2401 Overseas Highway 10
About this property
Blue Marlin Apartments presents a unique opportunity to acquire a 10-unit, deed-restricted affordable housing property in the heart of Marathon. Positioned along Overseas Highway at approximately Mile Marker 50 with access from 24th Street Ocean, the property offers convenient proximity to employment centers, marinas, shopping, dining, and everyday services throughout the Middle Keys. The property consists of three buildings with nine efficiency units and one one-bedroom/one-bath residence, totaling approximately 6,511 square feet of gross building area and 3,540 square feet of finished living area. Community features include an on-site laundry facility, shared courtyard, and off-street parking. Recent capital improvements include replacement mini-split HVAC units, impact windows, flood panels, and a gabled metal roof system. The property is zoned MU - Mixed-Use by the City of Marathon and all 10 units are subject to affordable housing restrictions. The property was most recently utilized as employee housing, and no third-party rent roll currently exists. Projected rents have been underwritten using HUD and Florida Housing Finance Corporation guidelines, with the current projected structure falling within the Low Income 80% AMI limits. The recorded deed restriction also provides long-term flexibility for rent growth within the applicable affordability framework. With strong demand for workforce housing throughout the Florida Keys, vested affordable housing rights, documented operating history, and a central Marathon location, Blue Marlin Apartments offers a compelling opportunity for an investor seeking a multifamily asset in a supply-constrained market.
About this property
Blue Marlin Apartments presents a unique opportunity to acquire a 10-unit, deed-restricted affordable housing property in the heart of Marathon. Positioned along Overseas Highway at approximately Mile Marker 50 with access from 24th Street Ocean, the property offers convenient proximity to employment centers, marinas, shopping, dining, and everyday services throughout the Middle Keys. The property consists of three buildings with nine efficiency units and one one-bedroom/one-bath residence, totaling approximately 6,511 square feet of gross building area and 3,540 square feet of finished living area. Community features include an on-site laundry facility, shared courtyard, and off-street parking. Recent capital improvements include replacement mini-split HVAC units, impact windows, flood panels, and a gabled metal roof system. The property is zoned MU - Mixed-Use by the City of Marathon and all 10 units are subject to affordable housing restrictions. The property was most recently utilized as employee housing, and no third-party rent roll currently exists. Projected rents have been underwritten using HUD and Florida Housing Finance Corporation guidelines, with the current projected structure falling within the Low Income 80% AMI limits. The recorded deed restriction also provides long-term flexibility for rent growth within the applicable affordability framework. With strong demand for workforce housing throughout the Florida Keys, vested affordable housing rights, documented operating history, and a central Marathon location, Blue Marlin Apartments offers a compelling opportunity for an investor seeking a multifamily asset in a supply-constrained market.
Features and Additional Information
Presented By Key Colony Beach Realty
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Brokerage: Coldwell Banker Schmitt Real Estate Co.
