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$1,800,000
Marathon, FL 33050
MLS# 609161
7 beds | 7 baths | 2190 sqft
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Property Description
Very unique property in the old Keys Style. 5 Building Rights on this 18,000 sq ft Oceanfront parcel on Grassy Key, with Bay Bottom and a boat ramp (shared with adjoining parcel) City of Marathon has approved a Letter of Determination for five (5) building rights (TBR's) upon the property, however Letter is currently in review period by Florida Department of Commerce (Formerly DEO) with an appeal date of 4/25/24. Property currently contains a Triplex with a 2/2 apt and two 1 bed/1 bath apts; a small studio with 1 bath, and a mobile home with 2 beds/1.5 baths. Triplex was inspected and found to be unsafe structure. It CAN NOT be occupied. Seller has been advised he could possibly repair the building within the guidelines of the City's Substantial Improvement ordinance but Buyer needs to verify this. Should a Buyer decide to demolish the triplex density requirements would limit the number of units that could be rebuilt. Current zoning and density should allow for two units to be built on the property. A buyer might choose to demolish the triplex and leave mobile home and studio unit in place...and keep the remaining three (3) TBRs.
Details
Maps
Contract Information
Current Price: $1,800,000
Listing Date: 2024-03-12
Listing Board: Marathon/Lower Keys
List Price: $1,800,000
As is Rght to Inspct: Yes
Species List: No
Location, Tax & Legal
Street #: 58234
Street Name: Overseas
Street Suffix: Highway
Key/Island: Marathon
State/Province: FL
Zip Code: 33050
County: Monroe
Subdivision: Crains Sub (58.0)
Mile Marker: 58
Area: 19 - Crawl Key & Grassy Key
Marathon Neighborhood: Grassy Key
Side: Ocean
Flood Zone: VE,AE,AE,VE
Alternate Key #: 1451657
Parcel #: 00368470-000000
Zoning: RM - Residential Medium
Deed Restrictions: Unknown
Legal: BK 18 LT 20 CRAINS SUBD OF GRASSY KEY PB 1-51 AND ADJ PORTION OF FLAGLER STREET
Taxes: 12299.03
Tax Year: 2023
Pub Sewer HkUp: Yes
General Property Description
Realtor.COM Type: Multi-family
Style: Multi-Units
Waterfront: Yes
Control Depth: 1
Pool: No
Year Built: 1975
Total Units: 5
Lot SqFt: 18000
Lot Sqft Source: Property Data Card
Acres: 0.18
Living Apx SqFt: 2190
SqFt Source: Property Data Card
Total Bedrooms: 7
Full Baths: 6
Half Baths: 1
Total Baths: 7
Rentals Allowed: With Restrictions
Min Rental Days: 7
Remarks & Misc
Remarks – Consumer: Very unique property in the old Keys Style. 5 Building Rights on this 18,000 sq ft Oceanfront parcel on Grassy Key, with Bay Bottom and a boat ramp (shared with adjoining parcel) City of Marathon has approved a Letter of Determination for five (5) building rights (TBR's) upon the property, however Letter is currently in review period by Florida Department of Commerce (Formerly DEO) with an appeal date of 4/25/24. Property currently contains a Triplex with a 2/2 apt and two 1 bed/1 bath apts; a small studio with 1 bath, and a mobile home with 2 beds/1.5 baths. Triplex was inspected and found to be unsafe structure. It CAN NOT be occupied. Seller has been advised he could possibly repair the building within the guidelines of the City's Substantial Improvement ordinance but Buyer needs to verify this. Should a Buyer decide to demolish the triplex density requirements would limit the number of units that could be rebuilt. Current zoning and density should allow for two units to be built on the property. A buyer might choose to demolish the triplex and leave mobile home and studio unit in place...and keep the remaining three (3) TBRs.
Directions: US 1 to 58234 Overseas Highway.
Status Change Info
Status: Active
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
Building Style
Above Flood: Unknown
Stories: 2 Stories
Appliances
Other: Buyer to Verify
Property Features
Fee Includes: None
Tax Exemptions: Homestead
Waterfront: Oceanfront; Open Water
Waterview: Ocean View; Open Water View
Dockage: None
Building Style: Single Wide
Vehicle Storage: Off Street Parking
Cooling: Wall/Window Unit(s)
Utilities: Elect Separate Meter; FKAA; Municipal Sewer
Construction: CBS; Manufactured
Pets: Pets Allowed
Land Size: 1/4 - 1/2 Acre
Terms: Cash; Conventional
Listing Office: Coldwell Banker Schmitt Real Estate Co.
Last Updated: March - 12 - 2024
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