11600 Overseas Highway, MARATHON, FL

$1,800,000

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2

Baths

7,130

Square feet

About 11600 Overseas Highway

Here's a fantastic opportunity to own the largest standalone commercial warehouse building (7,130 Sqft) in the Heart of the Florida Keys, also known as 'Marathon' Key. Built in 1974 and totally remodeled in 2018/2019 which included a new commercial grade metal roof, wiring, lighting, HVAC systems, bathrooms and landscaping. This property is conveniently located just over the 'Vaca Cut' bridge at the northern part of Marathon, directly off HWY US 1, with great visibility and highway frontage acess. What makes this property even better and more appealing to investors is the well-established long term nationally recognized tenant (Advance Disct Auto) who has occupied the building since 1991 (33 years).This is an excellent investment opportunity with an Absolute NNN + Lease, with no expenses to the owner whatsoever, the nationally recognized tenant maintains all; building and property maintenance, including the roof , exterior and interior walls, property taxes, all insurances; including liability, flood, wind and fire plus all Florida sales and use taxes. All these expenses are approx. 35K to 45K annually. So, don't miss this opportunity to have the largest free standing building with a well established corporate tenant and an easily managed property having an AbsoluteNNN + lease in place.Property recently appraised at $ 1.8 in Jan. of 2024!6.0% cap rate @ $ 1.8 to Feb, 2027 (3 years)6.5% cap rate @ $ 1.8 to Feb. 2032 (5 years)There is in place (3) additional 5-year tenant renewal options to the lease starting in March of 2032 ending in Feb. of 2047.

Features of 11600 Overseas Highway

MLS® # 608762
Price $1,800,000
Bathrooms 2.00
Half Baths 2
Square Footage 7,130
Year Built 1974
Type Commercial
Sub-Type Commercial
Status Active

Community Information

Address 11600 Overseas Highway
Area 15 - Sombrero Bch Rd to Vaca Cut Gulfside
Subdivision Key Colony Sub (53.0)
City MARATHON
County Monroe
State FL
Zip Code 33050

Amenities

Utilities FKAA, Municipal Sewer
Parking Common Parking, Off Street Parking
View No Waterview
Is Waterfront No
Waterfront None

Interior

Appliances No Appliances
Heating Central A/C
# of Stories 1

Exterior

Lot Description Less Than 1/4 Acre
Windows Glass Doors, Other Windows/Doors
Roof Metal Roof
Construction CBS

Additional Information

Date Listed February 16th, 2024
Days on Market 98
Zoning RM - Residential Medium
Short Sale No
RE / Bank Owned No
HOA Fees 0.00

Listing Details

AgentLynn Thompson
OfficeKey Colony Beach Realty

Listing Map

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