High-Frontage Mixed-Use Building with
For Sale
$2,895,000
92295 Old State Road #4A, Key Largo, FL 33070
Concrete mixed-use building with six exterior-access suites and extensive US-1 frontage for flexible retail, office, and medical use.
Property Size6,241 SF
Lot Size0.86 Acres
Price / SF$465.88
Days on Market47
Property Features for 92295 Old State Road #4A
General Information
Standard status
Active
Size
6,241 SF
Lot size
0.86 Acres
Zoning
SC - Sub Urban Commercial District
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$16,461
Building Details
Building Size
6,241 SF
Year Built
1994
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Ocean Sotheby's International Realty
(305) 393-1839
Listed By:
Claudette Mell · License #3015412
(305) 393-1839
Source:
Laerrealty
Added: Jul 7
Changed: Aug 8
Last Checked: Aug 22 at 3:48AM
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 Ocean Sotheby's International Realty
Investment Insights
Based on property information with market context.
This solid concrete mixed-use commercial building offers approximately 6,214 sq. ft. of space on a 37,477 sq. ft. fenced lot. The property is configured into six separate units/suites, each accessible via exterior walkways, supporting multiple tenants or varied operating needs. Every unit includes a half bathroom, and two additional restrooms are accessible through the exterior walkway connections.
The building is positioned on the northbound side of US-1 with convenient access via a cross street to the southbound lane. The site provides approximately 313 feet of US-1 highway frontage, supporting visibility and customer access from a high-exposure roadway.
The suite layout and dedicated unit half-baths make the building workable for a range of user types, including retail, office, medical, educational, fitness, or storage. A survey is on file. For buyers considering structure beyond traditional financing, the listing notes seller financing terms including a $500,000 down payment, a 6% interest rate, and a 5-year balloon.
The building is positioned on the northbound side of US-1 with convenient access via a cross street to the southbound lane. The site provides approximately 313 feet of US-1 highway frontage, supporting visibility and customer access from a high-exposure roadway.
The suite layout and dedicated unit half-baths make the building workable for a range of user types, including retail, office, medical, educational, fitness, or storage. A survey is on file. For buyers considering structure beyond traditional financing, the listing notes seller financing terms including a $500,000 down payment, a 6% interest rate, and a 5-year balloon.
Key Highlights
- 1994‑built concrete mixed‑use commercial building with approx. 6,214 sq. ft. on a 37,477 sq. ft. fenced lot
- Six separate units/suites with exterior walkways, each including a half bathroom
- Two additional restrooms accessible via exterior walkways for shared use across the property
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
$117,165
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
4.05%
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%
$2,343,300
$2.3M
Cap Rate 7%
$1,673,786
$1.7M
Cap Rate 9%
$1,301,833
$1.3M
Market Conditions
NOI Build-Up for 6,214 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
$186.4K $30.00/SF
− Vacancy
−$30.2K −$4.86/SF
EGI
$156.2K $25.14/SF
− OpEx
−$39.1K −$6.29/SF
NOI
$117.2K $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%
$2,343,300
Cap Rate 7%
$1,673,786
Cap Rate 9%
$1,301,833
Alternative Uses
Best Use
Office B
$1.67M
$1.46M – $1.95M
NOI $117,165 @ 7.0% cap · market cap 4.05%
Second Best
Mixed Use
$1.23M
$1.07M – $1.43M
NOI $85,753 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $174,966 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
112
Businesses Nearby
Explore this area
Business Placement
Demographics for 33070, FL
6,220
Population
4,366
Households
1.4
Avg Household Size
52
Median Age
35%
College-Educated
93%
High-School Grad
4.2 sq mi
ZIP Area
1,481
Density / Sq Mi
$77,228
Median Household Income
$40,511
Median Earnings
$1,866
Median Rent
$695,000
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 - Concrete mixed-use building with six exterior-access suites and extensive US-1 frontage for flexible retail, office, and medical use.
Where is this mixed-use property located?
The property is located at 92295 Old State Road #4A Key Largo, FL.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: 1994‑built concrete mixed‑use commercial building with approx. 6,214 sq. ft. on a 37,477 sq. ft. fenced lot; Six separate units/suites with exterior walkways, each including a half bathroom; Two additional restrooms accessible via exterior walkways for shared use across the property
