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25000 Overseas Highway, Summerland Key, FL

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DetailMap
25000 Overseas Highway

Summerland Key, FL 33042

(554.0 KB)

Property Type:Office Sub Type:- Status:Existing Year Built:1980
Stories:2 Typical Floor:4,587 SF Building Size:9,175 SF
For Sale Price:For Sale Price/SF:-
Cap Rate:-
Parking:25 Surface spaces are available; Ratio of 2.72/1,000 SF


Corner lot with great highway exposure. Good signage on US Highway 1.

Sale Notes:
Starting bid: $350,000

Auction Start Date: 9/26/2017
Auction End Date: 9/28/2017

Property tours are available by appointment ONLY. Please contact Curtis A. Skomp CCIM to schedule at cskomp@remax.net or 305.296.1400.

Investment Highlights:
Rarely available large Special Purpose Office Building in Lower Keys
Value add opportunity through lease-up or future redevelopment
Favorable Suburban Commercial Zoning
Excess land for additional build out or excess parking
Located at halfway between Marathon and Key West at Mile Marker 25
Corner lot with great Overseas Highway exposure with large marquee sign for tenants
Built above Base Flood Levels with Elevated, reinforced concrete footings

Investment Overview:
The Lower Keys Office Building is a special purpose government, bank, or commercial/office building located in a prime hard corner in the lower Florida Keys located at 25000 Overseas Hwy in Summerland Key, FL. This asset offers either an owner occupant opportunity or a huge value add opportunity for investors through either lease-up at market rates or reconfiguration/redevelopment.

Located on ±0.92 AC parcel, the Property is positioned on a large 200 x 200 hard corner lot with ample parking and excess land. The large lot also offers value-add through future redevelopment or increased footprint. Built in 1980, the Building offers a total ±9,175 SF (±7,512 GLA) with over ±4,500 per floor, ±1,850 SF of common area, high ceilings, central A/C, ADA restrooms and functional walk-in vault from former anchor tenant. Access to 2nd floor via interior elevator or through two staircases (inside and outside).

The Lower Keys Office Building was formerly occupied by Centennial Bank and offers investors the ability to create value through lease-up at market rates through various configurations. The Property is currently ±86% occupied by short term MTM tenants with no leases in-place. This allows investors immediate value-add through aggressive lease-up at market rates or enables an owner user immediate occupancy/use. This asset features both built-in infrastructure perfect for a single tenant, or a flexible floor plan that can easily be divided to accommodate multiple users/tenants on long term market rate leases.

Located in Monroe County, Summerland Key is an island in the lower Florida Keys almost mid-way between the "large" cities of Marathon and Key West (approximately 20 miles east of the Property). The Lower Keys are an oasis of islands with intriguing names such as Summerland Key, Big Torch and Little Torch Keys, Cudjoe Key, Sugarloaf Key, Big Coppitt Key. This quiet region of small islands in the lower Keys is connected from the west end of the Seven Mile Bridge at Sunshine Key, mile marker (MM) 40, to Stock Island at MM 5. Overseas Highway is the main coastal highway in the FL Keys between the cities of Miami and Key West, offering travelers an exotic roadway and access to the largest area of coral reefs on the U.S. mainland. In 2009, the Overseas Highway was named an All-American Road by the National Scenic Byways program administered by the Federal Highway Administration. The Keys highway is the only All-American Road in Florida. It’s the highest recognition possible under the National Scenic Byways program established by the U.S. Congress in 1991 and there are only 30 other roadways in the nation have earned the prestigious title. This Property offers direct frontage on Overseas Hwy at mile marker 25 and provides excellent visibility and signage for tenants. Additionally, a private, 2,550-foot community airstrip (FD51) is located just south of the Property on West Shore Drive near mile marker 25.

The Lower Keys Office Building presents investors with a unique value-add opportunity to acquire a special purpose/commercial office building with all MTM-leases, in a prime hard corner in the FL Keys, with huge value potential.
Auctioneer Licensing Information
Ten-X Adrian Strelzow RE Brkr CQ1050204

ReMax Keys Connection
Curtis A Skomp
(305) 296-1400

  
Ten-X, LLC
Ten-X Commercial
(800) 793-6107

Cheri Mascitelli
(305) 537-9318




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