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1240 Overseas Highway, Marathon, FL 33050

$3,300,000
Property Type: Commercial Sale Bedrooms: 4 Baths: 3 Square Footage: 1,832 Lot Size (sq. ft.): 16,000 Status: Active
Current Price: $3,300,000 List Date: 8/22/2025 Last Modified: 12/26/2025

Overview

Description

Multi-Parcel Waterfront Offering - Iconic 7 Mile Grill. This rare multi-parcel package in Marathon, FL combines an iconic waterfront restaurant, residential property, development rights, and dockage. 1240 Overseas Hwy is home to the renowned 7 Mile Grill, serving up delicious home-style cooking with island style since 1954. The historic restaurant operates with a transferable beer and wine license and serves breakfast, lunch, and dinner. The parcel carries an additional development right for a single-family home which currently supports added income from a jet ski rental business and an ice cream truck. A state-issued submerged land lease transfers with the sale, ensuring valuable waterfront access to 149' of dockage. Included in the sale is a 4-bedroom, 1-bath home located at the adjoining 1230 Overseas Hwy. This bonus parcel is perfect for employee housing, an owner's residence, or future redevelopment. With high-visibility US1 frontage at the head of the Seven Mi ...

Listing Details MLS# 616244

Location, Tax & Legal

Street #
1240
Street Name
Overseas
Street Suffix
Highway
Key/Island
Marathon
State/Province
FL
Zip Code
33050
Subdivision
Parrish Sub (48.0)
County
Monroe
Area
13 - 7 Mile Bridge to Sombrero Bch Rd E & W
City
MARATHON
Off Shore Island
No
Mile Marker
48
Marathon Neighborhood
Old Town West (11th to 25th)
Side
Bay/Gulf
Flood Zone
AE
Alternate Key #
1118923
Add'l Parcel #1
1230 Overseas Hwy
Parcel #
00101720-000000
Zoning
MU - Mixed Use Commercial Mixed Use
Legal
8 66 32 HOG KEY PT GOVT LT 1 AND ADJ PT ST RD 5 OR375-561 OR459-468/70 OR517-304 OR697-669 OR755-461 OR755-958 OR766-81
Taxes
12445.44
Tax Year
2024

Contract Information

Listing Board
Florida 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
Commercial
Style
Commercial
Lot SqFt
16000
Waterfront
Yes
Control Depth
5
Business Name
The Wooden Spoon
Year Established
1953-12-31
# Parking Spaces
25
# Stories
Yes
Total # Buildings
3
Building SqFt
2192
SqFt Source
Tax Records
Living Apx SqFt
1832
Total Units
Yes
Year Built
1976
Total Bedrooms
4
Full Baths
3
Total Baths
3

Association Info

Mandatory Home Owners Asc
No
1st Right of Refusal
No

Dockage

Dock
Concrete
Seawall
Concrete
Basin
Yes
Other Dockage
Yes

More Information

Financial Status

Bank Owned
No
Potential Short Sale
No

Remarks & Misc

Remarks – Consumer
Multi-Parcel Waterfront Offering - Iconic 7 Mile Grill. This rare multi-parcel package in Marathon, FL combines an iconic waterfront restaurant, residential property, development rights, and dockage. 1240 Overseas Hwy is home to the renowned 7 Mile Grill, serving up delicious home-style cooking with island style since 1954. The historic restaurant operates with a transferable beer and wine license and serves breakfast, lunch, and dinner. The parcel carries an additional development right for a single-family home which currently supports added income from a jet ski rental business and an ice cream truck. A state-issued submerged land lease transfers with the sale, ensuring valuable waterfront access to 149' of dockage. Included in the sale is a 4-bedroom, 1-bath home located at the adjoining 1230 Overseas Hwy. This bonus parcel is perfect for employee housing, an owner's residence, or future redevelopment. With high-visibility US1 frontage at the head of the Seven Mile Bridge, this property offers exceptional exposure and multiple revenue streams. Buyers can continue successful operations as-is or explore reconfiguration and redevelopment options to unlock the full potential of this unmatched offering.

Deed Restrictions

No
Yes

License Info

2-Cop (Beer & Wine)
Yes
Other/See Remarks
Yes

Type

Apartment 3 or more
Yes
Bar
Yes
Marina
Yes
Restaurant
Yes

Fee Includes

Other
Yes

Appliances

Dishwasher
Yes
Range
Yes
Refrigerator
Yes
Washer
Yes

Waterfront

Gulf Front
Yes
Open Water
Yes

Waterview

Bay/Gulf View
Yes
Harbor/Marina View
Yes

Vehicle Storage

Common Parking
Yes

Construction

Combo Construction
Yes

Land Size

More than 1 Lot
Yes

Utilities

FKAA
Yes
Municipal Sewer
Yes
Separate Meters
Yes
Septic Tank
Yes

Property Rights

Beverage License
Yes
Multi-Use/Commercial
Yes
Tranfrble Bldg Prmt
Yes
Transfer Bldg Rights
Yes

Miscellaneous

High Traffc Location
Yes
High Visibility
Yes
Highway Frontage
Yes
Open Water View
Yes
Residence on Premise
Yes

Property Features

Deed Restrictions: No License Info: 2-Cop (Beer & Wine); Other/See Remarks Type: Apartment 3 or more; Bar; Marina; Restaurant Waterfront: Gulf Front; Open Water Waterview: Bay/Gulf View; Harbor/Marina View Dockage: Basin; Other Dockage Vehicle Storage: Common Parking Utilities: FKAA; Municipal Sewer; Separate Meters; Septic Tank Appliances: Dishwasher; Range; Refrigerator; Washer Miscellaneous: High Traffc Location; High Visibility; Highway Frontage; Open Water View; Residence on Premise Construction: Combo Construction Land Size: More than 1 Lot Fee Includes: Other Property Rights: Beverage License; Multi-Use/Commercial; Tranfrble Bldg Prmt; Transfer Bldg Rights
Listing Office: Coldwell Banker Schmitt Islamorada
Last Updated: December - 26 - 2025
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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