Commercial real estate lending in Florida Keys (Monroe County), FL
Monroe County is home to 81,840 residents with a median household income of $82,430 and 7.2% population growth over five years. Commercial deals here are underwritten to Florida's typical standards — around 1.25x DSCR and 75% maximum LTV on stabilized assets — with pricing shaped by the county fundamentals below.
Market character
The Florida Keys run on tourism and second-home ownership almost exclusively — hotel, marina, and short-term-rental product dominate a market where buildable land is scarce by statute as much as by geography. Flood elevation and wind-mitigation requirements are the strictest in the state, and financing here assumes both from the outset.
Florida Keys by the numbers
| Population | 81,840 |
| 5-year population change | +7.2% |
| Median household income | $82,430 |
| Median age | 48.9 |
| Median home value | $723,800 |
| Median gross rent | $1,959/mo |
| Housing units | 54,418 |
| Renter-occupied share | 36.6% |
Source: U.S. Census Bureau, ACS 5-year estimates (2023).
Underwriting a Florida Keys deal
A Florida Keys property clears the same four constraints as any Florida deal — 1.25x minimum DSCR and 75% maximum LTV on stabilized assets, an 8% debt-yield floor, and loan-to-cost caps on construction — with benchmark cap rates for FL spanning roughly 5.5% (multifamily) to 7.5% (hotel). The full state-by-asset-class table lives on the benchmarks page; run Florida Keys numbers through the loan sizer to see which constraint binds.
Florida closing costs to budget
Financing in Monroe County carries Florida's documentary stamp tax and intangible tax — about 0.55% of the loan, due in full on every refinance. Insurance is the other Florida-specific line: wind and flood premiums increasingly decide whether a coastal deal's DSCR clears. Estimate a Florida Keys deal with the closing cost calculator or read the doc stamps guide.
Financing a property in Florida Keys?
Relendi analyzes your deal against real underwriting criteria — DSCR, LTV, debt yield, and market benchmarks — in minutes.
Analyze my deal freeFrequently asked questions
What DSCR do lenders require in Monroe County?
In Florida Keys — a market of 81,840 residents where median gross rent runs $1,959 a month — lenders apply Florida's usual floors: typically 1.25x DSCR stabilized, 1.20x on acquisitions, 1.10x on bridge or construction. The county changes which lenders compete for the deal more than it changes the ratio.
What are typical commercial cap rates in Florida Keys?
Statewide Florida benchmarks run roughly 5.5% for multifamily up to 7.5% for hotels; where Florida Keys deals price inside those bands depends on submarket, asset quality, and tenancy — in a county whose median home value is $723,800, residential-adjacent product tends to price at the tighter end. Individual comps set real pricing.