Cudjoe Cottages - 21544 Overseas Hwy
Hospitality | 4.15% CAP | 15 Keys
Marketing description
Exceptional investment opportunity offering transient-use flexibility, active vacation rental income, and redevelopment potential.
Located on Cudjoe Key just 20 miles from Key West, this expansive 3.5+ acre waterfront property features 15 legal units with 15 ROGO exemptions. Boasting over 300 feet of direct water frontage, the property includes a protected boat basin, three concrete docks, and one wooden dock.
The property has a strong rental history and offers desirable amenities including two swimming pools and shared coin-operated laundry facilities. It spans from US-1 to the Atlantic Ocean and benefits from three private driveways. Two parcels along US-1 are zoned Suburban Commercial, providing additional flexibility and potential upside.
The unit mix totals 31 bedrooms and 10 bathrooms, consisting of:
Four (3-bedroom / 2-bath) single-family homes
Eight (2-bedroom / 1-bath) units
Three (1-bedroom / 1-bath) units
This is a rare opportunity to acquire a large-scale waterfront property with established income and significant future potential.
Investment highlights
Prime Florida Keys Location – Situated on Cudjoe Key along the Overseas Highway (US-1), just 20 miles from Key West, offering convenient access to world-class dining, boating, fishing, and tourism demand
Transient Use Zoning – Approved for short-term/vacation rentals with 15 ROGO exemptions, a rare and highly valuable entitlement in Monroe County.
Large Waterfront Parcel – Over 3.5 acres spanning from US-1 to the Atlantic Ocean with more than 300 feet of direct water frontage.
Marina-Style Amenities – Protected boat basin, three concrete docks, and one wooden dock supporting strong appeal to boaters and vacation renters.
Strong Existing Income Stream – Active vacation rental property with established rental history and consistent demand.
Attractive Unit Mix (15 Total Units)
Four 3BR / 2BA single-family homes
Eight 2BR / 1BA units
Three 1BR / 1BA units
Total of 31 bedrooms
Resort-Style Amenities – Two swimming pools and shared coin-operated laundry facilities enhance guest experience and rental value.
Commercial Zoning Component – Two parcels along US-1 zoned Suburban Commercial, providing additional redevelopment or value-add potential.
Excellent Access & Visibility – Direct frontage on US-1 with three private driveways for convenient ingress and egress.
Redevelopment & Expansion Potential – Rare opportunity to reposition, renovate, or redevelop a large-scale waterfront asset in a supply-constrained market.
High Barriers to Entry – Limited land availability, strict growth controls, and ROGO restrictions in the Florida Keys protect long-term value.
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