1116 Grinnell Street, Key West, FL 33040
$3,200,000
Property Type:
Commercial
Lot Size (sq. ft.):
4,675
Status:
Closed
Current Price:
$3,200,000
List Date:
10/14/2013
Last Modified:
9/09/2024
Description
The Grand Guesthouse is a rock-solid investment with outstanding financials and consistent year-over-year growth. Where in the current marketplace can one find proven and consistent returns in excess of a 7.5% cap rate? This is the best lodging property investment currently available; includes 2 buildings with 10 transient rental units + a 2-bedroom unit as on-site manager's residence. Front building is an 1885 historic bungalow; circa 1952 rear building houses 4 1-bedroom suites. Charming and well-maintained, the Grand Guesthouse attracts new and return visitors whilst maintaining excellent occupancy and ADR. Green Lodging Property, recipient of the Superior Small Lodging's White Glove award & Cert. of Exc. from Trip Adviser.
More Information MLS# 118719
Contract Information
Listing Board: Key West Association
Limited Representation: No
As is Rght to Inspct: Yes
Potential Short Sale: No
Bank Owned: No
For Sale/Lease: For Sale
Current Price: $3,200,000
Listing Date: 2013-10-14
Sold Price: $3,200,000
Location, Tax & Legal
KW Neighborhood: Old Town-S of Truman
City: KEY WEST
Mile Marker: 2
Side: Median
Flood Zone: X
Alternate Key #: 1032387
Bldg Nbr: 0
Zoning: HMDR - Historic Medium Density Residential
Legal: KW G G WATSON SUB I-209 PT LOT 9 SQR 5 TR 13 G57-527/28
Taxes: 17900
Tax Year: 2012
Street #: 1116
Street Name: Grinnell
Street Suffix: Street
Key/Island: Key West
State/Province: FL
Zip Code: 33040
Subdivision: GG Watson Sub (1.0)
County: Monroe
Area: 01 - Key West
General Property Description
Realtor.COM Type: Commercial
Waterfront: No
Lot Size: 50 x 93.5
Lot SqFt: 4675
Business Name: The Grand Guesthouse
Total Units: 11
Year Established: 1999-01-01
# Parking Spaces: 6
# Stories: 2
Building Ht. Ft.: 0
Total # Buildings: 2
Building SqFt: 3384
Style: Commercial
Year Built: 1885
Remarks & Misc
Remarks – Consumer: The Grand Guesthouse is a rock-solid investment with outstanding financials and consistent year-over-year growth. Where in the current marketplace can one find proven and consistent returns in excess of a 7.5% cap rate? This is the best lodging property investment currently available; includes 2 buildings with 10 transient rental units + a 2-bedroom unit as on-site manager's residence. Front building is an 1885 historic bungalow; circa 1952 rear building houses 4 1-bedroom suites. Charming and well-maintained, the Grand Guesthouse attracts new and return visitors whilst maintaining excellent occupancy and ADR. Green Lodging Property, recipient of the Superior Small Lodging's White Glove award & Cert. of Exc. from Trip Adviser.
Directions: From Truman Avenue (US1), travel south on Grinnell St for 1 1/2 blocks. 1116 Grinnell is on the right in the middle of the block.
Deed Restrictions
Unknown: 1
Association Info
Mandatory Home Owners Asc: No
Association Fee $: 0
License Info
# of Transient Licns: 3
Type
Hotel/Motel: 1
Other Services: 1
Dockage
None: 1
Property Info
Gross Annual Expense: 0
NOI: 0
Cooling
Ceiling Fans(s): 1
Wall/Window Unit(s): 1
Electric
Circuit Breakers: 1
Floor
Combo: 1
Interior Features
Laundry Room: 1
Construction
Frame: 1
Land Size
Less Than 1/4 Acre: 1
Terms
Owner Consider 2nd: 1
Utilities
FKAA: 1
Municipal Sewer: 1
Property Rights
Transient License: 1
Miscellaneous
Fencing: 1
Manager on Premises: 1
Patio: 1
Residence on Premise: 1
Storage: 1
Roof
Metal Roof: 1
Financial Status
Bank Owned: No
Potential Short Sale: No
Status Change Info
Sold Date: 2014-09-26
Sold Price: $3,200,000
Status: Closed
Property Features
Deed Restrictions: Unknown
Type: Hotel/Motel; Other Services
Dockage: None
Cooling: Ceiling Fans(s); Wall/Window Unit(s)
Utilities: FKAA; Municipal Sewer
Interior Features: Laundry Room
Miscellaneous: Fencing; Manager on Premises; Patio; Residence on Premise; Storage
Construction: Frame
Electric: Circuit Breakers
Floor: Combo
Roof: Metal Roof
Land Size: Less Than 1/4 Acre
Terms: Owner Consider 2nd
Property Rights: Transient License
Listing Office:
At Home in Key West, Inc.
Last Updated: September - 09 - 2024
The data relating to real estate for sale on this web site comes in part from the Florida Keys MLS, Inc. Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commeral use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS.