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11600 Overseas Highway

Marathon, FL 33050
  • $1,650,000
  • STATUS: Active
  • ON SITE: 263 Days
  • MLS #: 608762
UPDATED: 53 min ago
$1,650,000
  • 0
    BEDS
  • 0.3
    ACRES
  • 0
    BATHS
  • 2
    1/2 BATHS
  • 7,130
    SQFT
  • $231
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1974
County:

School Ratings & Info

Description

ATTENTION ALL INVESTORS! Don't miss this opportunity of a lifetime that has just come about after being in the family for over 50 years, the largest stand alone commercial warehouse building 7,130 sqft in Marathon, is now up for sale, built in 1974 and totally remodeled in 2018/2019 with a new hurricane rated commercial grade metal roof, completely rewired with all new LED lighting, new HVAC systems, remodeled ADA compliance bathrooms, interior and exterior walls painted, new hurricane proof loading area door, fully insulated and landscaped. This property is located directly off HWY US1, with great visibility and highway frontage access.What makes this property appealing to all investors is the well- established long term nationally recognized tenant (Advanced Discount Auto Parts) who has occupied the building since 1991 (33 years) (Absolute NNN + Lease), with no expenses to the owner whatsoever, the nationally recognized tenant maintains all the building expenses and property maintenance, including maintaining the roof, HVAC systems, plumbing, electrical, exterior and interior walls and the property. The tenant is also required by the lease to be responsible for all insurances, including providing liability insurance for the tenant and the landlord, flood, wind and fire insurance, plus all taxes accessed on the property including the sales and use taxes. All these expenses are approximately 45K to 55K annually and paid by the tenant directly, not including any and all maintenance expenses paid by the tenant. So don't miss this opportunity!!Absolute NNN + Lease in place until 2032:March 2022 to Feb. 2027: $5,954.00 per monthMarch 2027 to Feb. 2032: $6,527.00 per month ..(3) additional 5-year tenant renewal options starting in 2032 and ending in 2047. 6th Extension: March 2032 to Feb. 2037 $9,000.00 monthly, 7th Extension: March 2037 to Feb. 2042 $10,000.00 monthly, 8th Extension March 2042 to Feb. 2047: $11,000.00 monthly

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The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than Key West Luxury Real Estate Inc are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
www.keywestluxuryrealestateinc.com/homes/147661177
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11600 Overseas Highway Marathon, FL 33050

  • Price: $1,650,000
  • Status: Active
  • On Site: 263 Days
  • Updated: 53 min ago
  • MLS #: 608762
0
Beds
0
Baths
2
½ Baths
0.3
Acres
7,130
SQFT
$231
$/SQFT
1974
Built
Neighborhood:
Key Colony Sub (53.0)
County:
Monroe
Area:
15 - Sombrero Bch Rd To Vaca Cut Gulfside
Property Description
ATTENTION ALL INVESTORS! Don't miss this opportunity of a lifetime that has just come about after being in the family for over 50 years, the largest stand alone commercial warehouse building 7,130 sqft in Marathon, is now up for sale, built in 1974 and totally remodeled in 2018/2019 with a new hurricane rated commercial grade metal roof, completely rewired with all new LED lighting, new HVAC systems, remodeled ADA compliance bathrooms, interior and exterior walls painted, new hurricane proof loading area door, fully insulated and landscaped. This property is located directly off HWY US1, with great visibility and highway frontage access.What makes this property appealing to all investors is the well- established long term nationally recognized tenant (Advanced Discount Auto Parts) who has occupied the building since 1991 (33 years) (Absolute NNN + Lease), with no expenses to the owner whatsoever, the nationally recognized tenant maintains all the building expenses and property maintenance, including maintaining the roof, HVAC systems, plumbing, electrical, exterior and interior walls and the property. The tenant is also required by the lease to be responsible for all insurances, including providing liability insurance for the tenant and the landlord, flood, wind and fire insurance, plus all taxes accessed on the property including the sales and use taxes. All these expenses are approximately 45K to 55K annually and paid by the tenant directly, not including any and all maintenance expenses paid by the tenant. So don't miss this opportunity!!Absolute NNN + Lease in place until 2032:March 2022 to Feb. 2027: $5,954.00 per monthMarch 2027 to Feb. 2032: $6,527.00 per month ..(3) additional 5-year tenant renewal options starting in 2032 and ending in 2047. 6th Extension: March 2032 to Feb. 2037 $9,000.00 monthly, 7th Extension: March 2037 to Feb. 2042 $10,000.00 monthly, 8th Extension March 2042 to Feb. 2047: $11,000.00 monthly
Exterior Features

Construction CBS Dockage None Land Size Less Than 1/4 Acre Lot Size 125 x 112 Miscellaneous Security SystemHigh VisibilityHigh Traffc Location Off Street Parking yes Parking Spaces 8 Roof Metal Roof Side Bay/Gulf Style Commercial Vehicle Storage Common ParkingOff Street Parking Vehicle Storage Cars 4+ Waterfront None Waterfront YN No Waterview No Waterview

Interior Features

Appliances No Appliances Cooling Heating Central Air Floor TileConcrete Net Leasable Area 7130.00 Windows Doors Glass DoorsOther Windows/Doors

Property Features

Assoc Hoa YN No Assoc Right Of Refusal No Bank Owned No Bank Owned Financial Status No Business Name Advanced Discnt Auto City MARATHON Commercial Type Auto Care Control Depth 0 Electric Meters 1 Fee Includes None Fema List No Flood Zone AE 7 Legal BK 2 LT 9 KEY COLONY SUBDIVISION 3 KEY VACA PB4-10 OR454-98 OR539-304 OR543-1084 OR580-406 OR580-408 OR691-148 OR691-14 Listing Board Marathon/Lower Keys Mile Marker 53.00 Off Shore Island No Potential Short Sale No Potential Short Sale Financial Status No Property Type Commercial Recorded Plat Yes Sq Ft Source Tax Records Tax Year 2023 Taxes 9303.41 Tenant Paid WaterGarbageElectricInsuranceTaxesSewer Terms Buyer Obtain Finance Title Title Ins - Buyer Total Units 0.00 Utilities FKAAMunicipal Sewer Water Meters 1 Year Established 1992-03-01 Zoning RM - Residential Medium

Listing courtesy of Lynn Thompson of Key Colony Beach Realty: .


The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than Key West Luxury Real Estate Inc are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
 
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Key West Luxury Real Estate Inc
619 Eaton Street, #2
Key West FL, 33040