Highway-Front Office
New
For Sale
$899,000
98251 Overseas Highway, Key Largo, FL 33037
Commercial Sale, Key Largo, FL
Property Size2,188 SF
Lot Size0.64 Acres
Price / SF$410.88
Days on Market6
Property Features for 98251 Overseas Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
SR - Sub Urban Residentia
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3
Window features
Aluminum Frames
Appliances
Refrigerator, Washer, Dryer, Dishwasher
Subdivision
Rock Harbor Est (98.0)
View
Water
Directions
Turn right on to Coco Plum RD then turn right in the first driveway drive past the Costal Everglades Microschool then go through the gate.
Standard status
Active
APN
00090550000100
Size
2,188 SF
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
5 62 39 Island Of Key Largo Pb1-59 Pt Lot 2 Or1300-942E Or1340-2349/50 Or1507-2198Tc Or1554-1635/36
Tax Annual Amount
6989
Legal Description
5 62 39 Island Of Key Largo Pb1-59 Pt Lot 2 Or1300-942E Or1340-2349/50 Or1507-2198Tc Or1554-1635/36
Utilities
Cooling system
Central Air
Building Details
Year built
1997
Floors in Building
1
Flooring type
Wood
Building materials
Frame, Combo Construction
Roof type
Metal
Listing Agency:
American Caribbean Real Estate, Christie's International Real Estate
(305) 451-4078
Listed By:
Angel DiGiorgio · License #3418079
(305) 509-0971
Added: Aug 27
Changed: Sep 1
Last Checked: Sep 1 at 8:06PM
MLS# 621177
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 2,188-square-foot office building was constructed in 1997 and sits on a 27,790-square-foot lot. The interior includes a front reception or waiting area, four rooms, two bathrooms, and four exterior entrances. Central air, wood flooring, a metal roof, and frame and combo construction are among the documented improvements. Appliances include a refrigerator, washer, dryer, and dishwasher.
The property is located at 98251 Overseas Highway in Key Largo, with 130 feet of highway frontage. Access is also supported by an established easement from Coco Plum Road. The site encompasses 0.64 acres and includes parking and shaded areas. Zoning is identified as SR - Sub Urban Residentia.
The property is located at 98251 Overseas Highway in Key Largo, with 130 feet of highway frontage. Access is also supported by an established easement from Coco Plum Road. The site encompasses 0.64 acres and includes parking and shaded areas. Zoning is identified as SR - Sub Urban Residentia.
Key Highlights
- 2,188‑square‑foot office building on a 27,790‑square‑foot lot
- 130 feet of frontage along Overseas Highway
- 0.64‑acre site with parking and shaded areas
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
$41,255
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
4.59%
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%
$825,100
$825.1K
Cap Rate 7%
$589,357
$589.4K
Cap Rate 9%
$458,389
$458.4K
Market Conditions
NOI Build-Up for 2,188 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
$65.6K $30.00/SF
− Vacancy
−$10.6K −$4.86/SF
EGI
$55.0K $25.14/SF
− OpEx
−$13.8K −$6.29/SF
NOI
$41.3K $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%
$825,100
Cap Rate 7%
$589,357
Cap Rate 9%
$458,389
Alternative Uses
Best Use
Office B
$589.4K
$515.7K – $687.6K
NOI $41,255 @ 7.0% cap · market cap 4.59%
Second Best
Healthcare Medical
$424.4K
$371.4K – $495.1K
NOI $29,708 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$880.1K
$770.1K – $1.03M
NOI $61,607 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional layout includes a reception area, four rooms, two bathrooms, and four separate exterior entry points.
Where is this office building located?
The property is located at 98251 Overseas Highway Key Largo, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 2,188‑square‑foot office building on a 27,790‑square‑foot lot; 130 feet of frontage along Overseas Highway; 0.64‑acre site with parking and shaded areas
