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    Waterfront Duplex with Private Docks Title is generated by Realmo AI

    596 W Shore Drive, Summerland Key, FL 33042

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    For Sale
    $998,000

    MULTI_FAMILY - Summerland Key, FL

    Property size:
    2,572 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $388/SF
    Added:
    May 29, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 5 at 6:06 am

    Property Features for 596 W Shore Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    IS - Improved Subivision
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 4
    Parking features
    Off Street
    Patio and Porch features
    Patio
    Appliances
    Refrigerator, Range
    Standard status
    Active
    APN
    00191840000000
    Size
    2,572 SF
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Bk 2 Lt 17 Summerland Key Cove Addition #5 Pb 5-40 Summerland Key Or460-527 Or701-661 Or894-707/708 Or1018-1220 Or1022-3
    Tax Annual Amount
    8201

    Utilities

    Cooling system
    Central Air
    Water front
    1

    Building Details

    Year built
    1963
    Floors in Building
    2
    Flooring type
    Tile, Terrazzo
    Building materials
    CBS
    Roof type
    Metal

    We can help!

    Listing Contact
    Miranda Dender

    Listing agent Miranda Dender

    Listing office Berkshire Hathaway Home Services Keys Real Estate - Big Pine Key 30085 Overseas Highway Suite 7, Big Pine Key, FL

    Listing date May 29, 2026

    MLS# 620094 Listing URL

    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.

    HighLights

    • Waterfront duplex on a deep boating canal with 60 ft. of dockage (about 30 ft. per unit) at 594‑596 W. Shore Drive
    • Two‑story multifamily with approx. 1,392 sq. ft. downstairs and approx. 1,180 sq. ft. upstairs
    • Unit mix: upstairs has 2 bedrooms and 1 bathroom; downstairs has 3 bedrooms and 2 bathrooms
    • Long‑term tenant occupies the downstairs unit for immediate rental income potential; tenant may remain or vacate based on buyer preference and lease terms
    • Metal roof and CBS construction
    • Central air cooling; tile and terrazzo flooring; off‑street parking; each unit has a separate patio/tiki hut

    Overview

    Waterfront duplex offering two separate units with dockage split between both sides for approximately 30 feet per unit. The property features a two-story configuration with approximately 1,392 square feet downstairs and approximately 1,180 square feet upstairs, plus separate tiki huts for each unit to support outdoor entertaining. The upstairs unit has 2 bedrooms and 1 bathroom, while the downstairs unit has 3 bedrooms and 2 bathrooms.

    Located on a wide, deep boating canal at 594–596 W. Shore Drive in Summerland Key, the home is positioned for excellent boating access and is listed with about 60 feet of dockage total. A long-term tenant currently occupies the downstairs unit, creating immediate rental income potential and providing an opportunity for the new owner to keep the tenant in place or pursue vacancy depending on buyer preference and lease terms. The property is also described as being conveniently located near Summerland Airport.

    This setup can fit a range of waterfront buyers, including investors focused on residential income, owners seeking flexible multi-generational living, or those considering employee housing. With two differently sized units and separate outdoor tiki spaces, the duplex can appeal to buyers who want a straightforward rental structure while maintaining optionality for future tenancy strategy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Dental Office Hair Salon Gym & Fitness Center Building Supply Accounting Firm Auto Repair Shop Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Summerland Key
    County
    Monroe
    State
    Florida
    Longitude
    -81.44111
    Latitude
    24.652786

    FAQs

    What type of property is this?
    Duplex - Two-story duplex on a boating canal with shared dockage, offering split layouts and income flexibility.
    Where is this duplex located?
    The property is located at 596 W Shore Drive Summerland Key, FL.
    What is the asking price?
    The asking price for this property is $998,000.
    What are key features of this property?
    This property features: Waterfront duplex on a deep boating canal with 60 ft. of dockage (about 30 ft. per unit) at 594‑596 W. Shore Drive; Two‑story multifamily with approx. 1,392 sq. ft. downstairs and approx. 1,180 sq. ft. upstairs; Unit mix: upstairs has 2 bedrooms and 1 bathroom; downstairs has 3 bedrooms and 2 bathrooms
    (404) 456-8359
    We can help!
    Listing Contact
    Miranda Dender
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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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