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    Key Largo Oceanside Commercial Property Title is generated by Realmo AI

    522 Caribbean Drive, Key Largo, FL 33037

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    Claim this Listing
    For Sale
    Under Contract
    $5,400,000

    COMMERCIAL - Key Largo, FL

    Property size:
    5,508 SF
    Lot size:
    1.43 Acres
    Price / SF:
    $980/SF
    Added:
    Dec 6, 2024
    Days on Market:
    532
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 522 Caribbean Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    UC - Urban Commercial Dis
    Bathrooms
    4
    Rooms
    Bathroom 2, Bathroom 1, Bathroom 4, Bathroom 3
    Standard status
    Active Under Contract
    APN
    00453475-013800
    Size
    5,508 SF
    Lot size
    1.43 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LOTS 518 THRU 522 PORT LARGO FIFTH ADDITION KEY LARGO
    Tax Annual Amount
    32363

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air
    Water front
    1

    Building Details

    Year built
    1983
    Floors in Building
    2
    Flooring type
    Concrete
    Building materials
    CBS
    Roof type
    Concrete

    We can help!

    Listing Contact
    Amy L Bruggeman

    Listing agent Amy L Bruggeman License #3387593

    Listing office American Caribbean Real Estate, Christie's International Real Estate 99900 Overseas Hwy, Key Largo, FL

    Listing date Dec 6, 2024

    MLS# 612573

    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

    • 500 ft of Deep Water Dockage with Direct Ocean Access
    • Commercially Zoned 5,508 sq. ft. Concrete Building with Concrete Roof
    • Over 62,000 sq. ft. of Land
    • Gas and Diesel Tanks with Pump for Servicing Boats
    • Sewage Pump Out for Boats
    • Currently has 3 Tenants with Active Leases

    Overview

    Located on the Oceanside of Downtown Key Largo, this commercial property features 500 feet of deep water dockage providing direct ocean access. The sale includes a 5,508 sq. ft. concrete building with a concrete roof, situated on over 62,000 sq. ft. (1.43 acres) of land. The property is commercially zoned (UC - Urban Commercial Dis) and includes gas and diesel tanks with a pump to service boats, as well as a sewage pump out for boats. Currently, there are three tenants in place with active leases. This property presents a rare opportunity in Key Largo.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rainbow Reef Dive ... (Bike/Boat/Book/etc) Store Sharkys Cafe & Coffee Shop Sharkey’s Sharkbite Grill Restaurant

    Suggested Use

    Law Firm Restaurant Real Estate Agency 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
    -80.434082
    Latitude
    25.095951

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    FAQs

    What type of property is this?
    Gas station - Commercial building with deep water dockage and direct ocean access.
    Where is this gas station located?
    The property is located at 522 Caribbean Drive Key Largo, FL.
    What is the asking price?
    The asking price for this property is $5,400,000.
    What are key features of this property?
    This property features: 500 ft of Deep Water Dockage with Direct Ocean Access; Commercially Zoned 5,508 sq. ft. Concrete Building with Concrete Roof; Over 62,000 sq. ft. of Land
    (305) 619-0818
    We can help!
    Listing Contact
    Amy L Bruggeman
    Real Estate License ID: 3387593
    Learn More
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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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