1250 Overseas Highway

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.