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    Oceanfront Lot with Boat Slip Title is generated by Realmo AI

    1235 83rd Street, Marathon, FL 33050

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    Claim this Listing
    For Sale
    $1,900,000

    LAND - Marathon, FL

    Lot size:
    0.27 Acres
    Added:
    Jun 10, 2024
    Days on Market:
    712
    Last Refresh:
    May 22 at 9:06 pm

    Property Features for 1235 83rd Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RM - Residential Medium
    Standard status
    Active
    APN
    00348830-000000
    Lot size
    0.27 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    BK 4 LOT 24 AND PT ADJ ROAD LIDA SUBD FIRST ADDN PB4-103 KEY VACA OR859-1336 OR1010-1684 OR1010-1685 OR2979-2486
    Tax Annual Amount
    7361

    Utilities

    Water front features
    Ocean Front
    Water front
    1

    We can help!

    Listing Contact
    Judy Cinque
    Judy Cinque

    Listing agent Judy Cinque License #649582

    Listing office Key Colony Beach Realty 220 Key Colony Beach Causeway P.o Box 510095, Key Colony Beach, FL

    Listing date Jun 10, 2024

    MLS# 610353 Listing URL

    Copyright © 2026 Marathon and Lower Keys Association 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

    • Direct oceanfront lot with 153 feet of total ocean frontage including 120 feet of concrete seawall.
    • Building rights in place; no TBR or BPAS (ROGO) needed.
    • Features a cut‑in boat slip.
    • Large lot, cleared and ready to build.
    • End‑of‑street right‑of‑way deed conveys with the property, adding 33 feet of ocean frontage.
    • Enjoy unobstructed ocean views, including views of Key Colony and Sombrero, with sunrise and sunset views.

    Overview

    This direct oceanfront lot features 120 feet of concrete seawall and a total of 153 feet of ocean frontage, including a cut-in boat slip. Building rights are in place, eliminating the need for Transferable Building Rights or Building Permit Allocation System, potentially saving time and money. The property includes an end-of-street right-of-way deed. The lot's dimensions are: oceanfront concrete dock 120 feet, additional oceanfront for the end-of-street right-of-way 33 feet, street 75 feet, side 133 feet, and back 125 feet. The 0.27-acre lot is cleared and ready for construction, graveled, and partially fenced, featuring a silver buttonwood hedge. It offers unobstructed ocean views, with Key Colony visible to the east and Sombrero to the west. The property is located in Marathon, Florida.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Marathon
    County
    Monroe
    State
    Florida
    Longitude
    -81.055208
    Latitude
    24.719432

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    FAQs

    What type of property is this?
    Waterfront Land - Direct oceanfront lot with building rights in Marathon, Florida.
    Where is this waterfront land located?
    The property is located at 1235 83rd Street Marathon, FL.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: Direct oceanfront lot with **153 feet of total ocean frontage** including **120 feet of concrete seawall**.; Building rights in place; no TBR or BPAS (ROGO) needed.; Features a cut‑in boat slip.
    (305) 923-1197
    We can help!
    Listing Contact
    Judy Cinque
    Judy Cinque
    Real Estate License ID: 649582
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    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.

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