standard status
    Active
    APN
    00468400000000
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Bk 11 Lt 5 South Creek Village Key Largo Pb3-85 Or500-408 Or721-542 Or808-1371 Or838-279 Or1099-520 Or1644-2062/63 Or265
    Tax Annual Amount
    1368

    We can help!

    Listing Contact
    Jaclyn Kelley, Broker

    Listing agent Jaclyn Kelley, Broker License #3157271

    Listing office Better Homes and Gardens Real Estate Destinations 99353 Overseas Hwy. Suite 9, Key Largo, FL

    Listing date Feb 20, 2026

    MLS# 618747 Listing URL

    Copyright © 2026 Florida Keys Board 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.

    HighLights

    • Cleared lot in ROGO with 38 points, ready for building.
    • Backs up to Florida State owned land, offering privacy.
    • Access to South Creek Village homeowners park with 72‑hour dockage and boat ramp.
    • Water meter already installed (valued at $7,000).
    • Approved building plans available for a 3‑story masonry home with cargo lift, solar panels, and ocean views (from the 3rd floor).
    • Prime location in South Creek Village subdivision.

    Overview

    This cleared 0.12-acre lot is located in Key Largo, Florida, within the South Creek Village subdivision. It backs up to Florida State-owned land. The property is located in a prime location and is zoned ISM - Improved Sub Masonr. The South Creek Village subdivision provides a homeowner's park featuring 72-hour dockage and a boat ramp for a low annual fee. The property is in ROGO with 38 points. Building plans are available for a 3-story masonry home, complete with a cargo lift, solar panels, and ocean views from the 3rd floor. A water meter is already installed, representing a $7,000 value. An environmental easement is in place.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Key Largo
    County
    Monroe
    State
    Florida
    Longitude
    -80.404895
    Latitude
    25.129859

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    FAQs

    What type of property is this?
    Residential land & home lot - Cleared lot in Key Largo with water meter installed.
    Where is this residential land & home lot located?
    The property is located at 338 Sound Drive Key Largo, FL.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Cleared lot in ROGO with 38 points, ready for building.; Backs up to Florida State owned land, offering privacy.; Access to South Creek Village homeowners park with 72‑hour dockage and boat ramp.
    (305) 923-1042
    We can help!
    Listing Contact
    Jaclyn Kelley, Broker
    Real Estate License ID: 3157271
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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