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1250 Overseas Highway

Big Coppitt, FL 33040
  • $7,900,000
  • STATUS: Active
  • ON SITE: 205 Days
  • MLS #: 606238
UPDATED: 56 min ago
$7,900,000
  • 0
    BEDS
  • 1.43
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
County:

School Ratings & Info

Description

Prime Key West oceanfront commercial property along bustling US1, boasting a staggering 462 feet of road frontage and an exquisite 270 feet of oceanfront access just opposite Shark Key! Zoned for Suburban Urban Commercial use, this property has undergone an extensive 20-month collaboration with architects and engineers, now on the verge of final permits for the construction of 37 storage condominiums sized 14 W 41 L 17 H. The only pending requirement is the water connection drawing, expected imminently to conclude the process.With a 28-year history hosting two businesses, this property offers versatile approved uses, including storage, boat rentals. The owner, due to health reasons is choosing to retire and pass this opportunity to the savvy buyer. Property is under value for quick sale.Projections for the pontoon boats and condominiums:Pontoon boats: 10 boats generating $500 per day per boat, totaling $1,825,000 annually, with a conservative 75% occupancy, resulting in $1,368,750.Condominium rental potential:37 units leased at $2,250 per month amount to $83,250 monthly or $999,000 annually.At a higher rate of $2,500 per month, the total yearly income reaches $1,110,000, potentially yielding a minimum gross income of approximately $2.3 million annually.Sales of the condominiums:The estimated sale of 37 units at $395,000 each amount to $14,615,000, while at a higher price of $450,000 per unit, the projected sales revenue equals $16,650,000.

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The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than Jamie Engel & The Florida Keys Home Team | Coldwell Banker Schmitt Real Estate Co are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
www.buyinthekeys.com/homes/142182338
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1250 Overseas Highway Big Coppitt, FL 33040

  • Price: $7,900,000
  • Status: Active
  • On Site: 205 Days
  • Updated: 56 min ago
  • MLS #: 606238
0
Beds
0
Baths
0
½ Baths
1.43
Acres
Neighborhood:
Porpoise Pt Reel/Ra (10.0)
County:
Monroe
Area:
05 - Stock Island To Shark Key
Property Description
Prime Key West oceanfront commercial property along bustling US1, boasting a staggering 462 feet of road frontage and an exquisite 270 feet of oceanfront access just opposite Shark Key! Zoned for Suburban Urban Commercial use, this property has undergone an extensive 20-month collaboration with architects and engineers, now on the verge of final permits for the construction of 37 storage condominiums sized 14 W 41 L 17 H. The only pending requirement is the water connection drawing, expected imminently to conclude the process.With a 28-year history hosting two businesses, this property offers versatile approved uses, including storage, boat rentals. The owner, due to health reasons is choosing to retire and pass this opportunity to the savvy buyer. Property is under value for quick sale.Projections for the pontoon boats and condominiums:Pontoon boats: 10 boats generating $500 per day per boat, totaling $1,825,000 annually, with a conservative 75% occupancy, resulting in $1,368,750.Condominium rental potential:37 units leased at $2,250 per month amount to $83,250 monthly or $999,000 annually.At a higher rate of $2,500 per month, the total yearly income reaches $1,110,000, potentially yielding a minimum gross income of approximately $2.3 million annually.Sales of the condominiums:The estimated sale of 37 units at $395,000 each amount to $14,615,000, while at a higher price of $450,000 per unit, the projected sales revenue equals $16,650,000.
Exterior Features

Construction Other Dockage None Land Size 1 Less Than 2 Acres Lot Size Approx 460x240 Miscellaneous Open Water View Side Ocean Style Commercial Waterfront Oceanfront Waterfront YN Yes Waterview Ocean View

Interior Features

Appliances No Appliances

Property Features

Assoc Hoa YN No Assoc Right Of Refusal No Bank Owned No Bank Owned Financial Status No City Big Coppitt Commercial Type Boat Sales/ServiceRetailRestaurantOther ServicesOffice Buildings Control Depth 4 Fee Includes None Fema List No Flood Zone VEAE Legal PT TRACT A & (BAY BTM .66 AC) ORPOISE POINT SECTION 1 PB5-110 BIG COPPITT KEY G74-549(II DEED 20544) OR371-313 OR390-54 Listing Board Key West Association Mile Marker 10.00 Off Shore Island No Potential Short Sale No Potential Short Sale Financial Status No Property Type Commercial Tax Year 2022 Taxes 8525.30 Utilities FKAAMunicipal Sewer Zoning SC - Sub Urban Commercial District

Listing courtesy of Richard Medlin of Keller Williams Key West Compass Realty: (305) 292-0020.


The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than Jamie Engel & The Florida Keys Home Team | Coldwell Banker Schmitt Real Estate Co are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
 
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Jamie Engel & The Florida Keys Home Team | Coldwell Banker Schmitt Real Estate Co
85996 Overseas Highway
Islamorada FL, 33036