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

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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