Search
$1,999,995
Marathon, FL 33050
MLS# 621497
10 beds | 10 baths | 2115 sqft
1 / 48
Property 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 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.
Details
Maps
Documents
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
Current Price: $1,999,995
Listing Date: 2026-10-02
List Price: $1,999,995
Location, Tax & Legal
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
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
General Property Description
Realtor.COM Type: Multi-Family
Waterfront: No
Control Depth: 0
Lot Size: Irregular
Lot SqFt: 10710
Business Name: Marlin Apartments
Total Units: 10
Off Street Parking: Yes
SqFt Source: Property Data Card
Building SqFt: 3540
Style: Residential Income
Living Apx SqFt: 2115
Year Built: 1961
Total Bedrooms: 10
Full Baths: 10
Total Baths: 10
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: 1
Yes: 1
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
Type
Apartment 3 or more: 1
Fee Includes
None: 1
Dockage
None: 1
Accounts & Meters
# Water Meters: 1
# Electric Meters: 1
Appliances
Range: 1
Refrigerator: 1
Property Info
# Kitchens: 10
# Efficiencies: 10
# Refrigerators: 10
1 Bed/Bath: 9
Cooling
Wall/Window Unit(s): 1
Heating
Electric: 1
Waterfront
None: 1
Waterview
No Waterview: 1
Vehicle Storage
Off Street Parking: 1
Construction
Combo Construction: 1
Land Size
1/4 - 1/2 Acre: 1
Utilities
Buyer to Verify: 1
FKAA: 1
Municipal Sewer: 1
Roof
Metal Roof: 1
Financial Status
Bank Owned: No
Potential Short Sale: No
Status Change Info
Status: Active
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
Survey 
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.