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$1,700,000
Summerland Key, FL 33042
MLS# 620841
3 baths | 1998 sqft
1 / 6
Property Description
Prime commercial property and investment opportunity! An exceptional multi-faceted real estate opportunity the the heart of the Florida Keys. Positioned directly on Overseas Highway with prime frontage, 24171 Overseas Highway consists of two contiguous parcels offering immediate cash flow combined with tremendous future development potential. Whether you are looking to hold a strong income-generating asset or immediately capitalize on aggressive redevelopment incentives, this property delivers on both fronts. Key highlights and value drivers: 1. Immediate revenue stream: Turnkey restaurant and offices with solid existing leases in place. Collect strong passive income from day one while finalizing design, architectural or permitting plans. Suburban commercial (SC) zoning. 2. Live Local Act authorization: Authorized under Florida's Live Local Act, unlocking unprecedented density, floor area ratio (FAR) and height allowances for mixed-use or affordable/workforce residential development. 3. Unmatched visibility and location: Direct highway exposure along the primary artery connecting Key West to the Middle Keys, capturing continuous tourist traffic and serving the local community 4. Development and investment potential: Enjoy stable rental yields from established commercial tenants while holding the land for long-term appreciation or future phase expansion
Details
Maps
Contract Information
Listing Board: Key West Association
Limited Representation: No
As is Rght to Inspct: Yes
Potential Short Sale: No
Bank Owned: No
Species List: No
Current Price: $1,700,000
Listing Date: 2026-08-03
List Price: $1,700,000
Location, Tax & Legal
City: Summerland
Off Shore Island: No
Mile Marker: 24
Marathon Neighborhood: N/A
Side: Bay/Gulf
Flood Zone: AE,AE,AE
Alternate Key #: 1145424
Add'l Parcel #1: 00114660-000100
Parcel #: 00114700-000000
Zoning: SC - Sub Urban Commercial District
Legal: 26 66 28 SUMMERLAND KEYS PT LOT 8 (A/K/A W 1/2 LOT C, LOT D, LOT E) AND PORTION OF STATE ROAD 5 ADJACENT TO LOT D AND W
Taxes: 6092.52
Tax Year: 2025
Street #: 24171
Street Name: Overseas
Street Suffix: Highway
Key/Island: Summerland Key
State/Province: FL
Zip Code: 33042
Subdivision: Summerland Key Cove (25.0)
County: Monroe
Area: 08 - Summerland Key
General Property Description
Realtor.COM Type: Commercial
Waterfront: No
Control Depth: 0
Lot Size: X
Lot SqFt: 28485
Business Name: Fresh Properties LLC
Total Units: 0
SqFt Source: Tax Records
Building SqFt: 1998
Style: Commercial
Living Apx SqFt: 1998
Year Built: 2006
Half Baths: 3
Total Baths: 3
Remarks & Misc
Remarks – Consumer: Prime commercial property and investment opportunity! An exceptional multi-faceted real estate opportunity the the heart of the Florida Keys. Positioned directly on Overseas Highway with prime frontage, 24171 Overseas Highway consists of two contiguous parcels offering immediate cash flow combined with tremendous future development potential.
Whether you are looking to hold a strong income-generating asset or immediately capitalize on aggressive redevelopment incentives, this property delivers on both fronts.
Key highlights and value drivers:
1. Immediate revenue stream:
Turnkey restaurant and offices with solid existing leases in place. Collect strong passive income from day one while finalizing design, architectural or permitting plans. Suburban commercial (SC) zoning.
2. Live Local Act authorization:
Authorized under Florida's Live Local Act, unlocking unprecedented density, floor area ratio (FAR) and height allowances for mixed-use or affordable/workforce residential development.
3. Unmatched visibility and location:
Direct highway exposure along the primary artery connecting Key West to the Middle Keys, capturing continuous tourist traffic and serving the local community
4. Development and investment potential:
Enjoy stable rental yields from established commercial tenants while holding the land for long-term appreciation or future phase expansion
Directions: Mile Marker 24 - Overseas Hwy - Gulf side
Deed Restrictions
No: 1
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
Type
Office Buildings: 1
Other Comrcl Style: 1
Restaurant: 1
Fee Includes
None: 1
Dockage
None: 1
Appliances
Refrigerator: 1
Other: restaurant equipment
Cooling
Ceiling Fans(s): 1
Central Air: 1
Wall/Window Unit(s): 1
Heating
Central: 1
Waterfront
Salt Ponds: 1
Waterview
Salt Ponds: 1
Floor
Tile: 1
Interior Features
Furnished: 1
Smoke Alarms: 1
Construction
Combo Construction: 1
Land Size
1/2 - Less Than 1 AC: 1
Utilities
Municipal Sewer: 1
Propane: 1
Miscellaneous
High Traffc Location: 1
High Visibility: 1
Highway Frontage: 1
Roof
Metal Roof: 1
Financial Status
Bank Owned: No
Potential Short Sale: No
Tenant Paid
Cable: 1
Electric: 1
Water: 1
Status Change Info
Status: Active
Property Features
Deed Restrictions: No
Type: Office Buildings; Other Comrcl Style; Restaurant
Waterfront: Salt Ponds
Waterview: Salt Ponds
Dockage: None
Cooling: Ceiling Fans(s); Central Air; Wall/Window Unit(s)
Heating: Central
Utilities: Municipal Sewer; Propane
Interior Features: Furnished; Smoke Alarms
Appliances: Refrigerator
Miscellaneous: High Traffc Location; High Visibility; Highway Frontage
Construction: Combo Construction
Floor: Tile
Roof: Metal Roof
Land Size: 1/2 - Less Than 1 AC
Fee Includes: None
Tenant Paid: Cable; Electric; Water
Listing Office: EXIT Realty Paradise
Last Updated: August - 03 - 2026
The data relating to real estate for sale on this web site comes in part from the Florida Keys MLS, Inc. Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commeral use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS.