Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Bay Front Buildable Lot Title is generated by Realmo AI

    120 Pirates Cove Drive, Marathon, FL 33050

    View on Map
    Claim this Listing
    For Sale
    $499,000

    Vacant Land - Marathon, FL

    Added:
    Apr 27, 2026
    Days on Market:
    17
    Last Refresh:
    May 13 at 4:06 am

    Property Features for 120 Pirates Cove Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RM - Residential Medium
    Standard status
    Active
    APN
    00333641-003000

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5902.15

    Utilities

    Water front features
    Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Walters Luxury Group Gloria, Rachel and Michaela Walters

    Listing agent Walters Luxury Group Gloria, Rachel and Michaela Walters License #662034_1

    Listing office Ocean Sotheby's International Realty 81888 Overseas Hwy, Islamorada, FL

    Listing date Apr 27, 2026

    MLS# 613692 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.

    HighLights

    • Bayfront lot in an exclusive gated community.
    • Buildable lot on the Florida Bay.
    • Potential to "tie in" to existing home on adjacent lot.
    • Opportunity to build an accessory structure.
    • Located in Stirrup Key, Marathon Florida Keys.
    • Homeowner's park with boat launch.

    Overview

    This vacant land presents an opportunity to own a contiguous bay front buildable lot on the Florida Bay. Located within an exclusive gated community in Stirrup Key, Marathon, in the Florida Keys, this property is zoned RM - Residential Medium. The property is located at 120 Pirates Cove Drive, Marathon, FL 33050. Potential uses include building an accessory structure or creating a tie-in to the existing home on Lot 30. The possibilities are endless depending on your needs. The property could be combined with the bay home for a large family retreat, or a pool and putting green could be added to the single-family home for more recreation. Homeowners can park and launch their boats in the homeowner's park. Buyers are responsible for verifying the permit process.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Marathon
    County
    Monroe
    State
    Florida
    Longitude
    -81.045366
    Latitude
    24.739953

    Nearby Similar for Sale

    • $3,549,000
      6,128 SF

      Waterfront Redevelopment Opportunity in Marathon

      Rare waterfront property with redevelopment potential in Marathon, Florida.
      14 125th Street Gulf, Marathon, FL 33050
      View Details
    • $650,000
      1,040 SF

      Marathon Duplex with Redevelopment Potential

      Duplex in Marathon, Florida Keys with redevelopment potential.
      746 50th Street Gulf, Marathon, FL 33050
      View Details
    • $1,533,333

      Highway Exposure Commercial Building

      Corner lot building with drive-thru and patio.
      11401 Overseas Highway, Marathon, FL 33050
      View Details
    • $4,900,000

      Waterfront Commercial Parcels with Bay Bottom

      Rare opportunity: waterfront parcels with bay bottom rights.
      13759 Overseas Highway, MARATHON, FL 33050
      View Details
    • $3,549,000
      6,128 SF

      Waterfront Redevelopment Opportunity in Marathon

      Rare waterfront property with deep water dockage and highway frontage.
      14 125th Street Gulf, Marathon, FL 33050
      View Details
    • $4,900,000

      Waterfront Land with Bay Bottom Rights

      Rare opportunity: waterfront land with bay bottom rights in Marathon.
      13759 Overseas Highway, MARATHON, FL 33050
      View Details
    • $3,450,000

      Highway Frontage Development Opportunity

      Prime commercial land with highway frontage and ocean access.
      8501 Overseas Highway, Marathon, FL 33050
      View Details
    • $10,500,000

      Oceanfront Development Opportunity in Marathon

      Rare 6-acre oceanfront land parcel in the Florida Keys.
      57478 Overseas Highway, Marathon, FL 33050
      View Details
    • $10,500,000

      Oceanfront Development Opportunity in Marathon

      Rare oceanfront land for luxury residential development in Florida Keys.
      57478 Overseas Highway, Marathon, FL 33050
      View Details
    • $9,950,000

      Gulf Front Estate in Marathon

      3.86-acre mixed-use commercial property with waterfront and highway frontage.
      6500-6600 Overseas Highway, Marathon, FL 33050
      View Details
    • $679,000

      Waterfront Lot Ready to Build

      Premium waterfront lot with building rights, ready to build.
      1021 27Th Street Ocean, Marathon, FL 33050
      View Details
    • $650,000
      1,460 SF

      Marathon Duplex Redevelopment Opportunity

      Duplex in Marathon, Florida Keys, with redevelopment potential.
      746 50th St Gulf, Marathon, FL 33050
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Vacant land in gated community, Marathon, Florida Keys.
    Where is this waterfront land located?
    The property is located at 120 Pirates Cove Drive Marathon, FL.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: Bayfront lot in an exclusive gated community.; Buildable lot on the Florida Bay.; Potential to "tie in" to existing home on adjacent lot.
    (305) 942-6834
    We can help!
    Listing Contact
    Walters Luxury Group Gloria, Rachel and Michaela Walters
    Real Estate License ID: 662034_1
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    120 Pirates Cove Drive, Marathon, FL 33050
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!