716 South Street, Key West, FL 33040 (MLS# 116627)

716 South Street, Key West, FL 33040

$2,900,000

Virtual Tour

http://www.visualtour.com/shownp.asp?sk=13&t=2821388

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

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.

More Information MLS# 116627

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: $2,900,000 Listing Date: 2012-06-18 Sold Price: $2,900,000

Location, Tax & Legal

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: 0 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 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

General Property Description

Realtor.COM Type: Commercial Waterfront: No Lot Size: 132 ' X 104' Lot SqFt: 13743 Business Name: Sea Shell Motel Total Units: 17 # Parking Spaces: 0 # Stories: 2 Building Ht. Ft.: 20 Total # Buildings: 4 Building SqFt: 7826 Style: Commercial Year Built: 1948

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: 1

Association Info

Mandatory Home Owners Asc: No Association Fee $: 0

License Info

# of City License: 4 # of Transient Licns: 2 Non Trans Rntl Lic: 1

Type

Hotel/Motel: 1

Dockage

None: 1

Property Info

Gross Annual Expense: 0 NOI: 0

Cooling

Wall/Window Unit(s): 1

Electric

Circuit Breakers: 1

Construction

CBS: 1 Stucco: 1

Land Size

1/4 - 1/2 Acre: 1

Utilities

FKAA: 1 Municipal Sewer: 1

Title

Negotiable: 1

Property Rights

Transient License: 1

Miscellaneous

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

Financial Status

Bank Owned: No Potential Short Sale: No

Status Change Info

Sold Date: 2013-10-31 Sold Price: $2,900,000 Status: Closed

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.