Two-Story Office
For Sale
$999,999
88101 Old Highway, Plantation Key, FL 33036
COMMERCIAL - Plantation Key, FL
Property Size2,244 SF
Lot Size0.14 Acres
Price / SF$445.63
Days on Market340
Property Features for 88101 Old Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HC - Highway Commercial
Bathrooms
1
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Appliances
Refrigerator
Subdivision
Plant Beach (87.5)
View
Water
Directions
US 1 MM 88
Standard status
Active
APN
00412770-000000
Size
2,244 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BK 1 LT 12 PLANTATION BEACH PB2-76 PLANTATION KEY OR615-184 OR615-683 OR833-1242 OR836-383 OR1073-1949 OR1126-1986 OR143
Tax Annual Amount
6826
Legal Description
BK 1 LT 12 PLANTATION BEACH PB2-76 PLANTATION KEY OR615-184 OR615-683 OR833-1242 OR836-383 OR1073-1949 OR1126-1986 OR143
Utilities
Cooling system
Central Air
Building Details
Year built
1991
Floors in Building
2
Flooring type
Carpet, Tile, Wood
Roof type
Metal
Listing Agency:
RE/MAX All Keys Real Estate
(305) 451-0060
Listed By:
Gregory Dully · License #3420625
(305) 900-4232
Added: Sep 17, 2025
Changed: Aug 4
Last Checked: Aug 22 at 11:06AM
MLS# 616512
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 two-story office property contains 2,244 square feet within a Key West/Conch-inspired building completed in 1991. The ground level includes a private office, meeting room, executive-style conference room, kitchenette, half bath, an additional office, and locked storage. Upstairs are five one-room offices with a shared kitchenette and half bath. In total, the building provides seven private offices and two conference rooms. Interior finishes include carpet, tile, and wood flooring, with central air conditioning and a metal roof.
The property is zoned HC - Highway Commercial and has 50 feet of frontage along the Overseas Highway. Nine rear parking spaces are accessible from Old Highway, while the front area is landscaped. The address is near the local courthouse, downtown Islamorada and Tavernier, restaurants, shopping, and Founder's Park. The property is located at 88101 Old Highway, Plantation Key, FL 33036.
The property is zoned HC - Highway Commercial and has 50 feet of frontage along the Overseas Highway. Nine rear parking spaces are accessible from Old Highway, while the front area is landscaped. The address is near the local courthouse, downtown Islamorada and Tavernier, restaurants, shopping, and Founder's Park. The property is located at 88101 Old Highway, Plantation Key, FL 33036.
Key Highlights
- 2,244‑square‑foot office building on 0.14 acres
- Seven private offices and two conference rooms
- 50 feet of frontage along the Overseas Highway
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
$42,311
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
4.23%
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%
$846,220
$846.2K
Cap Rate 7%
$604,443
$604.4K
Cap Rate 9%
$470,122
$470.1K
Market Conditions
NOI Build-Up for 2,244 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
$67.3K $30.00/SF
− Vacancy
−$10.9K −$4.86/SF
EGI
$56.4K $25.14/SF
− OpEx
−$14.1K −$6.29/SF
NOI
$42.3K $18.86/SF
Area
Monroe County, FL
Vacancy
16.20%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$846,220
Cap Rate 7%
$604,443
Cap Rate 9%
$470,122
Alternative Uses
Best Use
Office B
$604.4K
$528.9K – $705.2K
NOI $42,311 @ 7.0% cap · market cap 4.23%
Second Best
Mixed Use
$442.4K
$387.1K – $516.1K
NOI $30,967 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$902.6K
$789.8K – $1.05M
NOI $63,184 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Explore this area
Business Placement
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 Office 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?
Office building - Mixed-use highway commercial property with private offices, conference rooms, and rear parking access.
Where is this office building located?
The property is located at 88101 Old Highway Plantation Key, FL.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: 2,244‑square‑foot office building on 0.14 acres; Seven private offices and two conference rooms; 50 feet of frontage along the Overseas Highway
