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

$1,175,000

Property Type: Residential Bedrooms: 8 Baths: 4 Square Footage: 2,780 Lot Size (sq. ft.): 6,002 Status: Contingent/Show

Current Price: $1,175,000 List Date: 1/10/2026 Last Modified: 10/19/2026

Overview

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 wi ... (Read more)

Listing Details MLS# 618043

Location, Tax & Legal

Street #: 500
Street Name: 22nd St Ocean
Key/Island: Marathon
State/Province: FL
Zip Code: 33050
County: Monroe
Subdivision: R & R Subdivision (48.5)
Area: 13 - 7 Mile Bridge to Sombrero Bch Rd E & W
Unit #: 1-4
City: MARATHON
Off Shore Island: No
Mile Marker: 48.5
Marathon Neighborhood: Old Town East (25th to Sombrero)
Side: Ocean
Flood Zone: AE-7
Alternate Key #: 1120014
Parcel #: 00102830-000100
Zoning: RH - Residential High
Deed Restrictions: Unknown
Legal: 9 66 32 KEY VACCA PT GOV LT 2 ADJ AND S OF LT 6 BLK B R AND R SUBD
Taxes: 7699.69
Tax Year: 2025
Pub Sewer HkUp: Yes

Contract Information

Listing Board: Marathon/Lower Keys
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: Multi-Units
Waterfront: No
Pool: No
Year Built: 1973
Total Units: 4
Lot SqFt: 6002
Lot Sqft Source: Property Data Card
Acres: 0.14
Living Apx SqFt: 2780
SqFt Source: Property Data Card
Total Bedrooms: 8
Full Baths: 4
Total Baths: 4
Rentals Allowed: Yes
Min Rental Days: 7
Control Depth: 0

Status Change Info

Contingent: Contingent/Show

Association Info

Mandatory Home Owners Asc: No
1st Right of Refusal: No
Association Fee $: 0

Building Style

Above Flood: No
Stories: 2 Stories

More Information

Vehicle Storage

Car(s): 4+
Open Parking: Yes
Off Street Parking: Yes

Financial Status

Auction: No
Bank Owned: No
Potential Short Sale: No
Standard Sale: Yes

Remarks & Misc

Remarks – Consumer: 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. Long term, this deed-restricted affordable housing property may be 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.
Directions: Ocean Side, turn on 22nd Street. Apartment building is 3/4 of the way down the street on the left hand side.

Fee Includes

None: Yes

Dockage

None: Yes

Tax Exemptions

None: Yes

Appliances

Microwave: Yes
Oven: Yes
Range: Yes
Refrigerator: Yes

Pets

Pets Allowed: Yes

Cooling

Ceiling Fans(s): Yes
Central Air: Yes

Waterfront

None: Yes

Waterview

No Waterview: Yes

Specialty Rooms

Utility Room: Yes

Windows/Doors

Single Hung Windows: Yes

Construction

CBS: Yes

Land Size

Less Than 1/4 Acre: Yes

Furnished

Unfurnished: Yes

Terms

Seller Finance Psble: Yes

Utilities

Elect Separate Meter: Yes
FKAA: Yes
Water Separate Meter: Yes

Roof

Combo Roof: Yes

Shutters

Bahama: Yes
Panel: Yes

Property Features

Fee Includes: None Tax Exemptions: None Waterfront: None Waterview: No Waterview Dockage: None Vehicle Storage: Off Street Parking; Open Parking Furnished: Unfurnished Cooling: Ceiling Fans(s); Central Air Utilities: Elect Separate Meter; FKAA; Water Separate Meter Specialty Rooms: Utility Room Appliances: Microwave; Oven; Range; Refrigerator Construction: CBS Shutters: Bahama; Panel Roof: Combo Roof Pets: Pets Allowed Land Size: Less Than 1/4 Acre Terms: Seller Finance Psble

Listing Office: Coldwell Banker Schmitt Real Estate Co.

Last Updated: October - 19 - 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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