425 E Ocean Drive, Key Colony, FL 33051 (MLS# 599775)

425 E Ocean Drive, Key Colony, FL 33051

$7,250,000

Property Type: Commercial Sale 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

Overview

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.

Listing Details MLS# 599775

Location, Tax & Legal

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

Contract Information

Listing Board: Key West Association
Limited Representation: No
For Sale/Lease: For Sale
Potential Short Sale: No
Bank Owned: No

General Property Description

Realtor.COM Type: Commercial
Style: Commercial
Lot SqFt: 26100
Waterfront: Yes
Business Name: Cabana Club
Year Established: 1971-12-31
Off Street Parking: yes
# Stories: 2
Building SqFt: 5546
Living Apx SqFt: 5546
Year Built: 1957
Total Bedrooms: 3
Full Baths: 4
Total Baths: 4

Status Change Info

Under Contract Date: 2022-04-27
Leased Date: 2022-05-05

Association Info

Mandatory Home Owners Asc: No
1st Right of Refusal: No

Financial Status

Bank Owned: No
Potential Short Sale: No

More Information

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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