2401 Overseas Highway 10, Marathon, FL 33050

New Listing

$1,999,995

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Property Type: Commercial Sale Bedrooms: 10 Baths: 10 Square Footage: 2,115 Lot Size (sq. ft.): 10,710 Status: Active

Current Price: $1,999,995 List Date: 10/04/2026 Last Modified: 10/04/2026

Overview

Description

Blue Marlin Apartments presents a unique opportunity to acquire a 10-unit, deed-restricted affordable housing property in the heart of Marathon. Positioned along Overseas Highway at approximately Mile Marker 50 with access from 24th Street Ocean, the property offers convenient proximity to employment centers, marinas, shopping, dining, and everyday services throughout the Middle Keys. 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 ... (Read more)

Listing Details MLS# 621497

Location, Tax & Legal

Street #: 2401
Street Name: Overseas
Street Suffix: Highway
Key/Island: Marathon
State/Province: FL
Zip Code: 33050
Subdivision: Sombrero Sub (49.5)
County: Monroe
Area: 13 - 7 Mile Bridge to Sombrero Bch Rd E & W
Unit #: 10
City: MARATHON
Off Shore Island: No
Mile Marker: 49.5
Marathon Neighborhood: Country Club (Sombrero Blvd & Flamingo)
Side: Ocean
Flood Zone: AE-8
Alternate Key #: 1395391
Parcel #: 00321070-000000
Zoning: MU - Mixed Use Commercial Mixed Use
Legal: Lots 1 and 3, Block 2, Sombrero Subdivision #2, being Part of Government Lot 1 in Section 9, Township 66 South, Range 32
Taxes: 7152.54
Tax Year: 2025

Contract Information

Listing Board: Marathon/Lower Keys
Limited Representation: No
As is Rght to Inspct: Yes
Potential Short Sale: No
Bank Owned: No
Species List: No

General Property Description

Realtor.COM Type: Multi-Family
Style: Residential Income
Lot SqFt: 10710
Waterfront: No
Business Name: Marlin Apartments
Off Street Parking: Yes
Building SqFt: 3540
SqFt Source: Property Data Card
Living Apx SqFt: 2115
Total Units: 10
Year Built: 1961
Total Bedrooms: 10
Full Baths: 10
Total Baths: 10
Control Depth: 0

Association Info

Mandatory Home Owners Asc: No
1st Right of Refusal: No

Property Info

# Kitchens: 10
# Efficiencies: 10
# Refrigerators: 10
1 Bed/Bath: 9

More Information

Financial Status

Bank Owned: No
Potential Short Sale: No

Remarks & Misc

Remarks – Consumer: Blue Marlin Apartments presents a unique opportunity to acquire a 10-unit, deed-restricted affordable housing property in the heart of Marathon. Positioned along Overseas Highway at approximately Mile Marker 50 with access from 24th Street Ocean, the property offers convenient proximity to employment centers, marinas, shopping, dining, and everyday services throughout the Middle Keys. 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.
Directions: US 1 South to Marathon Key, property is located directly across the street from the Marathon Turtle Hospital.

Deed Restrictions

Affordable Housing: Yes
Yes: Yes

Type

Apartment 3 or more: Yes

Fee Includes

None: Yes

Dockage

None: Yes

Accounts & Meters

# Water Meters: Yes
# Electric Meters: Yes

Appliances

Range: Yes
Refrigerator: Yes

Cooling

Wall/Window Unit(s): Yes

Heating

Electric: Yes

Waterfront

None: Yes

Waterview

No Waterview: Yes

Vehicle Storage

Off Street Parking: Yes

Construction

Combo Construction: Yes

Land Size

1/4 - 1/2 Acre: Yes

Utilities

Buyer to Verify: Yes
FKAA: Yes
Municipal Sewer: Yes

Roof

Metal Roof: Yes

Property Features

Deed Restrictions: Affordable Housing; Yes Type: Apartment 3 or more Waterfront: None Waterview: No Waterview Dockage: None Vehicle Storage: Off Street Parking Cooling: Wall/Window Unit(s) Heating: Electric Utilities: Buyer to Verify; FKAA; Municipal Sewer Appliances: Range; Refrigerator Construction: Combo Construction Roof: Metal Roof Land Size: 1/4 - 1/2 Acre Fee Includes: None

Documents

Survey ›

Offering Memorandum ›

Listing Office: Coldwell Banker Schmitt Real Estate Co.

Last Updated: October - 04 - 2026

The data relating to real estate for sale on this web site comes in part from the Florida Keys MLS, Inc. Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commeral use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS.

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