Homes for sale - 500 22nd St Ocean #1-4, Marathon, FL 33050

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Dani Hall

dani@danihallflkeys.com +1(864) 706-7359

$ 1,249,000

Est. payment | -/mo

8 Beds

4 Baths

2,780 SqFt

Save

$ 1,249,000

Est. payment | -/mo

Save

8 Beds

4 Baths

2,780 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-family

Listing Status Active

Purchase Type For Sale

Square Footage 2,780 sqft

Price per Sqft $449

Subdivision R & R Subdivision (48.5)

MLS Listing ID 618043

Style Multi-Units

Bedrooms 8

Full Baths 4

Construction Status CBS

HOA Y/N No

Rental Info Yes

Year Built 1973

Annual Tax Amount $7,699

Tax Year 2025

Lot Size 6,098 Sqft

Acres 0.14

Property Sub-Type Multi-family

Property Description

Attention investors and business owners: This four-unit apartment building presents a compelling opportunity in the heart of the Florida Keys, offering immediate income with long-term strategic value. Each of the four units features a comfortable two-bedroom, one-bath layout, with long-term tenants currently in place, providing stable cash flow from day one.Each apartment is separately metered for electricity, allowing tenants to manage their own usage--an added benefit for ownership efficiency. The property also offers ample on-site parking, a valuable amenity in the Keys, along with a shared laundry facility located at the rear of the property, enhancing convenience for residents.The property is currently operating at an approximate 5.87% cap rate, with clear room for growth. Rents are presently below market, creating a realistic path for increased returns, with projections indicating the potential to achieve a 7.4%+ cap rate over time as adjustments are made in accordance with applicable guidelines.Toward the long-term, this property is deed-restricted affordable housing, making it particularly attractive for local employers seeking workforce housing solutions and investors focused on sustainable, community-oriented assets. Ownership may support employee retention while maintaining consistent demand in a high-need market.This offering represents a rare blend of steady income, upside potential, and long-term stability in one of the most sought-after areas of the Florida Keys.

Location

State FL

County Monroe

Area 13 - 7 Mile Bridge To Sombrero Bch Rd E & W

Zoning RH - Residential High

Rooms

Other Rooms Utility Room

Interior

Heating Central Air, Ceiling Fans(s)

Cooling Central Air, Ceiling Fans(s)

Furnishings Unfurnished

Appliance Refrigerator, Microwave, Oven, Range

Exterior

Parking Features Open Parking, Off Street Parking

Utilities Available FKAA, Elect Separate Meter, Water Separate Meter

Waterfront Description None

View No Waterview

Roof Type Combo Roof

Private Pool No

Building

Story 2 Stories

Sewer Yes

Construction Status CBS

Others

SqFt Source Property Data Card

Pets Allowed Pets Allowed

Listed by Coldwell Banker Schmitt Real Estate Co.

500 22nd St Ocean #1-4 Marathon, FL 33050