80939 Overseas HwyIslamorada, FL 33036

Property Details for 80939 Overseas Hwy

Year built

1963

Lot size

0.85 AC

Property size (Sq ft)

2,612 SF

Property type

Industrial properties

Property subtype

Industrial live-work properties

APN

00096250-000000

APU

96250000000

Description

This exceptional commercial property presents a rare development opportunity in the heart of Islamorada, Florida. Situated on a sizable 0.75-acre lot at 80939 Overseas Highway, this property boasts a unique blend of existing structures and significant redevelopment potential. Currently, the site includes six transient units, providing immediate income generation, along with one market-rate unit and an established restaurant. The restaurant possesses a license for over 200 seats, encompassing both indoor and outdoor dining areas, and ample parking is available. This versatile property offers a multitude of development pathways. Imagine transforming it into a boutique hotel with an on-site restaurant, catering to the growing tourism market. Alternatively, the existing infrastructure could be leveraged to expand the restaurant operations, potentially adding additional units for employee housing. The property's prime location in downtown Islamorada ensures high visibility and accessibility, making it an attractive investment for both seasoned developers and entrepreneurs seeking a unique venture. Given the scarcity of such opportunities in this desirable location, this property is expected to generate significant interest. The asking price is $4,500,000. Don't miss this chance to acquire a piece of Islamorada's vibrant commercial landscape.

• CAP approach

  CAP return

  Valuation

  6%

  $2,391,172

  6.5%

  $2,207,236

  7%

  $2,049,576

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,348,960

  Geo Method

  $1,348,960

• Alternative Use

  Use

  Valuation

  Residential

  $2,207,236

  Hospitality

  $2,021,816

  Educational

  $1,682,128

  Medical

  $1,739,978

  Retail

  $2,616,643

Location Insight

City

Islamorada

County

Monroe

State

Florida

Latitude

24.9083

Longitude

-80.6458

CBSA code

28580

CBSA name

KEY WEST-MARATHON, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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