300 Buttonwood CirKey Largo, FL 33037

Property Details for 300 Buttonwood Cir

Year built

1959

Property size (Sq ft)

2,714 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional Key Largo investment opportunity presents a stunning, canal-front multifamily property offering six fully furnished units, each with designated parking. Boasting 2,714 square feet of rentable space across two, single-story buildings on a 15,590 square foot lot, this property provides a strong return. Completely remodeled in 2019, the property includes a private boat dock and direct canal access with unobstructed views of the open ocean. The property benefits from rare short-term rental permit exemptions from Monroe County and holds a valid Florida motel license, allowing for nightly rentals. An established Airbnb account with a proven track record of rental income and occupancy since 2019 is included in the sale. The current NOI is $450,000, with a pro-forma NOI of $600,000, resulting in an 8.18% cap rate and a pro-forma cap rate of 10.91%. The asking price is $5,500,000, representing a price per unit of $916,666.67 and $2,026.53 per square foot. This fee-simple ownership offers a unique blend of short-term rental flexibility and the desirable Key Largo lifestyle. Eight parking spaces are available. The property is located at 300 Buttonwood Cir, Key Largo, FL 33037. Built in 1959, this Class A stabilized investment is ready for immediate income generation.

Location Insight

City

Key Largo

County

Monroe

State

Florida

Latitude

25.0876

Longitude

-80.4372

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