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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: Active
Current Price: $1,175,000 List Date: 1/10/2026 Last Modified: 4/01/2026

Overview

Description

Seller Financing Available! 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 adjustm ...

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

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
Seller Financing Available! 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. Toward the long-term, this property is deed-restricted affordable housing, making it 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: April - 01 - 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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