For Sale
$6,490,000

91865 Overseas HwyTavernier, FL 33070

15-unit complex, high ROI, renovated 2024

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional mixed-use property, located at 91865 Overseas Hwy, Tavernier, FL 33070, presents a compelling investment opportunity. The 21,140 square foot building, constructed in 1936 and completely renovated in 2024, boasts 15 units: 10 residential apartments and 5 commercial spaces. All units are currently 100% occupied, generating a current NOI of $480,000 and a pro-forma NOI of $550,000, representing a 6.34% cap rate and a pro-forma cap rate of 7.41%. The asking price is $6,490,000, translating to a price per square foot of $307. The property features 30 parking spaces and benefits from a gross lease structure with credit-rated tenants. Recent renovations include new metal roofs, impact windows and doors, new pavers, updated plumbing and electrical systems, fresh stucco and paint. The residential units are fully furnished and equipped with new air conditioning units and updated interiors. The commercial spaces are leased to long-term tenants. Seller financing is negotiable. This turnkey investment offers substantial revenue potential and a prime location on the Overseas Highway between Plantation Key and Key Largo. The property's meticulous renovation and strong tenant base ensure a stable and high-return investment.

Highlights

  • $6,490,000 asking price for this stabilized mixed-use, multifamily investment property.
  • 15-unit apartment building with 100% occupancy and 30 parking spaces.
  • 21,140 square feet on a 21,140 square foot lot, featuring 10 residential and 5 commercial units.
  • Gross lease type with credit-rated tenants; current NOI of $480,000, pro-forma NOI of $550,000.
  • Located at 91865 Overseas Hwy, Tavernier, FL 33070; Class B building, built in 1936 and fully renovated in 2024.
  • 6.34% cap rate, 7.41% pro-forma cap rate; $307 per square foot.

Property Details for 91865 Overseas Hwy

Property type
Mixed-use properties, Apartment buildings
Square Feet
21,140 SF
Class
B
Year Built/Renovated
1936/2024
Stories
2
Units
15

Location Insight

City
Tavernier
County
Monroe
State
Florida
Latitude
25.009054
Longitude
-80.5170269
91865 Overseas Hwy, Tavernier, Florida

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91865 Overseas Hwy
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