1116 Grinnell Street, Key West, FL 33040 (MLS# 118719)

1116 Grinnell Street, Key West, FL 33040

$3,200,000

Property Type: Commercial Lot Size (sq. ft.): 4,675 Status: Closed

Current Price: $3,200,000 List Date: 10/14/2013 Last Modified: 9/09/2024

Description

The Grand Guesthouse is a rock-solid investment with outstanding financials and consistent year-over-year growth. Where in the current marketplace can one find proven and consistent returns in excess of a 7.5% cap rate? This is the best lodging property investment currently available; includes 2 buildings with 10 transient rental units + a 2-bedroom unit as on-site manager's residence. Front building is an 1885 historic bungalow; circa 1952 rear building houses 4 1-bedroom suites. Charming and well-maintained, the Grand Guesthouse attracts new and return visitors whilst maintaining excellent occupancy and ADR. Green Lodging Property, recipient of the Superior Small Lodging's White Glove award & Cert. of Exc. from Trip Adviser.

More Information MLS# 118719

Contract Information

Listing Board: Key West Association Limited Representation: No As is Rght to Inspct: Yes Potential Short Sale: No Bank Owned: No For Sale/Lease: For Sale Current Price: $3,200,000 Listing Date: 2013-10-14 Sold Price: $3,200,000

Location, Tax & Legal

KW Neighborhood: Old Town-S of Truman City: KEY WEST Mile Marker: 2 Side: Median Flood Zone: X Alternate Key #: 1032387 Bldg Nbr: 0 Zoning: HMDR - Historic Medium Density Residential Legal: KW G G WATSON SUB I-209 PT LOT 9 SQR 5 TR 13 G57-527/28 Taxes: 17900 Tax Year: 2012 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: 01 - Key West

General Property Description

Realtor.COM Type: Commercial Waterfront: No Lot Size: 50 x 93.5 Lot SqFt: 4675 Business Name: The Grand Guesthouse Total Units: 11 Year Established: 1999-01-01 # Parking Spaces: 6 # Stories: 2 Building Ht. Ft.: 0 Total # Buildings: 2 Building SqFt: 3384 Style: Commercial Year Built: 1885

Remarks & Misc

Remarks – Consumer: The Grand Guesthouse is a rock-solid investment with outstanding financials and consistent year-over-year growth. Where in the current marketplace can one find proven and consistent returns in excess of a 7.5% cap rate? This is the best lodging property investment currently available; includes 2 buildings with 10 transient rental units + a 2-bedroom unit as on-site manager's residence. Front building is an 1885 historic bungalow; circa 1952 rear building houses 4 1-bedroom suites. Charming and well-maintained, the Grand Guesthouse attracts new and return visitors whilst maintaining excellent occupancy and ADR. Green Lodging Property, recipient of the Superior Small Lodging's White Glove award & Cert. of Exc. from Trip Adviser. Directions: From Truman Avenue (US1), travel south on Grinnell St for 1 1/2 blocks. 1116 Grinnell is on the right in the middle of the block.

Deed Restrictions

Unknown: 1

Association Info

Mandatory Home Owners Asc: No Association Fee $: 0

License Info

# of Transient Licns: 3

Type

Hotel/Motel: 1 Other Services: 1

Dockage

None: 1

Property Info

Gross Annual Expense: 0 NOI: 0

Cooling

Ceiling Fans(s): 1 Wall/Window Unit(s): 1

Electric

Circuit Breakers: 1

Floor

Combo: 1

Interior Features

Laundry Room: 1

Construction

Frame: 1

Land Size

Less Than 1/4 Acre: 1

Terms

Owner Consider 2nd: 1

Utilities

FKAA: 1 Municipal Sewer: 1

Property Rights

Transient License: 1

Miscellaneous

Fencing: 1 Manager on Premises: 1 Patio: 1 Residence on Premise: 1 Storage: 1

Roof

Metal Roof: 1

Financial Status

Bank Owned: No Potential Short Sale: No

Status Change Info

Sold Date: 2014-09-26 Sold Price: $3,200,000 Status: Closed

Property Features

Deed Restrictions: Unknown Type: Hotel/Motel; Other Services Dockage: None Cooling: Ceiling Fans(s); Wall/Window Unit(s) Utilities: FKAA; Municipal Sewer Interior Features: Laundry Room Miscellaneous: Fencing; Manager on Premises; Patio; Residence on Premise; Storage Construction: Frame Electric: Circuit Breakers Floor: Combo Roof: Metal Roof Land Size: Less Than 1/4 Acre Terms: Owner Consider 2nd Property Rights: Transient License

Listing Office: At Home in Key West, Inc.

Last Updated: September - 09 - 2024

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