58234 Overseas Highway Marathon, FL 33050

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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.