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721 W Ocean Drive, Key Colony, FL 33051

$9,198,000
Property Type: Vacant Land Lot Size (sq. ft.): 91,650 Status: Pending
Current Price: $9,198,000 List Date: 4/17/2025 Last Modified: 5/27/2026

Overview

Description

Fantastic Oceanfront Development Opportunity in the heart of the Florida Keys! 2+ acres of prime oceanfront boasting 225' of beach front with dock permit in Key Colony Beach. A total of 3 lots with endless possibilities. Previous use was a 22 unit condominium. Or look into separating the lots to build 3 new luxury beach homes which are in very hot demand and rare to find. One house on this street sold March 2025 for $12 Million. Key Colony Beach is an upscale coastal community in the Middle Keys offering beautiful beaches, par 3 golf course, basketball, pickle and bocce ball, shopping and dining, marina, fishing charters, and 3 parks including Sunset Park where you will find Keys famous sunsets over the ocean all year long. Key Colony Beach also enjoys it's own police force and quick access to the Marathon Airport which is just minutes away.

Listing Details MLS# 614678

Location, Tax & Legal

Street #
721
Direction
W
Street Name
Ocean
Street Suffix
Drive
Key/Island
Key Colony
State/Province
FL
Zip Code
33051
County
Monroe
Subdivision
Stevens Sub (53.5)
Area
17 - Vaca Cut - Both Sides Holiday Inn/Key Colony

Contract Information

Listing Board
Key West Association
ROGO Exempt
Yes
Limited Representation
No
As is Rght to Inspct
Yes
Potential Short Sale
No
Bank Owned
No
Species List
Yes

General Property Description

Realtor.COM Type
Vacant Land
Waterfront
Yes
Control Depth
2
Lot SqFt
91650
Lot Sqft Source
Property Data Card
Total Lots
3
Survey Available
Yes
Vegetation Survey
No

Status Change Info

Under Contract Date
2025-06-03
Contingent
None

Miscellaneous Info

Mobile Home Lot
No

Dockage

Dock Permit
Yes

More Information

Financial Status

Bank Owned
No
Potential Short Sale
No

Property Features

Tax Exemptions: None Waterfront: Beach Front; Oceanfront; Open Water Waterview: Ocean View; Open Water View Neighborhood Feature: Beach; Tennis Courts; Other Area Features Existing Utilities: Electric on Site; Sewer; Water Line BuildingPermit: Other Permit Land Size: More than 1 Lot; 2 Less Than 5 Acres Terms: No Seller Finance Title: Negotiable

Documents

Listing Office: Coldwell Banker Schmitt Real Estate Co
Last Updated: May - 27 - 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.
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