2401 Overseas Highway 10,MARATHON, FL 33050
MARATHON, FL 33050
Description
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.
Details
| MLS # | 621497 |
|---|---|
| Listing Type | For Sale |
| Style | Residential Income |
| Building Name | Marlin Apartments |
| Sub-Type | Resale |
| Status | Active |
| Year | 1961 |
| Days On Site | 13 |
| Listing Provided By | Coldwell Banker Schmitt Real Estate Co. | Joshua James Mothner |
Features
| Bed(s) | 10 |
|---|---|
| Bath(s) | 10 Total |
| SQ Feet | 2,115 |
| Units | 10 |
| Zoning | MU - Mixed Use Commercial Mixed |
| Acreage | 0.25 |
| Property View | No Waterview |
Taxes
| Property | 7152 |
|---|
Area Information
| State | FL |
|---|---|
| County | Monroe |
| City | MARATHON |
| Zip Code | 33050 |
| Area | 13 7 Mile Bridge to Sombrero Bch Rd E & W |
| Community Name | Sombrero Sub (49.5) |
| Listing VS Median (in Sombrero Sub (49.5)) | |
Price: $1,999,995 low | high Med: $545,000 sqft: 2,115 low | high Med: 1,488 $ / sqft: $946 low | high Med: $366 On site: 13 low | high Med: 161 | |
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 Coldwell Banker Schmitt 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 | Sombrero Sub (49.5) |
| Listing VS Median (in Sombrero Sub (49.5)) | |
Price: $1,999,995 low | high Med: $545,000 sqft: 2,115 low | high Med: 1,488 $ / sqft: $946 low | high Med: $366 On site: 13 low | high Med: 161 | |
 | $2,199,0001252 24th Street OceanMarathon, FL 33050 |