81908 Overseas HwyIslamorada, FL 33036

Property Details for 81908 Overseas Hwy

Year built

1963

Lot size

0.29 AC

Property size (Sq ft)

3,995 SF

Property type

Bars

APN

00399280-000000

APU

399280000000

Description

This exceptional 30,415 sq ft Islamorada property presents a unique redevelopment opportunity. Located on Overseas Highway with 100 ft of frontage, it boasts a 3,995 sq ft vacant building, previously a restaurant and bar, holding a coveted 5COP liquor license (no food sales required, package store permitted). The Village Center zoning allows for diverse uses including residential (single-family estate, multi-family compound, up to 8 units with additional TDRs), retail (package store, general store), hospitality (restaurants), and marina development. The property includes a bayfront boat basin with dockage for up to 7 vessels, plus potential for a 100 ft dock expansion, and deeded bay bottom. Three transferable development rights (TDRs) are also included. Two parcels are sold together. The property was built in 1963 and sits on a single-story building. Asking price is $7,500,000 ($1,877.35/sq ft).

• CAP approach

  CAP return

  Valuation

  6%

  $4,335,664

  6.5%

  $4,002,152

  7%

  $3,716,284

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,354,413

  Geo Method

  $3,354,413

• Alternative Use

  Use

  Valuation

  Residential

  $3,375,965

  Hospitality

  $3,092,366

  Educational

  $2,572,812

  Medical

  $2,661,295

  Retail

  $4,002,152

Location Insight

City

Islamorada

County

Monroe

State

Florida

Latitude

24.9199

Longitude

-80.6337

CBSA code

28580

CBSA name

KEY WEST-MARATHON, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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