101 11Th Street Ocean Marathon, FL 33050
- Residential income homes
- 1,000 SF
Current Use by Public Records
- Ocean Breeze Marathon / Property Management Company / Resort Hotel
- 35 Ocean Breeze Marathon / Holiday Home
Property Details for 101 11Th Street Ocean
- Year built
- 2021
- Property size
- 1,000 SF
- Property type
- Residential income homes
Description
This exceptional investment opportunity presents a portfolio of ten Class A, single-family rental units in Marathon, Florida. Located at 101 11th Street Ocean, this property boasts a prime oceanfront location with stunning sunrise and sunset views. Built in 2021, these three-story buildings offer a total of 10,000 square feet of net rentable space, with individual units ranging from 960 to 1,000 square feet. Each unit features modern finishes including granite and stainless-steel kitchens, shiplap siding, crown molding, and central air conditioning. Many units include a third-floor balcony. The property sits on a 100,754 square foot lot and benefits from a perpetual ground lease with a monthly ground rent of $1,500-$1,600, which includes amenities, landscaping, and irrigation. There are no HOA fees or annual real estate taxes. A modern community lounge area, two fire pits, a sun deck, an outdoor kitchen with a grill and ice house, and an inground pool enhance the property's appeal. A private marina boat slip option (up to 28') is also available. The property currently generates a Net Operating Income (NOI) of $108,000, with a pro-forma NOI of $164,350, representing a current cap rate of 22.27% and a pro-forma cap rate of 33.89%. The asking price per unit is $48,500, with a total price of $485,000. Transferable warranties on appliances extend until 2029/2032. The property is zoned R-MH and features a 30-day minimum rental requirement. This turnkey investment offers significant potential for passive income generation in a high-barrier-to-entry market. The property's location near the 7-Mile Bridge, local restaurants, and beaches adds to its desirability. This is a rare opportunity to acquire a high-performing multifamily investment in the Florida Keys.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Marathon
- County
- Monroe
- State
- Florida
- Longitude
- -81.1139
- Latitude
- 24.7076
