Islamorada Mixed-Use Investment
For Sale
Contact for pricing
88101 Old Hwy, Plantation Key, FL 33036
Two-story mixed-use building with income potential in Islamorada.
Property Size2,244 SF
Price / SF$445.63
Days on Market330
Property Features for 88101 Old Hwy
General Information
Standard status
Active
Size
2,244 SF
Class
B
Total Parking Spaces
9
Property subtype
Mixed Use, Office
Zoning
HC- Highway Commercial
Building Details
Year Built
1991
Buildings
1
Stories
2
Listing Agency:
RE/MAX All Keys Real Estate
(305) 296-1400
Listed By:
Greg Dully · License #SL3420625
Source:
Crexi
Added: Sep 17, 2025
Changed: Aug 8
Last Checked: Aug 11 at 9:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX All Keys Real Estate
Investment Insights
Based on property information with market context.
This two-story Key West/Conch-inspired building is located in Islamorada and zoned for mixed-use highway commercial. It features 50 feet of frontage along the Overseas Highway, offering strong visibility and signage potential. The exterior includes mature landscaping, with parking for four spaces in front (currently landscaped) and nine spaces in the rear, accessible from Old Highway. Inside, the building has a bright reception area and functional layout. The second floor contains 5 one-room offices with a shared kitchenette and half bath, suitable for annual or month-to-month tenants. The ground level owner's suite includes a private office, a small meeting room, and a larger executive-style conference room, along with its own kitchenette and half bath. An additional office and locked storage room are located down another set of stairs, bringing the total to 7 private offices and two conference rooms. The property is positioned in a central Upper Keys location, minutes from the local courthouse, downtown Islamorada and Tavernier, with convenient access to local restaurants, shopping, and Founder's Park. With space for an owner's office and conference room, this 2,244 square foot property presents an investment opportunity in the Florida Keys.
Key Highlights
- Mixed‑use highway commercial zoning allows for flexible usage and income potential.
- Two‑story building with 7 private offices and 2 conference rooms provides ample space for owner use and rental income.
- Prime location in Islamorada with 50 feet of frontage on the Overseas Highway ensures high visibility and signage opportunities.
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
Location Intelligence
Trade Area within ½ mile
363
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use building with income potential in Islamorada.
Where is this mixed-use property located?
The property is located at 88101 Old Hwy 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: Mixed‑use highway commercial zoning allows for flexible usage and income potential.; Two‑story building with 7 private offices and 2 conference rooms provides ample space for owner use and rental income.; Prime location in Islamorada with **50 feet of frontage on the Overseas Highway ensures high visibility and signage opportunities.**
