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    Grassy Key Marina Investment Title is generated by Realmo AI

    59073 Overseas Hwy, Marathon, FL 33050

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    Marina with rental income, apartments, and potential for growth.

    Type:Mixed Use, Special Purpose
    Property size:
    22,000 SF
    Price / SF:
    $450/SF
    Added:
    Dec 18, 2023
    Days on Market:
    877
    Last Refresh:
    Mar 17 at 1:25 pm

    Property Features for 59073 Overseas Hwy

    General Information

    Standard status
    Active
    Size
    22,000 SF
    Property subtype
    Mixed Use, Special Purpose

    We can help!

    Listing Contact
    Stuart Duffin, SIOR, CCIM
    Stuart Duffin, SIOR, CCIM

    Listing agent Stuart Duffin, SIOR, CCIM License #FL SL3071098

    Listing office Cushman & Wakefield - Stuart

    Listing date Dec 18, 2023

    Source Crexi

    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 Cushman & Wakefield - Stuart

    HighLights

    • Established marina with 110 indoor/outdoor dry rack storage spaces, 33 wet slips, and 78 trailer storage spaces.
    • Proven income generation from convenience store and 4 studio apartments ($5,500/month).
    • High visibility location on US‑1 (Overseas Hwy) at the north entrance to Marathon.
    • Award‑winning marina: 2022, 2023, and 2024 Boater’s Choice Award and 2023 and 2024 Marinas.com Elite Fleet Boaters Choice Award.
    • Enjoy the Tiki Hut overlooking the Gulf of Mexico.
    • Chartered fishing and boat rental tenants in place.

    Overview

    This property features marina services, including 110 indoor and outdoor dry rack storage spaces, 33 wet slips, and 78 trailer storage spaces. A tiki hut is situated on the point, overlooking the Gulf of Mexico. The property generates rental income from a convenience store. Located at the north end of Marathon on Overseas Highway (US1), it benefits from high visibility. Grassy Key Marina received the 2022, 2023, and 2024 Boater’s Choice award and the 2023 and 2024 Marinas.com Elite Fleet Boaters Choice Award. Chartered fishing and boat rental tenants are present. The property is located close to affluent Duck Key and offers great visibility from US-1 (Overseas Hwy) on the way through Grassy Key. The property includes 4 studio apartments, adding income to the property - $5,500/month. Physical improvements have been made to the property, including new decking improvements, a new roof over the vacant store, landscaping clean up and maintenance, improved security and safety aspects, and signage. Fuel has been installed for marina equipment, and a forklift has been purchased. The property size is 22000 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Grassy Key Marina Grocery Store Communication Tower Telecommunications Service Grassy key marina ... Grocery & Convenience Store Marathon Rod Rentals (Bike/Boat/Book/etc) Store Run And Gun Fishing ... Tour Operator

    Suggested Use

    Restaurant Real Estate Agency Gym & Fitness Center Hotel & Motel Department Store Food Market Grocery & Convenience Store Bar & Pub Bakery 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
    -80.9443392
    Latitude
    24.7682039

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    FAQs

    What type of property is this?
    Marina - Marina with rental income, apartments, and potential for growth.
    Where is this marina located?
    The property is located at 59073 Overseas Hwy Marathon, FL.
    What is the asking price?
    The asking price for this property is $9,900,000.
    What are key features of this property?
    This property features: Established marina with **110 indoor/outdoor dry rack storage spaces, 33 wet slips, and 78 trailer storage spaces**.; Proven income generation from convenience store and 4 studio apartments ($5,500/month).; **High visibility location on US‑1 (Overseas Hwy)** at the north entrance to Marathon.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Stuart Duffin, SIOR, CCIM
    Stuart Duffin, SIOR, CCIM
    Real Estate License ID: FL SL3071098
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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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