For Sale
Call for price

101 11Th Street OceanMarathon, FL 33050

10 Units, High ROI, Oceanfront

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a portfolio of ten Class A, single-family rental units in Marathon, Florida. Located at 101 11th Street Ocean, this property boasts a prime oceanfront location with stunning sunrise and sunset views. Built in 2021, these three-story buildings offer a total of 10,000 square feet of net rentable space, with individual units ranging from 960 to 1,000 square feet. Each unit features modern finishes including granite and stainless-steel kitchens, shiplap siding, crown molding, and central air conditioning. Many units include a third-floor balcony. The property sits on a 100,754 square foot lot and benefits from a perpetual ground lease with a monthly ground rent of $1,500-$1,600, which includes amenities, landscaping, and irrigation. There are no HOA fees or annual real estate taxes. A modern community lounge area, two fire pits, a sun deck, an outdoor kitchen with a grill and ice house, and an inground pool enhance the property's appeal. A private marina boat slip option (up to 28') is also available. The property currently generates a Net Operating Income (NOI) of $108,000, with a pro-forma NOI of $164,350, representing a current cap rate of 22.27% and a pro-forma cap rate of 33.89%. The asking price per unit is $48,500, with a total price of $485,000. Transferable warranties on appliances extend until 2029/2032. The property is zoned R-MH and features a 30-day minimum rental requirement. This turnkey investment offers significant potential for passive income generation in a high-barrier-to-entry market. The property's location near the 7-Mile Bridge, local restaurants, and beaches adds to its desirability. This is a rare opportunity to acquire a high-performing multifamily investment in the Florida Keys.

Highlights

  • Ten-unit, Class A single-family rental portfolio in Marathon, FL.
  • Net lease investment with a 22.27% cap rate (33.89% pro-forma).
  • $485,000 total price, or $48,500 per unit.
  • 1,000 sq ft total rentable area, built in 2021 on a 100,754 sq ft lot.
  • Ground lease with perpetual term until owner cancellation; fee simple ownership.

Property Details for 101 11Th Street Ocean

Property type
Residential income homes
Square Feet
1,000 SF
Class
A
Year Built
2021
Buildings
1
Stories
3
Units
10

Location Insight

City
Marathon
County
Monroe
State
Florida
Latitude
24.7076163
Longitude
-81.1138972
101 11Th Street Ocean, Marathon, Florida

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
101 11Th Street Ocean
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message