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    Private Island with Development Potential Title is generated by Realmo AI

    62250 Overseas Highway, Conch Key, FL 33050

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    Claim this Listing
    For Sale
    $5,750,000

    COMMERCIAL - Conch Key, FL

    Property size:
    2,478 SF
    Lot size:
    1.98 Acres
    Price / SF:
    $2,320/SF
    Added:
    Jan 27, 2026
    Days on Market:
    115
    Last Refresh:
    May 22 at 4:06 pm

    Property Features for 62250 Overseas Highway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    MU - Mixed Use District
    Bedrooms
    6
    Bathrooms
    6
    Rooms
    Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 1, Bathroom 6, Bathroom 3, Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 6, Bathroom 5, Bathroom 4
    Standard status
    Active
    APN
    00099060-000000
    Size
    2,478 SF
    Lot size
    1.98 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    15 65 34 LITTLE CONCH KEY NW 1/2 G59-324 OR501-201 OR571-718 OR825-1455 OR864-1884 OR936-693 OR1165-2192 OR1165-2199 OR1
    Tax Annual Amount
    40021

    Utilities

    Water front features
    Ocean Front
    Water front
    1

    Building Details

    Year built
    1997
    Floors in Building
    2
    Number of units
    16
    Building materials
    CBS

    We can help!

    Listing Contact
    Gregory Dully
    Gregory Dully

    Listing agent Gregory Dully License #3420625

    Listing office RE/MAX All Keys Real Estate 98880 Overseas Hwy., Key Largo, FL

    Listing date Jan 27, 2026

    MLS# 618331

    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

    • Rare private island in the Florida Keys with white sandy beach and exceptional development flexibility.
    • Includes 16 Monroe County transient licensed entitlements, a highly valuable and scarce asset.
    • Zoned MU (Mixed Use), allowing for boutique hotel, restaurant, campground, or upscale RV park.
    • Ownership of 8.69 AC of submerged Atlantic Ocean Baybottom provides long‑term flexibility for adding boat docks and Aqua Lodges.
    • Located minutes from Marathon & Marathon International Airport with direct access from Overseas Hwy.
    • Existing improvements include three 2BR/2BA vacation rental cottages and a concrete in‑ground pool, providing interim income or redevelopment options.

    Overview

    This rare, private island, also known as Walker's Island, is located in the Florida Keys, minutes from Marathon and Marathon International Airport, and approximately 90 miles from Miami. Accessible directly from Overseas Highway at MM 62, the property is visible from Tom's Harbor Cut Bridge. The property includes approximately 1.98 acres of uplands and 1.76 acres of environmentally protected land, along with approximately 8.69 acres of owned submerged Atlantic Ocean bay bottom. It features hundreds of linear feet of water frontage, a deep-water boat basin, and a concrete seawall. The MU (Mixed Use) zoning allows for a boutique hotel, restaurant, campground, or upscale RV park. The property includes 16 Monroe County transient licensed entitlements. An opinion suggests the uplands combined with bay-bottom acreage may qualify for RV park development. Existing improvements include three elevated 826-square-foot 2BR/2BA vacation rental cottages and a concrete in-ground pool. Development potential includes luxury vacation rentals or palatial single-family homes. Conceptual renderings are on file for a boutique hotel, restaurant, marina, boat docks, and luxury aqua lodges. The property offers long-term flexibility for adding boat docks and high-end Aqua Lodges.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Real Estate Agency Gym & Fitness Center Hotel & Motel Grocery & Convenience Store Food Market Cafe & Coffee Shop Bar & Pub Restaurant Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Conch Key
    County
    Monroe
    State
    Florida
    Longitude
    -80.897122
    Latitude
    24.784743

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    FAQs

    What type of property is this?
    Waterfront Land - Rare Florida Keys island with development flexibility and transient licenses.
    Where is this waterfront land located?
    The property is located at 62250 Overseas Highway Conch Key, FL.
    What is the asking price?
    The asking price for this property is $5,750,000.
    What are key features of this property?
    This property features: Rare private island in the Florida Keys with white sandy beach and exceptional development flexibility.; Includes **16 Monroe County transient licensed entitlements**, a highly valuable and scarce asset.; Zoned MU (Mixed Use), allowing for boutique hotel, restaurant, campground, or upscale RV park.
    (305) 900-4232
    We can help!
    Listing Contact
    Gregory Dully
    Gregory Dully
    Real Estate License ID: 3420625
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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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