82705 Overseas HwyIslamorada, FL 33036

Property Details for 82705 Overseas Hwy

Year built

1960

Lot size

1.01 AC

Property size (Sq ft)

6,232 SF

Property type

Retail properties

Property subtype

Retail space

APN

00403860-000000

APU

403860000000

Description

This exceptional Islamorada commercial property presents a lucrative investment opportunity with a 7.7% cap rate at the asking price of $6,500,000. Strategically located in the heart of Islamorada, this property boasts 264 feet of frontage on Overseas Highway and an additional 277 feet on the Old Highway, ensuring high visibility and accessibility. The complex comprises three distinct buildings totaling 9,124 square feet of gross building area. Building 1 is a thriving retail hardware store. Building 2 combines a boat sales and service office with two income-generating, one-bedroom, one-bathroom apartments on the second floor. Building 3 provides valuable storage shed and workshop space. All buildings are currently 100% occupied under long-term, true NNN leases, minimizing landlord responsibilities and maximizing return on investment. Significant renovations and additions were completed in 2021 and 2023, ensuring the property is in excellent condition. Ample parking is available, complemented by extensive open-air boat storage, catering to the local maritime community. This turnkey operation offers a rare chance to acquire a high-performing commercial asset in a prime Islamorada location. The combination of strong tenant occupancy, favorable lease terms, and recent improvements makes this a compelling investment prospect.

• CAP approach

  CAP return

  Valuation

  6%

  $6,763,619

  6.5%

  $6,243,340

  7%

  $5,797,388

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,232,854

  Geo Method

  $5,232,854

• Alternative Use

  Use

  Valuation

  Residential

  $5,266,492

  Hospitality

  $4,824,078

  Educational

  $4,013,576

  Medical

  $4,151,609

  Retail

  $6,243,340

Location Insight

City

Islamorada

County

Monroe

State

Florida

Latitude

24.9266

Longitude

-80.6249

CBSA code

28580

CBSA name

KEY WEST-MARATHON, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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