716 South Street, Key West, FL 33040
$2,900,000
Property Type:
Commercial
Lot Size (sq. ft.):
13,743
Status:
Closed
Current Price:
$2,900,000
List Date:
6/18/2012
Last Modified:
9/09/2024
Overview
Description
Established Motel and Hostel has 17 transient licenses, total of 21 bedrooms. Owner may offer financing to qualified buyer. Money making operation. 10% cap rate with net of $332,100 in 2011. Current owner has plans for 17 rooms, a three-story replacement building which was submitted to the City of Key West. Currently operated as 14 private hotel rooms (one handicap) and three hostel rooms. Corner property with several parking spaces. There is a bike rental license included. Gross over $600,000/yr. Extra storage & housekeeping rooms. Large lot & room for pool.
Listing Details MLS# 116627
Location, Tax & Legal
- Street #
- 716
- Street Name
- South
- Street Suffix
- Street
- Key/Island
- Key West
- State/Province
- FL
- Zip Code
- 33040
- Subdivision
- White & Pierce Diagram (1.0)
- Area
- 01 - Key West
- KW Neighborhood
- Old Town-S of Truman
- City
- KEY WEST
- Mile Marker
- 1
- Side
- Median
- Flood Zone
- AE
- Alternate Key #
- 1037681
- Parcel #
- 00036870000000-00037880000100
- Bldg Nbr
- No
- Zoning
- HNC(1-3) - Hist Nghborhd Comml 1 - 3 Coastal Med
- Legal
- Alt.#s 1037681 and 8785682 as per Monroe County Tax Records
- Taxes
- 26884
- Tax Year
- 2011
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
- 13743
- Waterfront
- No
- Business Name
- Sea Shell Motel
- # Stories
- 2
- Building Ht. Ft.
- 20
- Total # Buildings
- 4
- Building SqFt
- 7826
- Total Units
- 17
- Year Built
- 1948
- # Parking Spaces
- No
Status Change Info
- Sold Date
- 2013-10-31
License Info
- # of City License
- 4
- # of Transient Licns
- 2
- Non Trans Rntl Lic
- Yes
Association Info
- Mandatory Home Owners Asc
- No
- Association Fee $
- 0
More Information
Financial Status
- Bank Owned
- No
- Potential Short Sale
- No
Remarks & Misc
- Remarks – Consumer
- Established Motel and Hostel has 17 transient licenses, total of 21 bedrooms. Owner may offer financing to qualified buyer. Money making operation. 10% cap rate with net of $332,100 in 2011. Current owner has plans for 17 rooms, a three-story replacement building which was submitted to the City of Key West. Currently operated as 14 private hotel rooms (one handicap) and three hostel rooms. Corner property with several parking spaces. There is a bike rental license included. Gross over $600,000/yr. Extra storage & housekeeping rooms. Large lot & room for pool.
Deed Restrictions
- Unknown
- Yes
Type
- Hotel/Motel
- Yes
Dockage
- None
- Yes
Property Info
- Gross Annual Expense
- 0
- NOI
- 0
Cooling
- Wall/Window Unit(s)
- Yes
Electric
- Circuit Breakers
- Yes
Construction
- CBS
- Yes
- Stucco
- Yes
Land Size
- 1/4 - 1/2 Acre
- Yes
Utilities
- FKAA
- Yes
- Municipal Sewer
- Yes
Title
- Negotiable
- Yes
Property Rights
- Transient License
- Yes
Miscellaneous
- Fencing
- Yes
- Manager on Premises
- Yes
- Residence on Premise
- Yes
Property Features
Deed Restrictions:
Unknown
License Info:
Non Trans Rntl Lic
Type:
Hotel/Motel
Dockage:
None
Cooling:
Wall/Window Unit(s)
Utilities:
FKAA; Municipal Sewer
Miscellaneous:
Fencing; Manager on Premises; Residence on Premise
Construction:
CBS; Stucco
Electric:
Circuit Breakers
Land Size:
1/4 - 1/2 Acre
Title:
Negotiable
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.