30964 Overseas HwyBig Pine Key, FL 33043

Property Details for 30964 Overseas Hwy

Year built

1984

Lot size

0.48 AC

Property size (Sq ft)

1,600 SF

Property type

Retail space

APN

00111310-000000

APU

111310000000

Description

This exceptional investment opportunity presents a 1,600-square-foot, free-standing retail building in Big Pine Key, Florida, operating as a cannabis dispensary. Located at 30964 Overseas Highway, this property boasts a highly desirable location with a drive-through, a rare feature now prohibited in new constructions. The building, originally constructed in 1984, underwent renovations in 2019 and 2022 (roof replacement). The property sits on a 20,844-square-foot lot and is currently under a triple-net (NNN) lease with a 15-year term commencing October 1, 2023, and expiring September 30, 2038. The lease includes a 3% annual rent escalation. The current tenant enjoys 100% occupancy, generating a net operating income (NOI) of $96,000 annually, representing a 6.25% cap rate at the asking price of $1,536,000 ($960 per square foot). The tenant has no credit rating. The property's value is further enhanced by Monroe County's consideration of building moratoriums and restricted new construction permits, mitigating future competition. This is a single-tenant, single-story building with a strong, long-term lease, making it an attractive investment in a growing market. The APN is 00111310-000000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,187,184

  6.5%

  $1,095,862

  7%

  $1,017,586

• Comparable approach

  Method

  Valuation

  Relative Method

  $955,494

  Geo Method

  $955,494

• Alternative Use

  Use

  Valuation

  Residential

  $924,401

  Hospitality

  $846,746

  Educational

  $704,483

  Medical

  $728,711

  Retail

  $1,095,862

Location Insight

City

Big Pine Key

County

Monroe

State

Florida

Latitude

24.6691

Longitude

-81.3489

CBSA code

28580

CBSA name

KEY WEST-MARATHON, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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