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243 61st Street Gulf Street
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PRICED AT ONLY: $6,290,000

Address: 243 61st Street Gulf Street, 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.

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  • MLS#: 609079 ( Hotel/Motel )
  • Street Address: 243 61st Street Gulf Street
  • Viewed: 4
  • Price: $6,290,000
  • Price sqft: $0
  • Waterfront: No
  • Waterfront Type: None
  • Year Built: 1954
  • Bldg sqft: 0
  • Bedrooms: 13
  • Total Baths: 14
  • Full Baths: 13
  • 1/2 Baths: 1

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.
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Features
Bedrooms / Bathrooms
  • Property Info 1 Bedbath: 13
Building and Construction
  • Construction: CBS, Combo Construction, Manufactured, Frame
  • Net Leasable Area: 4461.00
  • Num Stories: 1.0
  • Roof: Metal Roof, Other Roof
  • Sqft Source: Property Data Card
  • Total Number Of Units: 11.00
Property Information
  • Property Group Id: 19990816212135227274000000
  • Property Info: License Included
  • Property Rights: Transient License
Garage and Parking
  • Vehicle Storage: Common Parking, Off Street Parking, Guest Parking
Eco-Communities
  • Water View: No Waterview
Utilities
  • Cooling: Central Air
  • Electric: 220 Volt
  • Utilities: FKAA, Municipal Sewer
  • Windowsdoors: Other Windows/Doors
Finance and Tax Information
  • Fee Includes: None
  • Tax Year: 2023
  • Tenant Paid: Tnt Pays No Utils
Other Features
  • Alternate Key Num: 1415898
  • Appliances: Refrigerator, Dryer, Washer
  • As Is Rght To Inspct: Yes
  • Association Info 1st Right Of Refusal: No
  • Association Info Mandatory Home Owners Asc: No
  • Dockage: None
  • Flood Zone: AE, AE, AE
  • Interior Features: Drapes/Blinds Incl, Window Treatments, Furnished, Laundry Room
  • Legal Description: MARATHON HEIGHTS PB2-83 KEY VACA LOTS 3 THRU 8 BLK 1 G42-19 G47-537 OR547-1030 OR724-21 OR950-1411D/C OR960-185R/S OR983
  • Limitd Reprsntation: No
  • Mile Marker: 50.50
  • Misc Property Info Recorded Plat: Yes
  • Miscellaneous: Chickee Hut, Fencing, Manager on Premises, Storage
  • Parcel Num: 00338430-000000
  • Side: Bay/Gulf
  • Species List: No
  • Style: Commercial
  • Year Established: 1975-12-31
  • Zoning: MU - Mixed Use Commercial Mixed Use
Nearby Subdivisions
Casa Blanca (50.5)   Casa Manana Shores (50.5)   Coco Plum (54.6)   Coco Plum Beach (54.5)   Driftwood Estates   Driftwood Estates (54.0)   Fat Deer Key (53.0)   First Professional (50.0)   Fishermans Point (48.0)   Gulfside Village (50.0)   Industrial Sub (52.5)   Key Colony Sub (53.0)   Little Venice (53.0)   Marathon Beach (49.0)   Marathon Heights (50.5)   Misc Marathon East O (52.0)   Olde Towne Centre (52.5)   Palms, The (53.0)   Paraiso Estate (51.0)   Riggs Sub (47.5)   Roosevelt Point #1 (51.0)   Sombrero Sub (49.5)   Stirrup Key Bight (52.5)   Woodburns Sub (49.5)  
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