UPDATED:
Key Details
Property Type Commercial
Sub Type Residential Income
Listing Status Active
Purchase Type For Sale
Square Footage 2,115 sqft
Price per Sqft $945
Subdivision Sombrero Sub (49.5)
MLS Listing ID 621497
Bedrooms 10
Full Baths 10
HOA Y/N No
Year Built 1961
Annual Tax Amount $7,152
Tax Year 2025
Lot Size 10,710 Sqft
Acres 0.25
Lot Dimensions Irregular
Property Sub-Type Residential Income
Land Area 2115
Property Description
The property consists of three buildings with nine efficiency units and one one-bedroom/one-bath residence, totaling approximately 6,511 square feet of gross building area and 3,540 square feet of finished living area. Community features include an on-site laundry facility, shared courtyard, and off-street parking.
Recent capital improvements include replacement mini-split HVAC units, impact windows, flood panels, and a gabled metal roof system. The property is zoned MU - Mixed-Use by the City of Marathon and all 10 units are subject to affordable housing restrictions.
The property was most recently utilized as employee housing, and no third-party rent roll currently exists. Projected rents have been underwritten using HUD and Florida Housing Finance Corporation guidelines, with the current projected structure falling within the Low Income 80% AMI limits. The recorded deed restriction also provides long-term flexibility for rent growth within the applicable affordability framework.
With strong demand for workforce housing throughout the Florida Keys, vested affordable housing rights, documented operating history, and a central Marathon location, Blue Marlin Apartments offers a compelling opportunity for an investor seeking a multifamily asset in a supply-constrained market.
Location
State FL
County Monroe
Area 13 - 7 Mile Bridge To Sombrero Bch Rd E & W
Zoning MU - Mixed Use Commercial Mixed Use
Direction US 1 South to Marathon Key, property is located directly across the street from the Marathon Turtle Hospital.
Interior
Heating Electric
Cooling Wall/Window Unit(s)
Appliance Range, Refrigerator
Exterior
Parking Features Off Street
Utilities Available FKAA, Municipal Sewer, Buyer To Verify
Waterfront Description None
Roof Type Metal Roof
Garage No
Others
HOA Fee Include None
Tax ID 00321070-000000
Schools and Properties Nearby
Learn More About LPT Realty
Armando Delgado
Broker Associate License ID: 3320544
Broker Associate License ID: 3320544