$2,400,000
$2,999,000
20.0%For more information regarding the value of a property, please contact us for a free consultation.
18 Beds
15 Baths
8,101 SqFt
SOLD DATE : 10/14/2024
Key Details
Sold Price $2,400,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 8,101 sqft
Price per Sqft $296
Subdivision Indian Beach Re-Revised
MLS Listing ID U8255142
Sold Date 10/14/24
Bedrooms 18
Construction Status Inspections
HOA Y/N No
Originating Board Stellar MLS
Year Built 1991
Annual Tax Amount $8,038
Lot Size 0.510 Acres
Acres 0.51
Property Description
CASH OR OWNER FINANCING ONLY (50% MINIMUM DOWN PAYMENT) This is a high vacancy property with delayed maintenance awaiting for the new owner(s)/operator(s) to transform it. excellent opportunity to acquire a rare non-conforming 14 unit licensed VALUE ADD Motel on the market in primo location, off Gulf Blvd on Indian Rocks Beach, FL! The Sea Star Motel, a family owned and operated Motel over the last 25 years hits the market! The property consist of 13 units ( efficiencies, one bedroom/one bathroom, two bedroom/one-two baths) and the owner’s home (14th unit) a 2 bedroom/2 bathroom home with large office that can be converted to third bedroom, living room, dinning, and ability to reconfigure to 4/2 that sits over two car garage plus two carport. Guest will enjoy stunning views of the Gulf of Mexico from the stop of the stairs, front porch, with Hot tub. All units are combined on Three parcels, two facing Gulf Blvd, in total 8,100 living sqft/9,834 over roof sqft, four (4) Buildings and separate building for laundry and storage(5th building) in total. Sale Price includes all furnishings for units 1-13. All rooms have full size kitchen or kitchenettes with multiple laundry on site. There is ample guest parking, boat, RV, Trailor, for additional revenue. There are several Value-add strategies: 1. Owner/operator optimizes bookings, rebrands Motel, brings in professional management, renovates units, can live on site or off site to maximize ROI. There is enough space in the court yard to add in a New Pool and still have plenty of outdoor guest space. The Nightly rates are well below market and owners are aware. See website for current boking prices. This creates an opportunity for new owner/operator to capture lost revenue from sub market rates. 2. Use some units as month to month or furnished longer term rentals with no leases in place therefore, new owner/operator can operate as full time Motel or allow Short term rental bookings via VRBO/AirBNB. Of importance when performing your independent financial analysis/ underwriting, Owner’s home/unit has never been leased due to owner occupancy onsite full time. The single family home has the ability to reconfigure to allow 8+ guest due to its size of just under 1700sqft. 3. Alternatively, A developer could assemble all three parcel and rezone to achieve 8+ Luxury townhomes (speak to local zoning) up to 35ft each with variable density and sqft. Indian Rocks Beach zoning and municipality currently allows short term rentals with no minimum day restrictions. Therefore, a savvy Investor/Developer can capitalize on this rare opportunity. Multiples offers are expect as property is priced for quick sale with minimal inspection/due diligence period. No HOA, Condo, Deed restrictions, a rare fee simple Motel ready for the new owner. Please note this business is an active Motel with guest therefore, shown by appointment only. Sellers will consider Owner financing with 50% downpayment to qualified and experienced Hotel/Motel Investor-Operators who have a proven and verifiable track record with similar projects. Financials and creditworthiness will be independently evaluated by sellers to consider owner financing terms. Do not walk, solicit, or disturb guest or owners. A non-disclosure agreement (NDA) must be signed by all parties prior to sharing any inspections, disclosures, Financials, and offering memorandum package.
Location
State FL
County Pinellas
Community Indian Beach Re-Revised
Interior
Interior Features Attic Fan, High Ceilings, Kitchen/Family Room Combo, L Dining, Living Room/Dining Room Combo, Solid Wood Cabinets
Heating Central, Electric, Wall Units / Window Unit
Cooling Central Air
Fireplaces Type Wood Burning
Furnishings Furnished
Fireplace true
Appliance Bar Fridge, Built-In Oven, Cooktop, Dishwasher, Disposal, Dryer, Electric Water Heater, Exhaust Fan, Freezer, Ice Maker, Microwave, Range, Washer
Laundry Common Area
Exterior
Exterior Feature Balcony, Outdoor Grill, Outdoor Shower, Sidewalk
Garage Spaces 2.0
Utilities Available Cable Available
View Y/N 1
View Water
Roof Type Shingle
Attached Garage true
Garage true
Private Pool No
Building
Lot Description Corner Lot
Entry Level One
Foundation Block, Pillar/Post/Pier, Slab, Stilt/On Piling
Lot Size Range 1/2 to less than 1
Sewer Public Sewer
Water Public
Structure Type Block,Concrete,Stucco,Wood Frame,Wood Siding
New Construction false
Construction Status Inspections
Others
Senior Community No
Ownership Fee Simple
Acceptable Financing Cash, Owner Financing
Listing Terms Cash, Owner Financing
Special Listing Condition None
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