Islamorada, FL 33036

Property Details

Year built

1963

Property type

Commercial real estate

Description

This exceptional Islamorada investment opportunity presents a unique blend of commercial and residential potential. Spanning 30,415 square feet, this property boasts two Village Center parcels extending from the highway to the bay. Currently housing a 3,995 square foot restaurant and bar with a valuable 5COP liquor license (no food quota), the property offers immediate income potential. The Village Center zoning allows for a diverse range of uses, including single-family estates, multi-family compounds, luxury townhomes, vacation rentals, restaurants, marinas, wedding venues, and general stores with package sales. A significant advantage is the inclusion of a bayfront boat basin with dockage for up to seven vessels, and sufficient depth for an additional 100-foot dock. The property also includes deeded bay bottom. The Village of Islamorada officially recognizes three waterfront market-rate dwelling units, represented by transferable development rights (TDRs). These TDRs can be used on-site, transferred elsewhere, or sold. Village Center zoning permits up to eight market-rate dwelling units, potentially creating a luxurious townhome community with the addition of further TDRs. This property is ideally situated for redevelopment into a spectacular residential estate, a thriving new business, or the revitalization of an existing iconic establishment. All information should be independently verified by the buyer. Priced at $6,995,000.

Location Insight

City

Islamorada

County

Monroe

State

Florida

Longitude

-80.6331

Latitude

24.9226