212 Lindahl St
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212 Lindahl St
8 Unit Apartment Building $1,249,000 ($156,125/Unit) 9.50% Cap Rate Marathon, FL 33050
INVESTMENT HIGHLIGHTS
- Unique income-generating property. Features 6 apartments and 2 large and tall warehouse spaces (former airplane hangars) in the heart of Marathon, FL
EXECUTIVE SUMMARY
PLEASE NOTE - PROPERTY IS UNDER CONTRACT BUT SELLER IS TAKING BACKUP OFFERS FROM INTERESTED AND QUALIFIED BUYERS.
Discover an exceptional unique investment opportunity in the heart of Marathon. This sprawling 8,292-square-foot property showcases six income-generating residential 1 bed / 1 bath apartments and two 2 very tall and spacious (3,000+ sq. ft) warehouse/storage buildings (former airplane hangars) w/ half baths in each. The annual rent roll is currently $118,200 with occupancy rates consistently near 100% across many years (and without ever increasing rent rates to our loyal long-term tenants). Based on the appraisal (included in the listing), the market will support a rent roll of $153,286.
The property's versatile layout presents numerous possibilities for generating rental income, with separate living spaces that can accommodate long-term tenants or short-term rentals. A distinctive feature of this property is its industrial capabilities, including warehouse space (airplane hangars), offering unique potential for both residential and commercial ventures.
Perfectly positioned in the Middle Keys, this property provides easy access to local amenities including the Marathon International Airport, numerous bars and restaurants, shopping, public transportation, and the renowned Sombrero Beach area. The lack of reasonable housing in the Keys ensures that this property is always in high demand to potential renters, and we see very little turnover for our long-term tenants.
This property conveys with 2 Affordable Building Rights with an option to take over 4 additional in the queue for approval. Located in a certified Opportunity Zone, there are significant tax benefits to the potential buyer. Whether you're seeking a lucrative investment property, a unique residential compound with additional warehouse/storage capabilities, or an income-generating property with the potential to create the most impressive man cave in the Keys, this versatile property delivers exceptional value in one of Florida's most desirable locations.
Contact sales@keystime.net for more information.
Discover an exceptional unique investment opportunity in the heart of Marathon. This sprawling 8,292-square-foot property showcases six income-generating residential 1 bed / 1 bath apartments and two 2 very tall and spacious (3,000+ sq. ft) warehouse/storage buildings (former airplane hangars) w/ half baths in each. The annual rent roll is currently $118,200 with occupancy rates consistently near 100% across many years (and without ever increasing rent rates to our loyal long-term tenants). Based on the appraisal (included in the listing), the market will support a rent roll of $153,286.
The property's versatile layout presents numerous possibilities for generating rental income, with separate living spaces that can accommodate long-term tenants or short-term rentals. A distinctive feature of this property is its industrial capabilities, including warehouse space (airplane hangars), offering unique potential for both residential and commercial ventures.
Perfectly positioned in the Middle Keys, this property provides easy access to local amenities including the Marathon International Airport, numerous bars and restaurants, shopping, public transportation, and the renowned Sombrero Beach area. The lack of reasonable housing in the Keys ensures that this property is always in high demand to potential renters, and we see very little turnover for our long-term tenants.
This property conveys with 2 Affordable Building Rights with an option to take over 4 additional in the queue for approval. Located in a certified Opportunity Zone, there are significant tax benefits to the potential buyer. Whether you're seeking a lucrative investment property, a unique residential compound with additional warehouse/storage capabilities, or an income-generating property with the potential to create the most impressive man cave in the Keys, this versatile property delivers exceptional value in one of Florida's most desirable locations.
Contact sales@keystime.net for more information.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$118,200
|
$14.25
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$118,200
|
$14.25
|
| Taxes |
$11,970
|
$1.44
|
| Operating Expenses |
$16,743
|
$2.02
|
| Total Expenses |
$28,713
|
$3.46
|
| Net Operating Income |
$89,487
|
$10.79
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $118,200 |
| Annual Per SF | $14.25 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $118,200 |
| Annual Per SF | $14.25 |
| Taxes | |
|---|---|
| Annual | $11,970 |
| Annual Per SF | $1.44 |
| Operating Expenses | |
|---|---|
| Annual | $16,743 |
| Annual Per SF | $2.02 |
| Total Expenses | |
|---|---|
| Annual | $28,713 |
| Annual Per SF | $3.46 |
| Net Operating Income | |
|---|---|
| Annual | $89,487 |
| Annual Per SF | $10.79 |
PROPERTY FACTS
| Price | $1,249,000 | Apartment Style | Low Rise |
| Price Per Unit | $156,125 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Cap Rate | 9.50% | Building Size | 8,292 SF |
| Gross Rent Multiplier | 10.5 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $1,249,000 |
| Price Per Unit | $156,125 |
| Sale Type | Investment |
| Cap Rate | 9.50% |
| Gross Rent Multiplier | 10.5 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.28 AC |
| Building Size | 8,292 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1971 |
| Opportunity Zone |
Yes |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | $1,400 | - |
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PROPERTY TAXES
| Parcel Number | 00333380-000000 | Total Assessment | $349,160 (2023) |
| Land Assessment | $227,948 (2023) | Annual Taxes | $11,970 ($1.44/SF) |
| Improvements Assessment | $121,212 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
00333380-000000
Land Assessment
$227,948 (2023)
Improvements Assessment
$121,212 (2023)
Total Assessment
$349,160 (2023)
Annual Taxes
$11,970 ($1.44/SF)
Tax Year
2024
ZONING
| Zoning Code | I-G (Industrial) |
| I-G (Industrial) |
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Marathon LLC
212 Lindahl St
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