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    2 Overseas Hwy Summerland Key, FL 33042

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    2 Overseas Hwy Summerland Key, FL 33042

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    • Warehouses

    Property Details for 2 Overseas Hwy

    Property type
    Warehouses
    Property subtype
    Land

    Description

    This exceptional vacant commercial lot, located at Lot 2 Overseas Hwy in Cudjoe Key, Florida (zip code 33042), presents a unique investment opportunity. Priced at $275,000, this industrial land parcel offers significant potential for business development in the Lower Keys. The property boasts approximately 100 feet of frontage on the highly trafficked Overseas Highway, ensuring excellent visibility and accessibility. Partially cleared, the lot is conveniently situated near popular local establishments, including the Square Grouper Bar & Grill, further enhancing its commercial viability. Easy access from La Fitte Drive adds to its appeal. The lot's size is not specified, but the provided marketing materials indicate it is suitable for commercial development. Potential land use information is available upon request

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Summerland Key
    County
    Monroe
    State
    Florida
    Longitude
    -81.4397
    Latitude
    24.6615

    Comparable in this City

    • Value Estimation by Request
      1,665 SF

      22484 Overseas Hwy

      DISTRIBUTION WAREHOUSE • 1,665 SF
      22484 Overseas Hwy, Cudjoe Key, FL 33042-4261
      View Details
    • Value Estimation by Request
      2,240 SF

      26577 Overseas Hwy

      DISTRIBUTION WAREHOUSE • 2,240 SF
      26577 Overseas Hwy, Summerland Key, FL 33042
      View Details
    • Value Estimation
      $540,000
      2,475 SF

      24642 Overseas Hwy

      DISTRIBUTION WAREHOUSE • 2,475 SF
      24642 Overseas Hwy, Summerland Key, FL 33042
      View Details
    • Value Estimation by Request
      4,308 SF

      22825 Cudjoe Dr

      DISTRIBUTION WAREHOUSE • 4,308 SF
      22825 Cudjoe Dr, Summerland Key, FL 33042-4215
      View Details
    • Value Estimation by Request
      0.16 Acres

      22958 Cudjoe Dr

      STORAGE YARD, OPEN STORAGE • 0.16 Acres
      22958 Cudjoe Dr, Cudjoe Key, FL 33042-4217
      View Details
    • Value Estimation by Request
      0.19 Acres

      22776 Overseas Hwy

      STORAGE YARD, OPEN STORAGE • 0.19 Acres
      22776 Overseas Hwy, Cudjoe Key, FL 33042
      View Details

    Similar Nearby for Sale

    • $1,395,000
      1,250 SF

      Cudjoe Key Commercial Redevelopment Site

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      Land For Sale

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      Vacant Land in Little Torch

      Vacant land available in Little Torch Key, Florida.
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      Land For Sale

      Land available at 701 Spanish Main Drive, Cudjoe, FL
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    • $495,000

      Land For Sale

      Land available in Cudjoe, Florida.
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    Summerland Key, FL 33042
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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