4-Unit Apartment
New
For Sale
$1,175,000
500 22nd St Ocean Unit 1-4, Marathon, FL 33050
Four separately metered apartments include a shared laundry area and on-site parking.
Property Size2,780 SF
Price / SF$422.66
Days on Market7
Property Features for 500 22nd St Ocean Unit 1-4
General Information
Standard status
Active
Size
2,780 SF
Property subtype
Multi-family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Individually Metered Utilities
electricity
Additional Details
Cap Rate
5.87%
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$7,699
Amenities
shared laundry facility
Building Details
Building Size
2,780 SF
Year Built
1973
Buildings
1
Listing Agency:
Coldwell Banker Schmitt Real Estate Co.
Listed By:
Samuel Davis Williams · License #3186658
(305) 289-6559
Source:
Islandwelcomerealestate
Added: Oct 21
Changed: Oct 26
Last Checked: Oct 26 at 2:40PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1973, this 2,780-square-foot apartment property contains four units, each with two bedrooms and one bathroom. Electricity is separately metered for each apartment. Residents also have access to a shared laundry facility at the rear of the property and on-site parking.
The property is deed-restricted affordable housing and is located at 500 22nd St Ocean in Marathon, Florida. Long-term tenants currently occupy the units.
The property is deed-restricted affordable housing and is located at 500 22nd St Ocean in Marathon, Florida. Long-term tenants currently occupy the units.
Key Highlights
- Four apartments, each configured with two bedrooms and one bathroom
- 2,780 square feet; built in 1973
- Separate electricity meters for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,571
Cap Rate
3.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$931,420
$931.4K
Cap Rate 7%
$665,300
$665.3K
Cap Rate 9%
$517,456
$517.5K
Market Conditions
NOI Build-Up for 2,780 SF
Gross rent
$71.1K $25.56/SF
− Vacancy
−$4.5K −$1.63/SF
EGI
$66.5K $23.93/SF
− OpEx
−$20.0K −$7.18/SF
NOI
$46.6K $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 Rate 5%
$931,420
Cap Rate 7%
$665,300
Cap Rate 9%
$517,456
Alternative Uses
Best Use
Multifamily LT 5
$665.3K
$582.1K – $776.2K
NOI $46,571 @ 7.0% cap · market cap 3.96%
Second Best
Apartment 5plus
$616.3K
$539.2K – $719.0K
NOI $43,139 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$1.12M
$978.5K – $1.30M
NOI $78,276 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
442
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
Frequently Asked Questions
What type of property is this?
Quadplex - Four separately metered apartments include a shared laundry area and on-site parking.
Where is this quadplex located?
The property is located at 500 22nd St Ocean Unit 1-4 Marathon, FL.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Four apartments, each configured with two bedrooms and one bathroom; 2,780 square feet; built in 1973; Separate electricity meters for each unit
