Florida Keys Realty, Inc

Property Info

# Kitchens

2

# Refrigerators

13

# Range/Ovens

Yes

# Washers

2

# Dryers

2

# Dishwashers

2

NOI

531305

Financial Status

Bank Owned

No

Potential Short Sale

No

Remarks & Misc

Remarks – Consumer

Extraordinary and rare Investment opportunity in the robust Key West lodging market, The Grand Guesthouse is nestled in a quiet residential neighborhood 7 short blocks from Duval St in the very heart of Old Town. Walk, bike, or scooter your way around the Historic District and enjoy the excellent restaurants, bars, shopping, and beaches. Bike to the HarborWalk to catch your sunset sail or fishing charter, or dive and snorkel the reef, or kayak the back country - the opportunities are endless and convenient from this property, ideally located close to all the action. Listed at an 8.07% cap rate, the transient-licensed 10 guest rooms and suites have been completely renovated. In addition, exceptional upside exists with immediate value add opportunities including (1) a spacious 2 bd/ 1 bath apt currently used by the owners that has a non-transient license, allowing for vacation rentals and significant increased income, (2) the 8.07% cap rate is based on 2022 financials with an occupancy rate of only 73% compared to 86% citywide, and (3) a historic B&B liquor license is available from the State at minimal costs allowing for the sale of alcohol via in-room mini-bars, or other tiki bar type setup. This license in addition to the restaurant license already in hand for current owners. The original house was built in the 1880's as a rooming house for workers at the cigar factory at the end of the block. The property was converted into and used as a single-family home from the 1940's to the 1960's when it was converted back to a rooming house. In 1998, the property was transformed from its humble beginnings into The Grand Guesthouse. Today, each of the 10 guest rooms and suites feature en suite bathrooms, private entrances, A/C with ceiling fans, cable television, USB charging stations, a small refrigerator, and tropical décor. Lush tropical landscaping and outdoor seating areas wait for guests to enjoy breakfast and the courtyard. www.thegrandguesthouse.com.

Directions

The property is located at 1116 Grinnell Street between Virginia and Catherine Streets in Old Town Key West.

Type

Hotel/Motel

Yes

Fee Includes

None

Yes

Dockage

None

Yes

Accounts & Meters

# Sewer Accounts

Yes

# Water Meters

Yes

# Electric Meters

10

Appliances

Dishwasher

Yes

Dryer

Yes

Range

Yes

Refrigerator

Yes

Washer

Yes

Cooling

Ceiling Fans(s)

Yes

Heat Pump

Yes

Wall/Window Unit(s)

Yes

Heating

Ductless

Yes

Electric

Yes

Heat Pump

Yes

Waterfront

None

Yes

Electric

220 Volt

Yes

Waterview

No Waterview

Yes

Floor

Tile

Yes

Wood

Yes

Interior Features

Cathedral Ceilings

Yes

Drapes/Blinds Incl

Yes

Entrance Foyer

Yes

Furnished

Yes

Laundry Room

Yes

Smoke Alarms

Yes

Window Treatments

Yes

Windows/Doors

Aluminum Windows

Yes

Double Hung Windows

Yes

French Doors

Yes

Jalousie Windows

Yes

Single Hung Windows

Yes

Wood Windows

Yes

Vehicle Storage

Guest Parking

Yes

Off Street Parking

Yes

Construction

Frame

Yes

Land Size

Less Than 1/4 Acre

Yes

Terms

Assumable

Yes

Assumable-Qualify

Yes

Buyer Obtain Finance

Yes

Utilities

FKAA

Yes

Municipal Sewer

Yes

Propane

Yes

Title

Title Ins - Seller

Yes

Property Rights

Beverage License

Yes

Transient License

Yes

Other/See Remarks

Yes

Miscellaneous

Fencing

Yes

Lobby

Yes

Manager on Premises

Yes

Patio

Yes

Roof

Metal Roof

Yes

Shutters

Panel

Yes

Storm Shutters

Yes

Tenant Paid

Tnt Pays No Utils

Yes

Property Features