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1116 Grinnell Street, Key West, FL 33040

$5,350,000
Property Type: Commercial Sale Bedrooms: 12 Baths: 12 Square Footage: 3,384 Lot Size (sq. ft.): 4,666 Status: Closed
Current Price: $5,350,000 List Date: 7/10/2023 Last Modified: 9/09/2024

Overview

Description

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 occup ...

Listing Details MLS# 605923

Location, Tax & Legal

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
02 - Key West

Contract Information

Listing Board
Key West Association
Limited Representation
No
As is Rght to Inspct
Yes
For Sale/Lease
For Sale
Potential Short Sale
No
Bank Owned
No

General Property Description

Realtor.COM Type
Commercial
Style
Commercial
Lot SqFt
4666
Waterfront
No
Business Name
The Grand Guesthouse
Year Established
1998-07-15
# Parking Spaces
6
Off Street Parking
6
# Stories
2
Total # Buildings
2
Building SqFt
3384
SqFt Source
Tax Records
Living Apx SqFt
3384
Total Units
11
Year Built
1938
Total Bedrooms
12
Full Baths
11
Half Baths
Yes
Total Baths
12

Status Change Info

Under Contract Date
2024-03-05
Leased Date
2024-03-08

License Info

# of City License
11
# of Transient Licns
10

Association Info

Mandatory Home Owners Asc
No
1st Right of Refusal
No

More Information

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

Property Features

License Info: 2-Cop (Beer & Wine); Non Trans Rntl Lic Type: Hotel/Motel Waterfront: None Waterview: No Waterview Dockage: None Vehicle Storage: Guest Parking; Off Street Parking Cooling: Ceiling Fans(s); Heat Pump; Wall/Window Unit(s) Heating: Ductless; Heat Pump Utilities: FKAA; Municipal Sewer; Propane Interior Features: Cathedral Ceilings; Drapes/Blinds Incl; Entrance Foyer; Furnished; Laundry Room; Smoke Alarms; Window Treatments Appliances: Dishwasher; Dryer; Range; Refrigerator; Washer Miscellaneous: Fencing; Lobby; Manager on Premises; Patio Construction: Frame Electric: 220 Volt Shutters: Panel; Storm Shutters Floor: Tile; Wood Roof: Metal Roof Land Size: Less Than 1/4 Acre Fee Includes: None Terms: Assumable; Assumable-Qualify; Buyer Obtain Finance Title: Title Ins - Seller Tenant Paid: Tnt Pays No Utils Property Rights: Beverage License; Transient License; Other/See Remarks
Listing Office: Truman & Co. (KW)
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.
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