Storefront Ice Cream
For Sale
$375,000
86701 Overseas Hwy Upper Matecumbe Key, Islamorada, FL 33036
COMMERCIAL - Upper Matecumbe Key Islamorada, FL
Property Size931 SF
Lot Size1.69 Acres
Price / SF$402.79
Days on Market394
Property Features for 86701 Overseas Hwy Upper Matecumbe Key
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HC - Highway Commercial
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Patio and Porch features
Patio
Appliances
Freezer
Subdivision
The Hammock (86.0)
Directions
MM 86
Standard status
Active
APN
00411080-000000
Size
931 SF
Lot size
1.69 Acres
Building Details
Year built
1991
Floors in Building
1
Number of units
1
Building materials
CBS
Listing Agency:
RE/MAX All Keys Real Estate
(305) 451-0060
Listed By:
Gregory Dully · License #3420625
(305) 900-4232
Added: Jul 25, 2025
Changed: Aug 4
Last Checked: Aug 22 at 5:06PM
MLS# 615934
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.
Investment Insights
Based on property information with market context.
This 931-square-foot storefront property houses Mr. C's Homemade Ice Cream, an established specialty food business with ice creams, tropical gelatos, sorbets, and signature waffle cones made on site. The sale includes the business name, FF&E, recipes, and freezer equipment. A patio and bathroom are also part of the property improvements, which were constructed in 1991.
The property occupies 1.69 acres within a shopping center across from Founders Park in Upper Matecumbe Key Islamorada. HC - Highway Commercial zoning applies, and the address is 86701 Overseas Hwy, Upper Matecumbe Key Islamorada, FL 33036. The business has operated for over six decades and is being offered with its established brand and operating components.
The property occupies 1.69 acres within a shopping center across from Founders Park in Upper Matecumbe Key Islamorada. HC - Highway Commercial zoning applies, and the address is 86701 Overseas Hwy, Upper Matecumbe Key Islamorada, FL 33036. The business has operated for over six decades and is being offered with its established brand and operating components.
Key Highlights
- 931‑square‑foot storefront property on a 1.69‑acre parcel
- Mr. C's Homemade Ice Cream business included in the sale
- Business name, FF&E, recipes, and freezer equipment convey
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
$12,627
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
3.37%
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%
$252,540
$252.5K
Cap Rate 7%
$180,386
$180.4K
Cap Rate 9%
$140,300
$140.3K
Market Conditions
NOI Build-Up for 931 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
$20.1K $21.60/SF
− Vacancy
−$2.1K −$2.22/SF
EGI
$18.0K $19.38/SF
− OpEx
−$5.4K −$5.81/SF
NOI
$12.6K $13.56/SF
Area
Monroe County, FL
Vacancy
10.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$252,540
Cap Rate 7%
$180,386
Cap Rate 9%
$140,300
Alternative Uses
Best Use
Retail
$180.4K
$157.8K – $210.5K
NOI $12,627 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$374.5K
$327.7K – $436.9K
NOI $26,214 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
4k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Puerto Vallarta
Dining
3,533 visits/mo
0.1 miles
Demographics for 33036, FL
3,541
Population
3,651
Households
1
Avg Household Size
56
Median Age
40%
College-Educated
97%
High-School Grad
5.8 sq mi
ZIP Area
611
Density / Sq Mi
$88,214
Median Household Income
$46,735
Median Earnings
$1,846
Median Rent
$995,600
Median Home Value
Market
Vacancy Rate% for Retail 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?
Storefront property - Established specialty food operation with in-house production, freezer equipment, and a patio.
Where is this storefront property located?
The property is located at 86701 Overseas Hwy Upper Matecumbe Key Islamorada, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 931‑square‑foot storefront property on a 1.69‑acre parcel; Mr. C's Homemade Ice Cream business included in the sale; Business name, FF&E, recipes, and freezer equipment convey
