| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Poor |
| Demographics | 41st | Poor |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1 Kyle Way S, Marathon, FL, 33050, US |
| Region / Metro | Marathon |
| Year of Construction | 1979 |
| Units | 28 |
| Transaction Date | 2025-10-31 |
| Transaction Price | $9,650,000 |
| Buyer | 1 KYLE WAY SOUTH LLC |
| Seller | HAWK S NEST CONDOMINIUM INC |
1 Kyle Way S, Marathon FL Multifamily Investment
Neighborhood data points to a higher renter concentration and steady household formation that can support leasing durability, according to WDSuite s CRE market data. Investors should view this address as a coastal workforce option where renter demand is reinforced by a high-cost ownership market in the surrounding area.
Marathon sits within the Key West, FL metro and offers day-to-day convenience more than cafe density, with grocery access ranking in the top quartile among 27 metro neighborhoods and parks and restaurants competitive among Key West neighborhoods. School ratings trend below national norms, which can influence unit mix strategy toward workforce and lifestyle renters rather than school-driven demand.
The neighborhood shows a strong renter-occupied presence at the neighborhood level, indicating a deeper tenant base for multifamily operators. Within a 3-mile radius, demographics from WDSuite indicate modest recent gains in population and households and a projected expansion in both by 2028, which supports a larger tenant base and potential occupancy stability over time.
Home values in the neighborhood are elevated relative to national norms, reinforcing reliance on rental housing and aiding lease retention and pricing power for well-positioned units. Median neighborhood rents sit above national averages, so operators should manage renewals and concessions carefully to balance rent growth with retention.
Property vintage in this area skews to the early 1980s; the subject s 1979 construction is slightly older than the neighborhood average and may present value-add opportunities via select unit and system upgrades. Neighborhood occupancy metrics (measured at the neighborhood level, not the property) have trended below national medians, so underwriting should incorporate prudent lease-up timelines and seasonality. These dynamics, combined with amenity access and renter depth, shape a practical, investor-focused view supported by multifamily property research.
Comparable safety ranks are not available in WDSuite for this neighborhood. Investors typically benchmark local trends against metro and county sources and incorporate property-level measures (lighting, access control, and visible management) into underwriting rather than relying on block-level assumptions.
This 28-unit asset at 1 Kyle Way S offers exposure to a Keys submarket where renter-occupied share is comparatively high at the neighborhood level and ownership costs are elevated, supporting persistent rental demand. Based on CRE market data from WDSuite, neighborhood occupancy measures run below national norms, but near-term household growth within a 3-mile radius and projected expansion toward 2028 point to a larger tenant base that can support occupancy stability as units are competitively positioned.
Built in 1979, the property is slightly older than the neighborhood s early-1980s average, suggesting targeted value-add through interior upgrades and system modernization. Elevated neighborhood home values can sustain renter reliance on multifamily housing, while amenity access (notably groceries and parks) supports livability. Key risks include softer neighborhood-level occupancy and seasonal demand patterns common to coastal economies with higher exposure to tourism; operators should plan conservative lease-up pacing and active renewal management.
- Strong neighborhood renter concentration supports depth of tenant base and leasing durability.
- 1979 vintage offers value-add potential via targeted interior and systems upgrades.
- Elevated ownership costs reinforce renter reliance, aiding pricing power for well-positioned units.
- Demographic expansion within 3 miles indicates a growing renter pool that can support occupancy over time.
- Risks: below-national neighborhood occupancy and seasonal demand require conservative underwriting and renewal focus.