Key Largo Development
98250 Overseas Hwy, Key Largo, FL 33037
For Sale
Contact for pricing
Prime 1-acre property on Overseas Highway, ideal for development.
Property Size6,052 SF
Lot Size1.01 Acres
Price / SF$479.18
Days on Market1078
Property Features for 98250 Overseas Hwy
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Listing Agency:
eXp Realty - Jamie Posner - Pro
Listed By:
Jamie Posner · License FL SL3428821
(561) 221-7740
Source:
Crexi
Added: Nov 30, 2023
Changed: Sep 3
Last Checked: Aug 14 at 5:59AM
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 eXp Realty - Jamie Posner - Pro
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Investment Insights
Based on property information with market context.
Located on Overseas Highway in Key Largo, this property presents a future development opportunity. The site includes a building of approximately 6,052 square feet on a lot of approximately 43,797 square feet, equivalent to 1.005 acres. Featuring 130 feet of frontage on both the northbound and southbound lanes, the property consists of two parcels of land and buildings. Currently operating as a boat repair shop and refurbished in 2022, the property will be delivered vacant at closing. The zoning allows for various commercial retail and office uses, offering versatility for future development plans. This property is suited for an owner/user or new business headquarters.
Key Highlights
- Prime 1.005‑acre future development site in Key Largo.
- Located on the highly desirable Overseas Highway with 130 ft. frontage on both northbound and southbound lanes.
- Zoning allows for various commercial retail and office uses.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,081
Cap Rate
2.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,641,620
$1.6M
Cap Rate 7%
$1,172,586
$1.2M
Cap Rate 9%
$912,011
$912.0K
Market Conditions
NOI Build-Up for 6,052 SF
Gross rent
$130.7K $21.60/SF
− Vacancy
−$13.5K −$2.22/SF
EGI
$117.3K $19.38/SF
− OpEx
−$35.2K −$5.81/SF
NOI
$82.1K $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 Rate 5%
$1,641,620
Cap Rate 7%
$1,172,586
Cap Rate 9%
$912,011
Alternative Uses
Best Use
Retail
$1.17M
$1.03M – $1.37M
NOI $82,081 @ 7.0% cap · market cap 2.83%
Second Best
Industrial
$1.16M
$1.02M – $1.36M
NOI $81,306 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,405 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
9k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon Petroleum
Shops & Services
9,193 visits/mo
0.1 miles
Demographics for 33037, FL
13,875
Population
10,494
Households
1.3
Avg Household Size
53
Median Age
41%
College-Educated
95%
High-School Grad
32.9 sq mi
ZIP Area
422
Density / Sq Mi
$80,911
Median Household Income
$40,641
Median Earnings
$1,896
Median Rent
$660,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- Guy's Tire Service — Key Largo, FL 33037
Frequently Asked Questions
What type of property is this?
Auto shop - Prime 1-acre property on Overseas Highway, ideal for development.
Where is this auto shop located?
The property is located at 98250 Overseas Hwy Key Largo, FL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Prime 1.005‑acre future development site in Key Largo.; Located on the highly desirable Overseas Highway with 130 ft. frontage on both northbound and southbound lanes.; Zoning allows for various commercial retail and office uses.
