$252.45 Per Sq Foot $9,663 est/mo Sourced by Back At You

11600 Overseas Highway,Marathon, FL 33050

Marathon FL, 33050

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Description

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.

Details

MLS#608762
Listing TypeFor Sale
Building NameAdvanced Discnt Auto
Sub-TypeResale
StatusActive
Year1974
Days On Site65
Listing Provided ByKey Colony Beach Realty | Lynn Thompson

Features

Bath(s) 2 Total
SQ Feet7,130
Story(s)1
ZoningRM - Residential Medium
Acreage0.30

Market Activity 33050

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the Florida Keys Board of Realtors.

The data relating to real estate for sale on this web site come s in part from the Internet Data Exchange program of the Marathon and Lower Keys Association of REALTORS®, Inc. MLS. Real Estate listings held by brokerage firms other than Coldwell Banker Schmitt are marked with the MLS logo and detailed information about them includes the name of the listing broker’s office.

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Learn More About This Property

StateFL
CountyMonroe
CityMarathon
Zip Code33050
Area15 Sombrero Bch Rd to Vaca Cut Gulfside
Community NameKey Colony Sub (53.0)
Listing VS Median (in Key Colony Sub (53.0))
Price:
$1,800,000
low | high
Med:
$936,000
98% of Average
SqFt:
7,130
low | high
Med:
2,164
100% of Average
$ / SqFt:
$252
low | high
Med:
$433
21.330868761553% of Average
On Site:
65
low | high
Med:
9.000000
100% of Average
Sourced by Back At You
Listing Updated: April 10, 2024 at 10:16:01 AM PDT