425 E Ocean Drive, Key Colony, FL 33051
$7,250,000
Property Type:
Commercial
Bedrooms:
3
Baths:
4
Square Footage:
5,546
Lot Size (sq. ft.):
26,100
Status:
Closed
Current Price:
$7,250,000
List Date:
4/26/2022
Last Modified:
9/10/2024
Description
This is a money-making, membership-only swim, and beach club with very limited competition in the area. Located in Marathon, the boating and fishing heart of the Florida Keys, the property has 137 feet of private white sandy beach overlooking the Atlantic Ocean. A 65' x 35' zero edge, in-ground, concrete pool is the centerpiece of the property. The pool is temperature-controlled with a waterfall and a separate heated spa. The club features a relaxing waterfront restaurant and full service bar for the club members only. All furniture, fixtures, and equipment is included in the sale of the property. Gross income is over $1.5 million per year and the 2021 adjusted net income with all owner benefits approx. $950,000/ yr. There are two apartments, a gorgeous oceanfront 2bd/2ba second floor owner's apartment with private waterfront deck overlooking the Ocean and a ground floor efficiency apartment.
More Information MLS# 599775
Contract Information
Listing Board: Key West Association
Limited Representation: No
Potential Short Sale: No
Bank Owned: No
For Sale/Lease: For Sale
Current Price: $7,250,000
Listing Date: 2022-02-21
Sold Price: $7,250,000
Location, Tax & Legal
City: KEY COLONY
Off Shore Island: No
Mile Marker: 53.5
Marathon Neighborhood: Marathon East - Gulf (Airport to Vaca)
Side: Ocean
Flood Zone: AE,VE,AE,VE,AE
Alternate Key #: 1078875
Parcel #: 00073970-000000
Zoning: RH - Resort Hotel
Legal: BK 6 PT LT 12 AND PT LT 13 AND 13A KEY COLONY BEACH PB3-120 SHELTER KEY OR515-802 OR797-369 OR796-1754/55 OR1403-951/52T
Taxes: 18781.02
Tax Year: 2021
Street #: 425
Direction: E
Street Name: Ocean
Street Suffix: Drive
Key/Island: Key Colony
State/Province: FL
Zip Code: 33051
Subdivision: Key Colony Beach (53.5)
County: Monroe
Area: 17 - Vaca Cut - Both Sides Holiday Inn/Key Colony
General Property Description
Realtor.COM Type: Commercial
Waterfront: Yes
Control Depth: 0
Lot Size: 26100
Lot SqFt: 26100
Business Name: Cabana Club
Total Units: 0
Year Established: 1971-12-31
Off Street Parking: yes
# Stories: 2
Building SqFt: 5546
Style: Commercial
Living Apx SqFt: 5546
Year Built: 1957
Total Bedrooms: 3
Full Baths: 4
Total Baths: 4
Remarks & Misc
Remarks – Consumer: This is a money-making, membership-only swim, and beach club with very limited competition in the area. Located in Marathon, the boating and fishing heart of the Florida Keys, the property has 137 feet of private white sandy beach overlooking the Atlantic Ocean. A 65' x 35' zero edge, in-ground, concrete pool is the centerpiece of the property. The pool is temperature-controlled with a waterfall and a separate heated spa. The club features a relaxing waterfront restaurant and full service bar for the club members only. All furniture, fixtures, and equipment is included in the sale of the property. Gross income is over $1.5 million per year and the 2021 adjusted net income with all owner benefits approx. $950,000/ yr. There are two apartments, a gorgeous oceanfront 2bd/2ba second floor owner's apartment with private waterfront deck overlooking the Ocean and a ground floor efficiency apartment.
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
Type
Restaurant: 1
Other Services: 1
Fee Includes
Other: 1
Dockage
None: 1
Waterfront
Oceanfront: 1
Waterview
Ocean View: 1
Construction
Concrete: 1
Land Size
1/2 - Less Than 1 AC: 1
Utilities
FKAA: 1
Municipal Sewer: 1
Financial Status
Bank Owned: No
Potential Short Sale: No
Status Change Info
Sold Date: 2022-05-05
Sold Price: $7,250,000
Status: Closed
Property Features
Type: Restaurant; Other Services
Waterfront: Oceanfront
Waterview: Ocean View
Dockage: None
Utilities: FKAA; Municipal Sewer
Construction: Concrete
Land Size: 1/2 - Less Than 1 AC
Fee Includes: Other
Listing Office:
RE/MAX Keys Connection (KW)
Last Updated: September - 10 - 2024
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