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    Oceanfront Development Opportunity in Marathon Title is generated by Realmo AI

    57478 Overseas Highway, Marathon, FL 33050

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    Claim this Listing
    For Sale
    $10,500,000

    LAND - Marathon, FL

    Lot size:
    2.37 Acres
    Added:
    Feb 10, 2026
    Days on Market:
    101
    Last Refresh:
    May 22 at 2:06 pm

    Property Features for 57478 Overseas Highway

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    MU - Mixed Use Commercial
    Standard status
    Active
    APN
    00374660000000
    Lot size
    2.37 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Bk 58 Lt 11 Crains Subd Pb1-51 Of Grassy Key Or135-95-96 Or407-765-768 Or475-436-438 Or683-887 Or685-713 Or908-1005 Or15
    Tax Annual Amount
    6342

    Utilities

    Water front features
    Ocean Front
    Water front
    1

    We can help!

    Listing Contact
    Iliana Abella

    Listing agent Iliana Abella License #519307

    Listing office Compass Florida - Miami Beach 1212 Lincoln Road Suite113, Miami, FL

    Listing date Feb 10, 2026

    MLS# 618926 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

    • Rare 6‑acre oceanfront development opportunity in the Florida Keys
    • Direct oceanfront and beach access for potential luxury residential units
    • Highly desirable central Keys location in Marathon, the Heart of the Florida Keys
    • Proximity to shopping, fine dining, spas, and marinas
    • Unparalleled access to deep‑sea fishing, scuba diving, and snorkeling
    • Convenient access to a local airport

    Overview

    This exceptional parcel offers a rare oceanfront development opportunity in the heart of the Florida Keys. Encompassing nearly 2.37 acres of oceanfront land in Grassy Key, this property presents an ideal canvas for developers seeking to create luxury residential units with direct oceanfront and beach access. Surrounded by unspoiled natural beauty and tranquil beaches, the property offers immediate proximity to shopping, fine dining, spas, marinas, and world-class boating. Residents will enjoy unparalleled access to deep-sea fishing, scuba diving, snorkeling, and vibrant coral reefs, all set against the backdrop of the Keys' iconic turquoise waters. Located in Marathon, often referred to as the Heart of the Florida Keys, the site benefits from a highly desirable central Keys location, conveniently positioned between the Upper Keys and the Lower Keys. Marathon is known for its rich maritime history, local airport, and accessibility, serving as a central hub comprising islands such as Vaca Key, Duck Key, and Grassy Key. This is an exceptional opportunity to develop a legacy project in one of Florida's most coveted coastal destinations. The zoning is MU - Mixed Use Commercial.
    Property Profile Location Intelligence

    Current Use by Public Records

    Howard and Lily Leitner ... Real Estate Agency Florida Keys International ... Real Estate Agency

    Suggested Use

    Restaurant Real Estate Agency Hotel & Motel Department Store Accounting Firm Bed & Breakfast

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Marathon
    County
    Monroe
    State
    Florida
    Longitude
    -80.963051
    Latitude
    24.752873

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    FAQs

    What type of property is this?
    Waterfront Land - Rare 2.37-acre oceanfront land parcel in the Florida Keys.
    Where is this waterfront land located?
    The property is located at 57478 Overseas Highway Marathon, FL.
    What is the asking price?
    The asking price for this property is $10,500,000.
    What are key features of this property?
    This property features: Rare 6‑acre oceanfront development opportunity in the Florida Keys; Direct oceanfront and beach access for potential luxury residential units; Highly desirable central Keys location in Marathon, the Heart of the Florida Keys
    (305) 505-0488
    We can help!
    Listing Contact
    Iliana Abella
    Real Estate License ID: 519307
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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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