Mixed-Use Building with Highway
For Sale
$2,895,000
92295 Old State Road, Key Largo, FL 33070
COMMERCIAL - Key Largo, FL
Property Size6,214 SF
Lot Size0.86 Acres
Price / SF$463.87
Days on Market132
Property Features for 92295 Old State Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
SC - Sub Urban Commercial
Bathrooms
3
Half bathrooms
6
Rooms
Bathroom 3, Bathroom 5, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 6
Appliances
No Appliances
Subdivision
Tavernier Ocean Shores (92.0)
View
Water
Directions
Google Maps
Standard status
Active
APN
00482650-000000
Size
6,241 SF
Lot size
0.86 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TAVERNIER OCEAN SHORES PB4-112 KEY LARGO LOTS 1-3 & 27-62-38 ISLAND OF KEY LARGO PT LOT 8 OR517-691 OR1365-808 OR1387-24
Tax Annual Amount
16461
Legal Description
TAVERNIER OCEAN SHORES PB4-112 KEY LARGO LOTS 1-3 & 27-62-38 ISLAND OF KEY LARGO PT LOT 8 OR517-691 OR1365-808 OR1387-24
Utilities
Cooling system
Central Air
Amenities
fenced lot
exterior walkways
Building Details
Year built
1994
Floors in Building
1
Building materials
CBS
Roof type
Metal
Listing Agency:
Ocean Sotheby's International Realty
(305) 712-8888
Listed By:
Claudette Mell · License #3015412
(305) 393-1839
Added: Apr 13
Changed: Aug 4
Last Checked: Aug 22 at 1:06PM
MLS# 619473
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 mixed-use commercial building is constructed with CBS and features central air with a metal roof. Built in 1994, the property is configured as six separate units or suites connected by exterior walkways, offering flexible space for multiple tenants or varied business operations. Each unit includes a half bathroom, with two additional restrooms accessible via the exterior walkways. The building provides approximately 6,214 square feet of space on a 37,477 square foot fenced lot, with survey on file.
Set on the northbound side of US-1, the property has 313 feet of highway frontage. Access is provided via a cross street to the southbound lane, supporting convenient customer and client access.
The layout and unit configuration are positioned for a wide range of uses, including retail, office, medical, educational, fitness, or storage.
Set on the northbound side of US-1, the property has 313 feet of highway frontage. Access is provided via a cross street to the southbound lane, supporting convenient customer and client access.
The layout and unit configuration are positioned for a wide range of uses, including retail, office, medical, educational, fitness, or storage.
Key Highlights
- 313 feet of US‑1 highway frontage on the northbound side
- Six separate units/suites connected by exterior walkways
- Approximately 6,214 sq. ft. building area on a 37,477 sq. ft. fenced lot
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
$117,674
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
4.06%
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%
$2,353,480
$2.4M
Cap Rate 7%
$1,681,057
$1.7M
Cap Rate 9%
$1,307,489
$1.3M
Market Conditions
NOI Build-Up for 6,241 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
$187.2K $30.00/SF
− Vacancy
−$30.3K −$4.86/SF
EGI
$156.9K $25.14/SF
− OpEx
−$39.2K −$6.29/SF
NOI
$117.7K $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%
$2,353,480
Cap Rate 7%
$1,681,057
Cap Rate 9%
$1,307,489
Alternative Uses
Best Use
Office B
$1.68M
$1.47M – $1.96M
NOI $117,674 @ 7.0% cap · market cap 4.06%
Second Best
Mixed Use
$1.23M
$1.08M – $1.44M
NOI $86,126 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $175,727 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
472
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 - Six connected units on a fenced lot zoned SC - Sub Urban Commercial, with central air and concrete construction.
Where is this mixed-use property located?
The property is located at 92295 Old State Road 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: 313 feet of US‑1 highway frontage on the northbound side; Six separate units/suites connected by exterior walkways; Approximately 6,214 sq. ft. building area on a 37,477 sq. ft. fenced lot
