500 22nd St Ocean 1-4,MARATHON, FL 33050
MARATHON, FL 33050
Description
Attention investors and business owners: This four-unit apartment building presents a compelling opportunity in the heart of the Florida Keys, offering immediate income with long-term strategic value. Each of the four units features a comfortable two-bedroom, one-bath layout, with long-term tenants currently in place, providing stable cash flow from day one. Each apartment is separately metered for electricity, allowing tenants to manage their own usage--an added benefit for ownership efficiency. The property also offers ample on-site parking, a valuable amenity in the Keys, along with a shared laundry facility located at the rear of the property, enhancing convenience for residents. The property is currently operating at an approximate 5.87% cap rate, with clear room for growth. Rents are presently below market, creating a realistic path for increased returns, with projections indicating the potential to achieve a 7.4%+ cap rate over time as adjustments are made in accordance with applicable guidelines. Long term, this deed-restricted affordable housing property may be particularly attractive for local employers seeking workforce housing solutions and investors focused on sustainable, community-oriented assets. Ownership may support employee retention while maintaining consistent demand in a high-need market. This offering represents a rare blend of steady income, upside potential, and long-term stability in one of the most sought-after areas of the Florida Keys.
Details
| MLS # | 618043 |
|---|---|
| Listing Type | For Sale |
| Style | Duplex |
| Sub-Type | Resale |
| Status | Contingent/show |
| Year | 1973 |
| Days On Site | 289 |
| Listing Provided By | Coldwell Banker Schmitt Real Estate Co. | Samuel Davis Williams |
Features
| Bed(s) | 8 |
|---|---|
| Bath(s) | 4 Total |
| SQ Feet | 2,780 |
| Units | 4 |
| Zoning | RH - Residential High |
| Acreage | 0.14 |
| Water Front | None |
| Property View | No Waterview |
Taxes
| Property | 7699 |
|---|
Area Information
| State | FL |
|---|---|
| County | Monroe |
| City | MARATHON |
| Zip Code | 33050 |
| Area | 13 7 Mile Bridge to Sombrero Bch Rd E & W |
| Community Name | R & R Subdivision (48.5) |
| Listing VS Median (in R & R Subdivision (48.5)) | |
Price: $1,175,000 low | high Med: $1,175,000 sqft: 2,780 low | high Med: 2,780 $ / sqft: $423 low | high Med: $423 On site: 289 low | high Med: 289 | |
Market Activity 33050
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The data relating to real estate for sale on this web site come s in part from the Internet Data Exchange program of the Marathon and Lower Keys Association of REALTORS®, Inc. MLS. Real Estate listings held by brokerage firms other than Key Colony Beach Realty, Inc. are marked with the MLS logo and detailed information about them includes the name of the listing broker’s office.
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Learn More About This Property
| State | FL |
|---|---|
| County | Monroe |
| City | MARATHON |
| Zip Code | 33050 |
| Area | 13 7 Mile Bridge to Sombrero Bch Rd E & W |
| Community Name | R & R Subdivision (48.5) |
| Listing VS Median (in R & R Subdivision (48.5)) | |
Price: $1,175,000 low | high Med: $1,175,000 sqft: 2,780 low | high Med: 2,780 $ / sqft: $423 low | high Med: $423 On site: 289 low | high Med: 289 | |
The data relating to real estate for sale on this web site come s in part from the Internet Data Exchange program of the Marathon and Lower Keys Association of REALTORS®, Inc. MLS. Real Estate listings held by brokerage firms other than Key Colony Beach Realty are marked with the MLS logo and detailed information about them includes the name of the listing broker’s office.
