Updated Triplex with
For Sale
$979,000
10833 2nd Avenue Gulf, Marathon, FL 33050
Residential, Marathon, FL
Property Size2,111 SF
Lot Size0.10 Acres
Price / SF$463.76
Days on Market48
Property Features for 10833 2nd Avenue Gulf
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM - Residential Medium
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4
Pets allowed
Yes
Appliances
Washer, Dryer, Dishwasher, Refrigerator, Oven, Microwave
Subdivision
Key Colony Sub (53.0)
View
Water
Standard status
Active
APN
00333710-000000
Size
2,111 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LT 5 KEY COLONY SUBDIVISION NO 1 KEY VACA PB3-107 OR48-199 OR174-200 OR950-389 OR2650-1282 OR2810-827
Tax Annual Amount
6478
Legal Description
LT 5 KEY COLONY SUBDIVISION NO 1 KEY VACA PB3-107 OR48-199 OR174-200 OR950-389 OR2650-1282 OR2810-827
Utilities
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1959
Building materials
Concrete
Roof type
Other
Listing Agency:
Coldwell Banker Schmitt Islamorada
(305) 664-4470
Listed By:
Kristin Herold · License #3578801
(310) 421-5543
Added: Aug 3
Changed: Sep 18
Last Checked: Sep 19 at 1:06AM
MLS# 620847
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.
Investment Insights
Based on property information with market context.
This 2,111-square-foot triplex contains three updated residential units: two two-bedroom, one-bath apartments and one efficiency with a kitchenette. Each unit is currently leased on a month-to-month basis. The property includes on-site parking, concrete construction, and a combination of window and wall/window cooling units. Appliances include washers, dryers, dishwashers, refrigerators, ovens, and microwaves.
Located at 10833 2nd Avenue Gulf in Marathon, the property occupies 0.1 acres and carries RM - Residential Medium zoning. Built in 1959, it provides a compact multifamily configuration with separate living units and existing tenancy. A Letter of Determination with 3 rights is also available.
Located at 10833 2nd Avenue Gulf in Marathon, the property occupies 0.1 acres and carries RM - Residential Medium zoning. Built in 1959, it provides a compact multifamily configuration with separate living units and existing tenancy. A Letter of Determination with 3 rights is also available.
Key Highlights
- Three‑unit configuration with two 2BR/1BA apartments and one efficiency unit
- 2,111 square feet on 0.1 acres
- All three units are currently leased on month‑to‑month leases
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,364
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$707,280
$707.3K
Cap Rate 7%
$505,200
$505.2K
Cap Rate 9%
$392,933
$392.9K
Market Conditions
NOI Build-Up for 2,111 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$54.0K $25.56/SF
− Vacancy
−$3.4K −$1.63/SF
EGI
$50.5K $23.93/SF
− OpEx
−$15.2K −$7.18/SF
NOI
$35.4K $16.75/SF
Area
Monroe County, FL
Vacancy
6.37%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$707,280
Cap Rate 7%
$505,200
Cap Rate 9%
$392,933
Alternative Uses
Best Use
Multifamily LT 5
$505.2K
$442.1K – $589.4K
NOI $35,364 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$468.0K
$409.5K – $546.0K
NOI $32,758 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$849.1K
$743.0K – $990.7K
NOI $59,439 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
547
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three leased units include two two-bedroom apartments and an efficiency with kitchenette.
Where is this triplex located?
The property is located at 10833 2nd Avenue Gulf Marathon, FL.
What is the asking price?
The asking price for this property is $979,000.
What are key features of this property?
This property features: Three‑unit configuration with two 2BR/1BA apartments and one efficiency unit; 2,111 square feet on 0.1 acres; All three units are currently leased on month‑to‑month leases
