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    35 Ocean Reef Dr Key Largo, FL 33037-5263
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    Property profile & analytics

    35 Ocean Reef Dr Key Largo, FL 33037-5263

    View on Map
    • Office buildings
    • 30,766 SF
    • 2.37 lot acres
    Off-Market
    Property ID
    US18-5072998
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $5,565,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Gianni Ristorante / Restaurant
    • Encore / IT Consulting Firm / Tech Support Center
    • Ocean Reef Community Association / Association / Organization
    • REEF Lounge / Bar & Pub
    • Ocean Reef Club Sotheby's International Realty / Real Estate Agency

    Property Details for 35 Ocean Reef Dr

    Year built
    2001
    Lot size
    2.37 lot acres
    Property size
    30,766 SF
    Property type
    Office buildings
    APN
    00081740-000500
    APU
    81740000500

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Key Largo
    County
    Monroe
    State
    Florida
    Longitude
    -80.2799
    Latitude
    25.3159
    CBSA code
    28580
    CBSA name
    KEY WEST-MARATHON, FL MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $38,932
    $1,517,584
    $4,234,853
    $5,752,437
    -
    $1,517,584
    $4,234,853
    $5,752,437

    Comparable in this City

    • Value Estimation
      $965,000
      4,320 SF

      103355 Overseas Hwy

      OFFICE BUILDING • 4,320 SF
      103355 Overseas Hwy, Key Largo, FL 33037-4762
      View Details
    • Value Estimation by Request
      5,177 SF

      101350 Overseas Hwy

      OFFICE BUILDING (MULTI-STORY) • 5,177 SF
      101350 Overseas Hwy, Key Largo, FL 33037-2692
      View Details
    • Value Estimation
      $2,110,000
      12,112 SF

      99353 Overseas Hwy Ste, Unit 1

      OFFICE BUILDING (MULTI-STORY) • 12,112 SF
      99353 Overseas Hwy Ste, Key Largo, FL 33037-4239
      View Details
    • Value Estimation
      $1,060,000
      4,074 SF

      300 Atlantic Dr

      OFFICE BUILDING • 4,074 SF
      300 Atlantic Dr, Key Largo, FL 33037-4320
      View Details
    • Value Estimation
      $815,000
      3,119 SF

      10 Barracuda Ln

      PROFESSIONAL BUILDING • 3,119 SF
      10 Barracuda Ln, Key Largo, FL 33037-3733
      View Details
    • Value Estimation
      $1,000,000
      3,595 SF

      94500 Overseas Hwy

      OFFICE BUILDING (MULTI-STORY) • 3,595 SF
      94500 Overseas Hwy, Key Largo, FL 33037-2034
      View Details

    Similar Nearby for Sale

    • $1,250,000

      High-Visibility US1 Corner Office Building

      Income-producing office building with growth potential on a corner lot.
      103301 Overseas Hwy, Key Largo, FL 33037
      View Details
    • Contact for pricing

      Office Space Available

      Office space for rent in Key Largo, Florida.
      103301 Overseas Hwy, Key Largo, FL 33037
      View Details
    • Contact for pricing
      5,457 SF

      Key Largo Commercial Space Available

      5,457 sqft commercial space in the heart of Key Largo.
      99451 Overseas Hwy, Key Largo, FL 33037
      View Details
    • $1,790,000
      4,910 SF

      Key Largo Mixed-Use Property

      High-visibility mixed-use property with commercial storefront and residential apartment.
      100636 Overseas Hwy, Key Largo, FL 33037
      View Details
    • Contact for pricing
      2,400 SF

      Key Largo Commercial Opportunity

      Highway frontage building with upstairs space for lease.
      106600 Overseas Hwy, Key Largo, FL 33037
      View Details

    Similar Nearby for Lease

    • $10,900 /Mo

      Class A Office Center Lease

      Class A office space for lease in Key Largo, FL.
      94500 Overseas Hwy, Key Largo, FL 33037
      View Details
    • $9,900 /Mo
      2,436 SF

      Key Largo Office Building Opportunity

      Modern, fully equipped office building in a high-visibility Key Largo location.
      100150 Overseas Hwy, Key Largo, FL 33037
      View Details
    • $3,500 /Mo
      768 SF

      Key Largo Free Standing Office

      Free standing office building in the heart of Key Largo.
      101875 Overseas Hwy, Key Largo, FL 33037
      View Details
    • $1,250 /Mo
      13,839 SF

      Key Largo Office For Rent

      Office space available for rent in Key Largo, Florida.
      103301 Overseas Hwy, Key Largo, FL 33037
      View Details
    • Contact for pricing
      4,000 SF

      Retail and Office Space Available

      Retail and office spaces for lease in Key Largo.
      103400 Overseas Hwy, Key Largo, FL 33037
      View Details
    • New
      $3,600 /Mo
      1,883 SF

      Key Largo Commercial Building For Rent

      Freestanding commercial building in central Key Largo with flexible zoning.
      110 Ocean Dr, Key Largo, FL 33037
      View Details

    Property Visit Statistics

    • Visits by month
      3.3k
    • Visitors by month
      2.3k
    • Avg Time on site
      38 min
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    Key Largo, FL 33037-5263
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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.

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