243 61st Street Gulf Street , MARATHON, FL 33050
MARATHON, FL 33050
Description
A rare and unique income producing Hotel in Marathon. Tropical Cottages is a boutique & very profitable Mom and Pop Motel. Total of 11 valuable Transient Licenses, 13 Rooms plus office with kitchen & check in room. There are 9 buildings on the property, 8 adorable free standing cottages and the main building with 3 rooms. Each room has been tastefully and tropically renovated inside and out. Each room is unique and comes fully furnished. Most of the units have small kitchenettes including sink with microwave and refrigerator. All units have refrigerator & microwave. Each of the cottages have shiny new Victorian shingle roofs. Additionally, there is a large Tiki Hut & Bar along with Food Truck with seating area. The Food Truck is leased for $5,000 per mos. and the Tiki Bar operations are owner operated. Both add to income and a great amenity for the guests. On site is a full laundry room with Commercial grade washers/dryers and storage rooms throughout. All housekeeping is done on site. Small but friendly efficient staff has been there long term and willing to stay on with new owners. There are a total of 6 lots encompassing over 1/2 acre of land, total .56 Ac or 24,384 sf. There is ample off street parking for guests. Zoning is GC and land use is recognized as Hotel/Motel. Bonus of Deeded waterfront access at the end of 61st St. which has a boat ramp and staging area for all types of watercrafts and sports. Same family ownership since 2010. Tropical Cottages was started back in the mid 1950's as a Fish camp and is one of the few remaining Mom & Pop Motels throughout the Florida Keys. Priced at just over 7% cap rate. Motel generates substantial Net income year after year to current owners. Sellers may consider Seller Financing to a qualified buyer and must have 40%-50% or more down payment. Terms to be negotiated.
Details
| MLS# | 609079 |
|---|---|
| Listing Type | For Sale |
| Building Name | Tropical Cottages |
| Sub-Type | Resale |
| Status | Active |
| Year | 1954 |
| Days On Site | 215 |
| Listing Provided By | RE/MAX Keys Connection (KW) | Curtis A Skomp, CCIM |
Features
| Bed(s) | 13 |
|---|---|
| Bath(s) | 14 Total |
| SQ Feet | 4,461 |
| Story(s) | 1 |
| Units | 11 |
| Building(s) | 9 |
| Zoning | MU - Mixed Use |
| Acreage | 0.56 |
| Property View | No Waterview |
Market Activity 33050
The data relating to real estate for sale on this web site come s in part from the Internet Data Exchange program of the Marathon and Lower Keys Association of REALTORS®, Inc. MLS. Real Estate listings held by brokerage firms other than Coldwell Banker Schmitt are marked with the MLS logo and detailed information about them includes the name of the listing broker’s office.
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Learn More About This Property
| State | FL |
|---|---|
| County | Monroe |
| City | MARATHON |
| Zip Code | 33050 |
| Area | 15 Sombrero Bch Rd to Vaca Cut Gulfside |
| Community Name | Marathon Heights (50.5) |
| Listing VS Median (in Marathon Heights (50.5)) | |
Price: $6,290,000 low | high Med: $6,290,000 SqFt: 4,461 low | high Med: 4,461 $ / SqFt: $1,410 low | high Med: $1,410 On Site: 215 low | high Med: 215.000000 | |