Highway-Frontage Office
New
For Sale
$899,000
98251 Overseas Highway, Key Largo, FL 33037
Flexible commercial layout with multiple entrances, reception space, private rooms, and two bathrooms.
Property Size2,188 SF
Lot Size0.64 Acres
Price / SF$410.88
Days on Market2
Property Features for 98251 Overseas Highway
General Information
Standard status
Active
Size
2,188 SF
Lot size
0.64 Acres
Zoning
SR - Sub Urban Residential District
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$6,989
Building Details
Building Size
2,188 SF
Year Built
1997
Buildings
1
Stories
1
Listing Agency:
American Caribbean Real Estate, Christie's International Real Estate
Listed By:
Angel DiGiorgio · License #3418079
(305) 509-0971
Source:
Laerrealty
Added: Sep 2
Last Checked: Sep 2 at 1:44PM
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 American Caribbean Real Estate, Christie's International Real Estate
Investment Insights
Based on property information with market context.
Built in 1997, this 2,188-square-foot office building occupies a 27,790-square-foot lot at 98251 Overseas Highway in Key Largo. The interior includes a front reception or waiting area, four rooms, two bathrooms, and four separate exterior entrances, supporting a range of professional office or medical office configurations.
The property provides 130 feet of frontage along Overseas Highway and includes parking areas with shaded outdoor sections. Access is also supported by an established easement from Coco Plum Road, adding another point of entry to the site. The combination of highway exposure, flexible interior divisions, and multiple exterior entrances creates a practical setup for an owner-user or other commercial occupancy.
The property provides 130 feet of frontage along Overseas Highway and includes parking areas with shaded outdoor sections. Access is also supported by an established easement from Coco Plum Road, adding another point of entry to the site. The combination of highway exposure, flexible interior divisions, and multiple exterior entrances creates a practical setup for an owner-user or other commercial occupancy.
Key Highlights
- 2,188‑square‑foot office building constructed in 1997
- 27,790‑square‑foot lot with parking areas and shaded sections
- 130 feet of frontage along Overseas Highway
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 units - Flexible commercial layout with multiple entrances, reception space, private rooms, and two bathrooms.
Where is this office units 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 constructed in 1997; 27,790‑square‑foot lot with parking areas and shaded sections; 130 feet of frontage along Overseas Highway
