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    1240 Overseas Hwy Marathon, FL 33050

    Sponsored
    For Sale
    $3,300,000

    Apartment 3 or more,Bar,Marina,Restaurant - Marathon, FL

    Days on Market:
    45
    Last Refresh:
    Jan 5 at 3:06 pm

    Property Features for 1240 Overseas Hwy

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MU - Mixed Use Commercial Mixed Use
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Bedrooms
    4
    Bathrooms
    3
    APN
    00101720-000000
    Appliances
    Dishwasher, Range, Refrigerator, Washer

    Utilities

    Water front features
    Waterfront
    Water front
    1

    Building Details

    Year built
    1976
    Floors in Building
    1
    Number of units
    1
    Architectural style
    Other

    Coldwell Banker Schmitt Islamorada (305) 664-4470

    Listing agent Elizabeth Jolin (305) 664-4470 License #3502927

    Listing date Nov 22, 2025

    MLS# 616244 Listing URL

    Copyright © 2026 Florida Keys Board of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Waterfront Restaurant with Development Potential

    This multi-parcel package in Marathon, FL, features an iconic waterfront restaurant, a residential property, development rights, and dockage. The property at 1240 Overseas Hwy is home to the renowned 7 Mile Grill, which has been serving home-style cooking with island style since 1954. The historic restaurant operates with a transferable beer and wine license and serves breakfast, lunch, and dinner. The parcel includes an additional development right for a single-family home, which currently supports added income from a jet ski rental business and an ice cream truck. A state-issued submerged land lease transfers with the sale, ensuring valuable waterfront access to 149' of dockage. Also included in the sale is a 4-bedroom, 1-bath home located at the adjoining 1230 Overseas Hwy. This bonus parcel is suitable for employee housing, an owner's residence, or future redevelopment. With high-visibility US1 frontage at the head of the Seven Mile Bridge, this property offers exceptional exposure and multiple revenue streams. The property is zoned MU - Mixed Use Commercial Mixed Use. Buyers can continue successful operations as-is or explore reconfiguration and redevelopment options to unlock the full potential of this unmatched offering.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    7 Mile Grill Restaurant Big Kahuna Water ... Water Sports Equipment Rental Service Shiver Me Timbers Ice Cream Shop

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    FarmASea Charcuterie Boards

    Location Insight

    • Map
    • Local Demand
    City
    Marathon
    County
    Monroe
    State
    Florida
    Longitude
    -81.112027
    Latitude
    24.708475

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    FAQs

    What type of property is this?
    Restaurant - Iconic restaurant with residential property, development rights, and dockage.
    Where is this restaurant located?
    The property is located at 1240 Overseas Hwy Marathon, FL.
    What is the asking price?
    The asking price for this property is $3,300,000.
    What are key features of this property?
    This property features: - Iconic waterfront restaurant (7 Mile Grill) with transferable beer and wine license.; - Multiple income streams: restaurant, jet ski rentals, ice cream truck.; - Includes a 4-bedroom residential home suitable for owner or employee housing.
    (305) 393-0994
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    1240 Overseas Hwy Marathon, FL 33050
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

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    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1240 Overseas Hwy Marathon, FL 33050
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