10-Unit Deed-Restricted
For Sale
$1,999,995
10-2401 Overseas Hwy, Marathon, FL 33050
Three buildings combine efficiency units with a separate one-bedroom residence, shared outdoor space, and on-site laundry.
Property Size6,511 SF
Price / SF$307.17
Days on Market10
Property Features for 10-2401 Overseas Hwy
General Information
Standard status
Active
Size
6,511 SF
Zoning
MU - Mixed-Use
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
9 x efficiency, 1 x 1BR/1BA
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$7,152
Amenities
on-site laundry facility
shared courtyard
off-street parking
Building Details
Buildings
3
Listing Agency:
Coldwell Banker Schmitt Real Estate Co.
(305) 743-5181
Listed By:
Joshua James Mothner · License #659317
(305) 942-9519
Source:
Exprealty
Added: Oct 2
Changed: Oct 10
Last Checked: Oct 11 at 9:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Schmitt Real Estate Co.
Investment Insights
Based on property information with market context.
This 10-unit apartment property spans three buildings and includes nine efficiency apartments plus one one-bedroom, one-bath residence. Gross building area is approximately 6,511 square feet, with 3,540 square feet of finished living area. Residents have access to an on-site laundry facility, a shared courtyard, and off-street parking. Improvements include mini-split HVAC units, impact windows, flood panels, and a gabled metal roof system.
The property is at 10-2401 Overseas Hwy in Marathon, near Mile Marker 50, with access from 24th Street Ocean. Its zoning is MU - Mixed-Use under the City of Marathon. Affordable housing restrictions apply to all 10 units.
The property is at 10-2401 Overseas Hwy in Marathon, near Mile Marker 50, with access from 24th Street Ocean. Its zoning is MU - Mixed-Use under the City of Marathon. Affordable housing restrictions apply to all 10 units.
Key Highlights
- 10 apartment units across three buildings: nine efficiencies and one one‑bedroom/one‑bath residence
- Approximately 6,511 square feet of gross building area and 3,540 square feet of finished living area
- All 10 units are subject to affordable housing restrictions
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$101,035
Cap Rate
5.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,020,700
$2.0M
Cap Rate 7%
$1,443,357
$1.4M
Cap Rate 9%
$1,122,611
$1.1M
Market Conditions
NOI Build-Up for 6,511 SF
Gross rent
$196.9K $30.24/SF
− Vacancy
−$13.2K −$2.03/SF
EGI
$183.7K $28.21/SF
− OpEx
−$82.7K −$12.70/SF
NOI
$101.0K $15.52/SF
Area
Monroe County, FL
Vacancy
6.70%
Lease Rate
$30.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,020,700
Cap Rate 7%
$1,443,357
Cap Rate 9%
$1,122,611
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $101,035 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.62M
$2.29M – $3.06M
NOI $183,329 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
Explore this area
Business Placement
Demographics for 33050, FL
10,479
Population
7,314
Households
1.4
Avg Household Size
50
Median Age
34%
College-Educated
90%
High-School Grad
9.1 sq mi
ZIP Area
1,152
Density / Sq Mi
$83,243
Median Household Income
$40,006
Median Earnings
$1,611
Median Rent
$705,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three buildings combine efficiency units with a separate one-bedroom residence, shared outdoor space, and on-site laundry.
Where is this apartment building located?
The property is located at 10-2401 Overseas Hwy Marathon, FL.
What is the asking price?
The asking price for this property is $1,999,995.
What are key features of this property?
This property features: 10 apartment units across three buildings: nine efficiencies and one one‑bedroom/one‑bath residence; Approximately 6,511 square feet of gross building area and 3,540 square feet of finished living area; All 10 units are subject to affordable housing restrictions
