Remarks

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
Price: $1,800,000

Style: Auto Care
Bedrooms: 0
Baths Full: 0
Baths Half: 2
Year Built: 1974

County: Monroe
Subdivision: Key Colony Sub (53.0)
Lot Size: 125 x 112
Tax Fee: 9303.41